{"id":18811,"date":"2002-04-09T00:00:00","date_gmt":"2002-04-09T00:00:00","guid":{"rendered":"https:\/\/www.deberes.net\/tesis\/sin-categoria\/estudio-de-los-determinantes-de-la-estructura-de-capital-de-las-pymes-aproximacion-empa%c2%adrica-al-caso-espanol\/"},"modified":"2002-04-09T00:00:00","modified_gmt":"2002-04-09T00:00:00","slug":"estudio-de-los-determinantes-de-la-estructura-de-capital-de-las-pymes-aproximacion-empa%c2%adrica-al-caso-espanol","status":"publish","type":"post","link":"https:\/\/www.deberes.net\/tesis\/ciencias-economicas\/estudio-de-los-determinantes-de-la-estructura-de-capital-de-las-pymes-aproximacion-empa%c2%adrica-al-caso-espanol\/","title":{"rendered":"Estudio de los determinantes de la estructura de capital de las pymes: aproximaci\u00f3n emp\u00edrica al caso espa\u00f1ol"},"content":{"rendered":"<h2>Tesis doctoral de <strong> Francisco Sogorb Mira <\/strong><\/h2>\n<p>La presente investigaci\u00f3n profundiza en las decisiones de financiaci\u00f3n dentro del colectivo de las peque\u00f1as y medianas empresas (pymes), caracterizadas \u00e9stas por estructuras de propiedad concentradas, elevadas asimetr\u00edas informativas y por dificultades en cuanto al acceso a los mercados financieros. Al mismo tiempo , obtiene evidencia emp\u00edrica sobre la utilidad de dos de las teor\u00edas explicativas de la estructura de capital empresarial:  1,- la teor\u00eda del equilibrio est\u00e1tico o trade -off, donde el comportamiento financiero de las empresas est\u00e1 caracterizado por un ajuste hacia un endeudamiento objetivo.  2,- la teor\u00eda de la jerarqu\u00eda de preferencias o pecking order, en la que las decisiones de financiaci\u00f3n est\u00e1n condicionadas por la existencia de informaci\u00f3n asim\u00e9trica entre la empresa y sus proveedores de recursos financieros.  los modelos propuestos para las teor\u00edas sobre estructura de capital aludidas, son contrastados emp\u00edricamente a trav\u00e9s de la metodolog\u00eda de datos de panel sobre una muestra de 6482 pymes no financieras espa\u00f1olas a lo largo del lustro 1994-1998. La contemplaci\u00f3n del problema de endogeneidad en determinadas varaibles explicativas, obliga a la utilziaci\u00f3n de variables instrumentales en la etapa de estimaci\u00f3n, que es llevada a cabo a trav\u00e9s de m\u00ednimos cuadrados en 2 etapas (mc2e) y el m\u00e9todo generalizado de momentos (mgm).  los principales resultados de la investigaci\u00f3n emp\u00edrica muestran que la pol\u00edtica de financiaci\u00f3n de las pymes espa\u00f1olas viene influenciada por factores tales como el tipo efectivo impositivo, los escudos fiscales alternativos a la deuda, la tangibilidad de los activos y la dimensi\u00f3n empresarial. asimismo, estas empresas ajustan sus ratios de endeudamiento a un determinado nivel objetivo u \u00f3ptimo y, aunque dicho ajuste no es completo, s\u00ed que alcanza un nivel de consideraci\u00f3n. Finalmente, el enfoque te\u00f3rico de la selecci\u00f3n jer\u00e1rquica contribuye a la explicaci<\/p>\n<p>&nbsp;<\/p>\n<h3>Datos acad\u00e9micos de la tesis doctoral \u00ab<strong>Estudio de los determinantes de la estructura de capital de las pymes: aproximaci\u00f3n emp\u00edrica al caso espa\u00f1ol<\/strong>\u00ab<\/h3>\n<ul>\n<li><strong>T\u00edtulo de la tesis:<\/strong>\u00a0 Estudio de los determinantes de la estructura de capital de las pymes: aproximaci\u00f3n emp\u00edrica al caso espa\u00f1ol <\/li>\n<li><strong>Autor:<\/strong>\u00a0 Francisco Sogorb Mira <\/li>\n<li><strong>Universidad:<\/strong>\u00a0 Alicante<\/li>\n<li><strong>Fecha de lectura de la tesis:<\/strong>\u00a0 04\/09\/2002<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<h3>Direcci\u00f3n y tribunal<\/h3>\n<ul>\n<li><strong>Director de la tesis<\/strong>\n<ul>\n<li>Jos\u00e9 L\u00f3pez Garc\u00eda<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tribunal<\/strong>\n<ul>\n<li>Presidente del tribunal: Juan  Carlos Gomez sala <\/li>\n<li> Cardone riportella clara l. (vocal)<\/li>\n<li>julio Pindado Garc\u00eda (vocal)<\/li>\n<li>Mar\u00eda no Gonz\u00e1lez s\u00e1nchez (vocal)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesis doctoral de Francisco Sogorb Mira La presente investigaci\u00f3n profundiza en las decisiones de financiaci\u00f3n dentro del colectivo de las [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[19166,82,1698,1302],"tags":[58134,58133,54037,12226,9808,58135],"class_list":["post-18811","post","type-post","status-publish","format-standard","hentry","category-alicante","category-ciencias-economicas","category-gestion-financiera","category-organizacion-y-gestion-de-empresas","tag-cardone-riportella-clara-l","tag-francisco-sogorb-mira","tag-jose-lopez-garcia","tag-juan-carlos-gomez-sala","tag-julio-pindado-garcia","tag-maria-no-gonzalez-sanchez"],"_links":{"self":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts\/18811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/comments?post=18811"}],"version-history":[{"count":0,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/posts\/18811\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/media?parent=18811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/categories?post=18811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.deberes.net\/tesis\/wp-json\/wp\/v2\/tags?post=18811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}