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Estructura financiera optima, en la industria de los alimentos, que cotiza en la Bolsa Mexicana de Valores

Guadalupe Hernandez Carmen and Humberto Rios Bolivar
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Guadalupe Hernandez Carmen: Departamento de Economía. UAM-A.
Humberto Rios Bolivar: Seccion de Estudios de Posgrado e Investigaciones de la Escuela Superior de Economia del IPN

EconoQuantum, Revista de Economia y Negocios, 2013, vol. 10, issue 2, pages 77-97

Abstract: This paper investigates firm-specific variables that affect food industry financial structure, listed on Mexican Stock Exchange in period 2000-2009. For this purpose, we develop an econometric panel data model to identify those variables. This model shows that tangible assets and profitability are main variables considered by industry to make funding decisions. This result is akin to the agency theory, the trade-off and preferences hierarchy, which argue that higher proportion of tangible assets firms are more leveraged, since these assets can act as collateral and minimize interest conflicts between shareholders and creditors, as well as information asymmetry between these agents. While the trade-off theory argues that most profitable companies are more leveraged to take advantage of debt tax advantage and its profitability good track record. This interest reduction conflicts and information asymmetry, as well as debt tax advantage compared to financial distress costs, lead to an optimal financial structure tending to maximize company value. Results provide evidence that the trade-off theory is the main theory explaining industry funding decisions.

Keywords: Estructura financiera optima; teoria del trade-off; teoria de la jerarquia de las preferencias; teoria de la agencia; activos tangibles; tamaño de la empresa; rentabilidad; riesgo de negocios; modelo de datos de panel. (search for similar items in EconPapers)
JEL-codes: G32 G15 Y G34 (search for similar items in EconPapers)
Date: 2013
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