CAPITAL STRUCTURE AND FINANCIAL RISK: EMPIRICAL EVIDENCE IN SMES ESTRUCTURA DE CAPITAL Y RIESGO FINANCIERO: EVIDENCIA EMPIRICA EN PYMES HOTELERAS

Luis Alfredo Gallardo Millan and Ezequiel Aviles Ochoa

Revista Global de Negocios, 2015, vol. 3, issue 4, 1-10

Abstract: This work presents the financial performance of 21 hotel companies, linking components of valuation to determine strategic financial risk. The theoretical context establishes that financial decision-making at the strategic level in small and medium-sized enterprises (SMEs) requires the understanding of different paradigms. Risk management establishes control over the capital structure, retention rate, growth rate, and capital risk-adjusted performance allowing creation of strategies that can become a competitive advantage. The results indicate that strategic financial risk is identified by determining the capital structure that maximizes the value of companies.

Keywords: Capital Structure; Financial Risk; and SMEs (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:ibf:rgnego:v:3:y:2015:i:4:p:1-10

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