TY - JOUR
T1 - Determinantes microeconómicos del acceso al financiamiento externo de la estructura de capital de empresas del sector industrial
AU - Hernández Carmen, Guadalupe
AU - Ríos Bolivar, Humberto
AU - Garrido Noguera, Celso
N1 - Publisher Copyright:
© 2015 Universidad Nacional Autónoma de México.
PY - 2015/4/1
Y1 - 2015/4/1
N2 - The aim of this paper is to analyze using an econometric panel data model, for fixed and random effects, microeconomic determinants of access to external financing that affect the capital structure of companies in the industrial sector, which were listed on the Mexican Stock Exchange (BMV) in 2000-2010, in order to demonstrate that the international financial crisis of 2007, modifies the relationship between these determinants and capital structure, which explains the changes in the policy of foreign currency funding that followed these companies. The findings show that export firms, issuers of ADRs (American depositary receipts) and the big large are finance in foreign currency before the crisis, and after it, only export firms and issuers of ADRs, although in a higher proportion export firms, which shows that to have better way to solve their problems of asymmetric information with your creditors, to have good collaterals in accounts receivable in foreign currency, and give investors a positive sign of a good economic situation, attained to continue financing in foreign currency despite the crisis.
AB - The aim of this paper is to analyze using an econometric panel data model, for fixed and random effects, microeconomic determinants of access to external financing that affect the capital structure of companies in the industrial sector, which were listed on the Mexican Stock Exchange (BMV) in 2000-2010, in order to demonstrate that the international financial crisis of 2007, modifies the relationship between these determinants and capital structure, which explains the changes in the policy of foreign currency funding that followed these companies. The findings show that export firms, issuers of ADRs (American depositary receipts) and the big large are finance in foreign currency before the crisis, and after it, only export firms and issuers of ADRs, although in a higher proportion export firms, which shows that to have better way to solve their problems of asymmetric information with your creditors, to have good collaterals in accounts receivable in foreign currency, and give investors a positive sign of a good economic situation, attained to continue financing in foreign currency despite the crisis.
KW - American depositary receipts (ADRs)
KW - Capital structure
KW - Controlling
KW - Exports and firm size
UR - http://www.scopus.com/inward/record.url?scp=84930814946&partnerID=8YFLogxK
U2 - 10.1016/S0186-1042(15)30003-6
DO - 10.1016/S0186-1042(15)30003-6
M3 - Artículo
SN - 0186-1042
VL - 60
SP - 326
EP - 345
JO - Contaduria y Administracion
JF - Contaduria y Administracion
IS - 2
ER -