Factores determinantes de la estructura financiera de la pyme andaluza

Referencias bibliográficas

• ANG, J. (1992), “On the theory of finance for privately held firms”, Journal of Small Business Finance, 1, 3, pp. 185-203.
• ANG, J.; CHUA, J. y McCONNELL, J. (1992), “The administrative costs of corporate bankruptcy: a note”, The Journal of Finance, 37, 1, pp. 219-226.
• ANOTONIOU, A.; GUNEY, Y. y PAUDIAL, K. (2002), Determinants of corporate capital structure: Evidence from European countries, Universidad de Durham, Durham.
• AYBAR, C.; CASINO, A. y LÓPEZ, J. (2000), Enfoques emergentes en torno a la estructura de capital: el caso de la PYME, VIII Foro de Finanzas, Madrid.
• AYBAR, C.; CASINO, A. y LÓPEZ, J. (2004), “Efectos financieros y estratégicos sobre la estructura de capital de la PYME”, Moneda y Crédito, 219, pp. 71-98.
• AZOFRA, V. (1986), “Bases para un modelo explicativo de la estructura de capital de la empresa”, Revista Española de Financiación y Contabilidad, 15, 49, pp. 193-222.
• BALTAGI, B. (1995), Econometric analysis of panel data, John Wiley & Sons, Chichester.
• BARCALAY, M.; SMITH, C. y WATTS, R. (1995), “The determinants of corporate leverage and dividend policies”, Journal of Applied Corporate Finance, 7, pp. 4-19.
• BARCALAY, M.; SMITH, C. y WATTS, R. (1999), “The capital structure puzzle: another look at the evidence”, Journal of Applied Corporate Finance, 12, 1, pp. 8-20.
• BARTON, S.; HILL, C. y SUNDARAM, S. (1989), “An empirical test of stakeholder theory predictions of capital structure”, Financial Management, 18, pp. 36 – 44.
• BASKIN, J. (1989), “An empirical investigation of the pecking order hypothesis”, Financial Management, 18, pp. 26–34.
• BATES, J. (1971), The financing of small business, Londres, Sweet and Maxwell.
• BATHALA, C.; MOON, K. y RAO, R. (1994), “Managerial ownership, debt policy, and the impact of institutional holdings: an agency perspective”, Financial Management, 23, 3, pp. 38-50.
• BECK, T.; DEMIGURÇ, A. y MAKSIMOVIC, V. (2008), “Financing patterns around the world: Are small firms different?”, Journal of Financial Economics, 87, pp. 467 – 487.
• BERGER, P.; OFEK, E. y YERMAK, D. (1997), “Managerial entrenchment and capital structure decisions”, Journal of Finance, 52, pp. 1411-1438.
• BERGÉS, A. y MARAVALL, F. (1985), “Decisiones de inversión y decisiones de financiación en la empresa industrial española”, Investigaciones Económicas, 26, pp. 5-19.
• BEVAN, A. Y DANBOLT, J. (2000), Dynamics in the determinants of capital structure in the UK, Glasgow, Universidad de Glasgow.
• BEVAN, A. y DANBOLT, J. (2002), “Capital structure and its determinants in the UK: A descompositional analysis”, Applied Financial Economics, 123, pp.159–70.
• BOEDO, L. y CALO, A.R. (2001): “Incidencia del tamaño sobre el comportamiento financiero de la empresa. Un análisis empírico con PYMES gallegas”, Revista Galega de Economía, vol. 10, núm. 2, pp. 1-23
• BOEDO, L. e IGLESIAS, S. (2004), Factores que determinan la estructura de capital de las grandes empresas, XVIII Congreso Aedem, Orense.
• BRADLEY, M.; JARRELL, G. y KIM, E. (1984), “On the existence of an optimal capital structure: theory and evidence”, The Journal of Finance, 39, 3, pp. 857 - 878.
• CARDONE, C. y CAZORLA, L. (2006), “How Theory meets Practice?: Analysis of the Capital Structure of Spanish SMEs”, The Journal of Entrepreneurial Finance and Business Venture, 11, (2), pp. 74-94.
• CARDONE, C. y CASASOLA, M. (2004), Comportamiento financiero de la PYME española: una visión desde la teoría del orden de preferencias, XII Foro de Finanzas, Barcelona.
• CASSAR, G. y HOLMES, S. (2001), Capital Structure and Financing of SME´S: Australian Evidence, Universidad de Newcastle, Newcastle.
• CASTANIAS, R. y DeANGELO, H. (1981), Business risk and optimal capital structure, Universidad de Washington, Washington.
• CHITTENDEN, F.; HALL, G. y HUTCHINSON, P. (1996), “Small firm growth, access to capital markets and financial structure: review of issues and an empirical investigation”, Small Business Economics, 8, pp. 59-67.
• CHUNG, K. (1993), “Assets characteristics and corporate debt policy: an empirical test”, Journal of Financial and Accounting, 20, pp. 83-98.
• CRUTCHLEY, E. y HANSEN, R. (1989), “A test of agency theory of managerial ownership, corporate leverage, and corporate dividends”, Financial Management, 18, 4, pp. 36-46.
• CUÑAT, V. (1999), “Determinantes del plazo de endeudamiento de las empresas españolas”, Investigaciones Económicas, 23, pp. 351-392.
• DASKALAKIS, N. y PSILLAKIS, M. (2008) “Do country or firms factors explain capital structure? Evidence from SMEs in France and Greece”, Applied Financial Economics, 18, pp. 87 – 97.
• DeJONG, A. y VELD, C. (2001), “An empirical analysis of incremental capital structure decisions under managerial entrenchment”, Journal of Banking Finance, 25, pp. 1857-1895.
• FARIÑAS, J.; CALVO, J.; JAUMANDREU, J.; LORENZO, M. e IGLESIA, C. (1992), La PYME industrial en España, Madrid, Editorial Civitas.
• FARIÑAS, J.; SUAREZ, C. y JAUMANDREU, J. (1999), La empresa industrial en la década de los noventa, Madrid, Fundación Argentaria.
• FERRI, M.G. y JONES, W.H. (1979), “Determinants of financial structure: A new methodological approach”, Journal of Finance, 34, pp. 631-644.
• GAVER, J. y GAVER, K. (1993), “Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies”, Journal of Accounting and Economics, 16, pp. 125-160.
• GRIER, P. y ZYCHOWICZ, E. (1994), “Institutional investors, corporate discipline, and the role of debt”, Journal of Economics and Business, 46, pp. 1–11.
• HALL, G.; HUTCHINSON, P. y MICHAELAS, N. (2000), “Industry effects on the determinant of unquoted SME´s capital structure”, Economics of Business, 7, 3, pp. 297–312.
• HALL, G.; HUTCHINSON, P. y MICHAELAS, N. (2004): “Determinants of the capital structures of European SMEs”, Journal of Business Finance & Accounting”, vol. 31, nº 5, pp. 711-728.
• HARRIS, M. y RAVIV, A. (1991), “The theory of capital structure”, Journal of Finance, 46, pp. 297-355.
• HEYMAN, D.; DELOOF, M. y OOGHE, H. (2007), “The financial structure of private held Belgian firms”, Small Business Economics, 30, pp. 301-313.
• HOMAIFAR, G.; ZIETZ, J. y BENKATO, O. (1994), “An empirical model of capital structure: some new evidence”, Journal of Business Finance and Accounting, 21, 1-14.
• HUGHES, A. (1997) “Finance for SMEs: A U.K. perspective”, Small Business Economics, 9, pp. 151 – 166.
• JENSEN, M. y MECKLING, W. (1976), “Theory of the firm: managerial behaviour, agency costs and capital structure”, Journal of Financial Economics, 3, pp. 305-360.
• JENSEN, G.; SOLBERG, D. y ZOM, T. (1992), “Simultaneous determinants of insider ownership, debt and dividend policies”, Journal of Financial and Quantitative Analysis, 27, pp. 247–263.
• JIMÉNEZ, F. y PALACÍN, M. (2007), “Determinantes de la estructura financiera de la empresa”, Revista Europea de Dirección y Economía de la Empresa, 16, 4, pp. 9-24.
• JOHN, T. (1993), “Accounting measures of corporate liquidity, leverage and costs on financial distress”, Financial Management, 22, pp. 91-100.
• JORDAN, J.; LOWE, J. y TAYLOR, P. (1998), “Strategy and financial policy in U.K. small firms”, Journal of Finance and Accounting, 25, pp. 1-27.
• LELAND, H. y PYLE, D. (1977), “Information asymmetries, financial structure and financial intermediation”, The Journal of Finance, 32, pp. 371-388.
• MAÇAS, P. y SERRASQUEIRO, Z. (2007), “Capital structure of Portuguese service industries: a panel data analysis”, The Services Industrial Journal, 27, pp. 549-562.
• MATO, G. (1990), “Un análisis econométrico de la política de endeudamiento de las empresas con datos de panel”, Investigaciones Económicas, 14, 1, pp. 63-83.
• MENÉNDEZ, S. (1996), “Interdependencia de las decisiones financieras en las empresas españolas”, Revista Española de Financiación y Contabilidad, 25, 87, pp. 315-342.
• MENÉNDEZ, S. (1999), Riesgo moral y selección adversa en la decisión de endeudamiento, IX Congreso Nacional ACEDE. Madrid.
• MENÉNDEZ, S. (2001), Endeudamiento de PYMES vs. grandes empresas: determinantes y relaciones estructurales, IX Foro de Finanzas. Navarra.
• MICHAELAS, N; CHITTENDEN, F. y POUTZIORIS, P. (1999), “Financial policy and capital structure choice in U.K. SME´S: empirical evidence from company panel data”, Small Business Economics, 12, pp. 113-130.
• MODIGLIANI, F. Y MILLER, M. (1958), “The cost of capital, corporation finance, and theory of investment”, American Economic Review, 48, pp. 261-297.
• MYERS, S. (1977), “Determinants of corporate borrowing”, Journal of Financial Economics, 5, pp. 147-175.
• MYERS, S. (1984), “The capital structure puzzle”, Journal of Finance, 34, pp.575-592.
• MYERS, S. (2001), “Capital Structure”, Journal of Economics Perspectives, 15, 2, pp. 81-102.
• MYERS, S. y MAJLUF, N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13, pp. 187-221.
• OTERO, L. y FERNÁNDEZ, S. (2004), Aproximación a la actividad financiera de la PYME gallega, AEDEM, Orense.
• OTERO, L.; FERNÁNDEZ, S.; VIVEL, M. y RODRIGUEZ, S. (2007), “Aproximación empírica a los problemas financieros de la PYME industrial gallega”, Revista Galega de Economía, 16, 2.
• PROWSE, S. (1990), “Institutional investment patterns and corporate financial behavior in the US and Japan”, Journal of Financial of Economics, 27, pp. 43 – 66.
• PSILLAKI, M. y DASKALAKIS, N. (2009), “Are the determinants of capital structure country or firm specific?”, Small Business Economics, 33, pp. 319-333.
• RAJAN, G. y ZINGALES, L. (1995), “What do we know about capital structure? Some evidence from international data”,The Journal of Finance, 50, 5, pp. 1421–1460.
• REMMERS, L.; STONEHILL, A.; WRIGHT, R. y BEEKHUISEN, T. (1974), “lndustry and size as debt ratio determinants in manufacturing internationally”, Financial Management, 3, 2, pp. 24-32.
• ROSS, S. (1977), “The determination of financial structure: the incentive signalling approach”, Bell Journal of Economics, 1, pp. 23-40.
• SÁNCHEZ, J. y MARTÍN, J. (2006), Determinantes del conservadurismo financieros de las empresas españolas. Instituto Valenciano de Investigaciones Económicas, Valencia.
• SCHERER, F. y ROSS, D. (1990), Industrial market structure and economic performance, Boston, Houghton Mifflin Company.
• SCOTT, D. y MARTIN, J. (1975), “Industry influence on financial structure”, Financial Management, 4, pp. 67-73.
• SMITH, C. y WARNER, J. (1979), “On financial contracting: an analysis of bond covenants”, Journal of Financial Economics, 7, 2, pp. 117–161.
• SOGORB, F. (2002), On capital structure in the small and medium enterprises: the Spanish case, Instituto de Estudios Europeos, Madrid.
• SOGORB, F. (2005), “How SME uniqueness affects capital structure: Evidence from a 1994 – 1998 Spanish data panel”, Small Business Economics, 25, pp. 447 – 457.
• TITMAN, S. y WESSELS, R. (1988), “The determinants of capital structure choice”, The Journal of Finance, 43, 1, pp. 1-19.
• TOY, N.; STONEHILL, A.; REMMERS, L.; WRIGHT, R. y BEEKHUISEN, T. (1974), “A comparative international study of growth profitability and risk as determinants of corporate debt ratios in the manufacturing sector”, Journal of Financial and Quantitative Analisys, 9, pp. 875-886.
• VAN DER WIJST, N. y THURIK, R. (1993), “Determinants of small firm debt ratios: an analysis of retail panel data”, Small Business Economics, 5, pp. 55 - 65.
• VERONA, C.; JORDÁN, L.; MAROTO, O.; CÁCERES, R. y GARCÍA, Y. (2003), “Factores explicativos del nivel de endeudamiento de las empresas españolas”, Economía Mexicana, 12, 1.
• WARNER, J. (1977), “Bankruptcy costs: some evidence”, The Journal of Finance, 32, 2, pp. 337 – 347.