Competitive Environment, Indebtedness and Asset Specificity: Evidence from Spanish Firms

Sánchez Valadez Manuel

No 2013-15, Working Papers from Banco de México

Abstract: In the firm's competitive strategy act together their financial decision and their decisions in the product markets. Even if in the last three decades the theoretical and empirical literature has growth, still are topics few explored. One of them is the relationship between firm's asset specificity, as a characteristic of the competitive environment, and their indebtedness as competitive tool. This paper tries answer if additionally to the level of specificity in the firm's assets the corporations use their indebtedness as another tool in their competitive strategy. The results show that the asset specificity influences in different way the firms' debt, the effect differs accordingly at the debt' maturity and the competitive environment faced.

JEL-codes: G32 L10 (search for similar items in EconPapers)
Date: 2013-10
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-com and nep-cse
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Persistent link: https://EconPapers.repec.org/RePEc:bdm:wpaper:2013-15

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