What do we know about the financial behaviour of the Spanish SME?: an empirical analysis

Clara Cardone Riportella and María José Casasola

DEE - Working Papers. Business Economics. WB from Universidad Carlos III de Madrid. Departamento de Economía de la Empresa

Abstract: The main objective of this work is to analyze the capital structure of Spanish small and medium-sized enterprises from the point of view of the "pecking order theory". The Data base employed to test our hypotheses comes from the SABI (Sistema de Análisis de Balances Ibéricos). The contribution of this paper are basically: i) the database used in the empirical analysis of the Spanish financial companies behaviour and ii) the panel data allow us to control the possible existence of fixed effects associated to each company as well as the endogeneity problems through the use of instrumental variables models. By means of the so-called, "pecking-order-theory" we make a test of the capital structure againsts the size, age and activities within the sector.

Date: 2003-07
New Economics Papers: this item is included in nep-eec, nep-ent and nep-fin
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:wbrepe:wb033708

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