Factores explicativos del riesgo de endeudamiento excesivo en la empresa manufacturera española y vasca

Jon Olaskoaga Larrauri, Judith Ranilla Arija and Juan José Mijangos Del Campo
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Jon Olaskoaga Larrauri: Universidad del País Vasco / Euskal Herriko Unibertsitatea (UPV/EHU)
Judith Ranilla Arija: Universidad del País Vasco / Euskal Herriko Unibertsitatea (UPV/EHU)
Juan José Mijangos Del Campo: Universidad del País Vasco / Euskal Herriko Unibertsitatea (UPV/EHU)

EKONOMIAZ. Revista vasca de Economía, 2019, vol. 96, issue 02, 302-324

Abstract: This paper aims to identify the variables that influence the capital structure of Spanish firms in the manufacturing sector. The paper includes two novelties: first, it tries to assess the influence of several variables on the probability of an excessive debt, instead of explaining their influence on the level of debt, which is by far the most frequent approach in the literature. Second, two new variables have been introduced in the econometric models, which had not been considered in the past. The first one measures the independence of the administrators from the stockholders; the second one is a dummy designed to find out whether firms in the Basque Country present a different propensity to excessive levels of debt when compared with firms in the rest of Spain.

Keywords: endeudamiento; estructura financiera; regresión logit; riesgo de endeudamiento excesivo (search for similar items in EconPapers)
JEL-codes: C21 D21 G32 (search for similar items in EconPapers)
Date: 2019
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