Tamaño, estructura y coste de financiación de las empresas manufactureras españolas

Julio Segura () and Liliana Toledo
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Julio Segura: Universidad Complutense de Madrid y Banco de España, https://www.bde.es
Liliana Toledo: Banco de España, https://www.bde.es

Investigaciones Economicas, 2003, vol. 27, issue 1, 39-69

Abstract: In this article we analyse the impact of firms’ size on their financial and cost structure. We use a panel of 2000 Spanish manufacturing firms for the period 1991-1998. We find that the marginal cost of external finance of firms varies inversely with their size. Also the smaller the firm the greater is the use of debt and the longer it is used as a mode of finance. We find evidence of a somewhat limited degree of transmission of risk-free interest rate reductions to the cost of external finance. Finally we analyse how demand expectations and the technology used affect the cost of external finance

Keywords: Financial structure; external debets; industry; SME (search for similar items in EconPapers)
JEL-codes: C33 G32 L60 (search for similar items in EconPapers)
Date: 2003
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