La estructura de capital de las pequeñas y medianas empresas argentinas

Autores/as

  • Anahí Briozzo Universidad Nacional del Sur
  • Hernán Vigier Universidad Nacional del Sur

DOI:

https://doi.org/10.52292/j.estudecon.2009.885

Palabras clave:

Pequeñas empresas, Decisiones de financiamiento, Estructura de capital.

Resumen

En esta investigación se propone que en el financiamiento de las pequeñas y medianas empresas (PyMEs) influyen ciertos factores propios de la demanda, derivados de una característica fundamental de este tipo de firmas: el entrelazamiento empresa- propietario. Los mismos se suman a las variables tradicionalmente estudiadas, que son producto de las asimetrías de información entre firmas y proveedores de fondos. Sobre la base de un estudio de campo realizado en la ciudad de Bahía Blanca en el periodo julio-octubre de 2006, se encuentra evidencia que apoya la relevancia de las variables propuestas. Esto constituye un avance hacia el desarrollo de modelos que caractericen la naturaleza distintiva de las pequeñas firmas.

Descargas

Los datos de descargas todavía no están disponibles.

Citas

Agrestri, A. (2002), Categorical Data Analysis, Ed. Wiley, 2° edición. Gainesville, Florida. DOI: https://doi.org/10.1002/0471249688

Ang, J.S. (1991), "Small Business Uniqueness and the Theory of Financial Management," Journal of Small Business Finance, Vol. 1, pp. 1-13.

Aybar-Arias, C., Casino-Martínez, A. y.López-Gracia, J. (2003), "Capital Structure and Sensitivity in SME Definition: A Panel Data Investigation", http://ssrn.com/abstract=549082. Consultado 05-11-2006. DOI: https://doi.org/10.2139/ssrn.549082

Baker, M., Ruback, R. y Wurgler, J., (2004), "Behavioral Corporate Finance: A Survey", oct 9, Consultado el 27-05-2007,en http://pages.stern.nyu.edu/~jwurgler/papers/bcfsurvey14.pdf DOI: https://doi.org/10.3386/w10863

Barberis, N. y Thaler, R (2003), "A Survey Of Behavioral Finance", en Handbook of the Economics of Finance, Editado por G.M. Constantinides, M. Harris and R. Stulz Elsevier Science B.V, pp. 1052 -1121.

Bebczuk, R (2004), "What Determines the Access to Credit by SMEs in Argentina?", Documento de trabajo n° 48, disponible en:http://www.depeco.econo.unlp.edu.ar

Berger, A N y Udell, G F (1998), "The Economics Of Small Business Finance: The Roles Of Private Equity And Debt Markets In The Financial Growth Cycle", Journal of Banking and Finance, Vol. 22, pp. 613-673. DOI: https://doi.org/10.1016/S0378-4266(98)00038-7

Brander, J. y Lewis, T.(1986), "Oligopoly and Financial Structure: The Limited Liability Effect", American Economic Review, Vol. 76 (5), pp. 956-970.

Brealey, R. A. y Myers, S., C.(2006), Principios de Finanzas Corporativas, Graw-Hill, 8ª edición.

Brennan, M y Schwartz, E (1984), "Optimal financial policy and firm valuation", Journal of Finance, 39, pp. 593-607. DOI: https://doi.org/10.1111/j.1540-6261.1984.tb03647.x

Cardone Riportella, C. y Carzola-Papis, P., (2001), "New Approaches to the Analysis of the Capital Structure of SME: Empirical Evidence from Spanish Firms", Working Paper 01-10, Business Economics Series 03, Universidad Carlos III, Madrid.

Cardone Riportella, C. y Casasola Martínez, M., (2003), "What Do We Know About The Financial Behaviour Of The Spanish SME?: An Empirical Analysis", Working Paper 03-37, Business Economics Series 08, Universidad Carlos III, Madrid.

Carland, J. W. III,. Carland, J. W., Carland, J.C y Pearce, J.W. (1995), "Risk Taking Propensity Among Entrepreneurs, Small Business Owners, and Managers", Journal of Business and Entrepreneurship, Vol. 7(1), pp. 15-23.

Chittenden, F, Hall, G. y Hutchinson, P., (1996), "Small Firm Growth, Access to Capital Markets and Financial Structure: Review Of Issues and an Empirical Investigation", Small Business Economics, Vol. 8, pp. 59-67. DOI: https://doi.org/10.1007/BF00391976

Dapena y Dapena (2003), "Sistemas De Información en PyMEs y Acceso al Crédito en Contextos de Asimetría de Información", XXXVIII Reunión Anual de la AAEP.

Daskalakis, N, y Psillaki, M. (2005), "The Determinants of Capital Structure of the SMEs: Evidence from the Greek and the French firms", http://www.univ-orleans.fr/deg/GDRecomofi/Activ. Consultado el 05-06-2006.

DeAngelo, H. y Masulis, R., (1980), "Optimal capital structure under corporate and personal taxation", Journal of Financial Economics, Vol. 8, pp. 3-29. DOI: https://doi.org/10.1016/0304-405X(80)90019-7

Diamond, D. (1989), "Reputation Acquisition in Debt Markets", Journal of Political Economy, Vol. 97(4), pp. 828-862. DOI: https://doi.org/10.1086/261630

Fama, E. y Miller, M., (1972), The Theory of Finance. Holt, Rinehart and Wiston, New York.

Fan, J. P.H., Titman, S. y Twite, G. J. (2006), "An International Comparison of Capital Structure and Debt Maturity Choices". AFA 2005 Philadelphia Meetings http://ssrn.com/abstract=423483 . Consultado el 10-11-2006

Filippo, A., Kostzer, D. y Schleser, D. (2004), " Créditos a PyME en Argentina: racionamiento crediticio en un contexto de oferta ilimitada de dinero", CEPAL - Serie Desarrollo Productivo 154.

Fischer, E., Heinkel, R. y Zechner J., (1989), "Dynamic Capital Structure Choice: Theory and Tests", Journal of Finance, Vol. 44, pp. 19-40. DOI: https://doi.org/10.1111/j.1540-6261.1989.tb02402.x

Gallo, M.A., (1997), La empresa familiar, Biblioteca IESE de Gestión de Empresas, Barcelona.

Gallo, M. A, (1998), La Sucesión en la Empresa Familiar. Servicio de estudios de la Caixa.

Gallo, M. A., Tàpies, J. y Cappuyns, K., (2004), "Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences," Family Business Review, Vol. 17 (4), pp. 303-318. DOI: https://doi.org/10.1111/j.1741-6248.2004.00020.x

Gellatly, G., Riding, A., y Thornhill, S., (2003), "Growth History, Knowledge Intensity and Capital Structure in Small Firms", Economic analysis (EA) research paper series, Micro-Economic Analysis Division, Statistics Canada. DOI: https://doi.org/10.2139/ssrn.1402904

Gibson, B. (2002), "A Cluster Analysis Approach to Financial Structure in Small Firms in the United States" , paper presented at United States Association for Small Business and Entrepreneurship (USASBE) Annual National Conference And Entrepreneurial Bonanza.

Gregory, B T , Rutherford, M. W., Oswald, S. y Gardiner, L., (2005), "An Empirical Investigation of the Growth Cycle Theory of Small Firm Financing", Journal of Small Business Management, Vol. 43 (4), pp. 382-392. DOI: https://doi.org/10.1111/j.1540-627X.2005.00143.x

Hall, G., P. Hutchinson, y Michaelas, N., (2006), "East And West: Differences In SME Capital Structure Between Former Soviet-Bloc And Non Soviet-Bloc European Countries", en International Conference on Financing of SMEs in Developed Countries. http://www2.warwick.ac.uk/fac/soc/wbs/conf/int-sme-finance/programme/21_-_hall.pdf. Consultado el 7-11-2006.

Hamilton, R.T., y Fox, M.A., (1998), "The Financing Preferences of Small Firm Owners", International Journal of Entrepreneurial Behaviour & Research, Vol. 4 (3), pp. 217-238. DOI: https://doi.org/10.1108/13552559810235529

Harris, M., y Raviv, A., (1991),"The Theory of Capital Structure", The Journal of Finance, Vol. 46 (1), pp. 297-355. DOI: https://doi.org/10.1111/j.1540-6261.1991.tb03753.x

Hutchinson, P, Hall, G. y Michaelas, N., (1998), "The Determinants of Capital Structure for Micro, Small and Medium Sized Enterprises", International Council for Small Business, Conference Proceedings, Singapore.

Hutchinson, P., (2003), "How Much Does Growth Determine SMEs' Capital Structure?", presentado en la 16° Annual Conference of Small Enterprise Association of Australia and New Zealand.

Jensen, M. y C., Meckling, W. H., (1976), "Theory of the firm: Managerial behavior, agency costs and ownership structure", Journal of Financial Economics, Vol. 3, pp. 305-360. DOI: https://doi.org/10.1016/0304-405X(76)90026-X

Jensen, M. (1986), "Agency Costs of Free Cash Flow, Corporate Finance and Takeovers", American Economic Review Papers and Proceedings, Vol. 76 (2), pp. 323 -329.

Jordan, J., J. Llowe, y Taylor, P., (1998), "Strategy and Financial Policy in UK Small Firms", Journal of Business Finance & Accounting, Vol. 25(1) & (2), pp. 1-27. DOI: https://doi.org/10.1111/1468-5957.00176

Kim, E., (1978), "A mean-variance theory of optimal capital structure and corporate debt capacity", Journal of Finance, Vol. 33 (1), pp. 45-63. DOI: https://doi.org/10.1111/j.1540-6261.1978.tb03388.x

Klapper, L. , Sulla, V. y Sarria-Allende, V. (2002), "Small- and Medium-Size Enterprise Financing in Eastern Europe", World Bank Policy Research Working Paper 2933. DOI: https://doi.org/10.1596/1813-9450-2933

Klapper, L, Sarria-Allende, V. y Zaidi, R., (2006), "A Firm-Level Analysis of Small and Medium Size Enterprise Financing in Poland", World Bank Policy Research Working Paper 3984. DOI: https://doi.org/10.1596/1813-9450-3984

Kraus, A. y Litzenberger, R., (1973), "A state - preference model of optimal financial leverage", Journal of Finance, Vol. 28 (4), pp. 911-922. DOI: https://doi.org/10.1111/j.1540-6261.1973.tb01415.x

Leland, H., (1994), "Corporate Debt Value, Bond Covenants, and Optimal Capital Structure," Journal of Finance, Vol. 49, pp. 1213-1252. DOI: https://doi.org/10.1111/j.1540-6261.1994.tb02452.x

Long, J.S (1997), Regression Models for Categorical and Limited Dependent Variables, SAGE Publications.

Long, JS y Freese, J., (2001), Regression Models for Categorical Dependent Variables Using Stata, Stata Press Publication

Mac an Bhaird, C., y Lucey, B., (2006 ), "Capital Structure and the Financing of SMEs: Empirical Evidence from an Irish Survey", http://ssrn.com/abstract=905845. Consultado el 05-11-2006.

Maksimovic, V., y Titman, S., (1991), "Financial Policy and Reputation for Product Quality", Review of Financial Studies, Vol. 4 (1), pp.175-200. DOI: https://doi.org/10.1093/rfs/4.1.175

Miller, M. H., (1977), "Debt and Taxes", Journal of Finance, Vol. 32 (2), pp. 261-275. DOI: https://doi.org/10.1111/j.1540-6261.1977.tb03267.x

Modigliani, F. y Miller, M., (1958), "The Cost Of Capital, Corporation Finance and the Theory Of Investment", American Economic Review, Vol. 48 (3), pp. 261-297.

Modigliani, F. y Miller, M., (1963), "Corporate Income Taxes and the Cost of Capital: A Correction.", American Economic Review, Vol. 53 (3), pp. 433-443.

Myers, S. y Majluf, N., (1984), "Corporate Financing and Investment Decisions when Firms have Information that Investors do not have", Journal of Financial Economics, Vol. 13, pp. 187-221. DOI: https://doi.org/10.1016/0304-405X(84)90023-0

Myers, S., (1984), "The Capital Structure Puzzle", The Journal of Finance, Vol. 39 (3), pp. 575-592. DOI: https://doi.org/10.2307/2327916

Observatorio PyMIs (2004, 2005), Informe a las empresas sobre el resultado de la primera encuesta estructural. Disponible en: www.observatoriopyme.org.ar

Observatorio PyMIs, (2006), Informe sobre inversión y financiamiento de PyMEs industriales. Disponible en: www.observatoriopyme.org.ar

Petersen, M, y Rajan, R., (1994), "The Benefits of Lending Relationships: Evidence from Small Business Data", Journal of Finance, Vol. 49(1), pp. 3-37. DOI: https://doi.org/10.1111/j.1540-6261.1994.tb04418.x

Rajan, R.G., y Zingales, L., (1995),"What do we Know About Capital Structure? Some Evidence from International Data", Journal of Finance, Vol. 51(5), pp. 1421-1460. DOI: https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

Romano, C., Tanewski, G. y Smyrnios, K., (2000), "Capital Structure Decision Making: A Model For Family Business", Journal of Business Venturing, Vol. 16, pp. 285-310. DOI: https://doi.org/10.1016/S0883-9026(99)00053-1

Ross, S.A., (1977): "The Determination of Financial Structure. The Incentive Signaling Approach", Bell Journal Of Economics, Vol. (8), pp. 23 -40. DOI: https://doi.org/10.2307/3003485

Rotstein, F., Briozzo, A. , Esandi, J. y G. Milanesi, (2007). "Análisis Descriptivo de la Estructura de Financiamiento de las PyMEs Bahienses". XXVII Jornadas de la Sociedad Argentina de Docentes de Administración Financiera.

Salloum, D. y Vigier, H., (1997), "Los Problemas de Financiamiento de la Pequeña y Mediana Empresa: la relación Bancos - PyMEs", XXXII Reunión Anual de la AAEP.

Salloum, D. y Vigier, H., (1999), "Sobre la Determinación de la Estructura de Capital en la Pequeña y Mediana Empresa", XXXIV Reunión Anual de la AAEP.

Salloum, D, Foco, G y Vigier, H., (2001), "El sistema financiero informal y la asistencia a las PyMes: el caso de Bahía Blanca", Anales de la XXXVI Reunión Anual de la AAEP.

Sarig, O., (1998),"The Effect of Leverage on Bargaining with a Corporation", Financial Review, Vol. 33 (1), pp. 1-16. DOI: https://doi.org/10.1111/j.1540-6288.1998.tb01603.x

Scherr, F., y Hulburt, H., (2001). "The Debt Maturity Structure of Small Firms", Financial Management. http://findarticles.com/p/articles/mi_m4130/is_1_30/ai_75481857/ pg_1. Consultado el 07-11- 2006. DOI: https://doi.org/10.2307/3666392

Serrasqueiro Da Silva, Z., y Raposo Barata, L., (2003), "Financial Behaviour of Portuguese Firms, an Empirical Approach to SME and Large Firms", XIII Congreso de ACEDE.

Shefrin, H, M.,(2001), "Behavioral Corporate Finance" , Journal of Applied Corporate Finance, 14(3). Disponible en SSRN: http://ssrn.com/abstract=288257 o DOI: 10.2139/ssrn.288257 DOI: https://doi.org/10.1111/j.1745-6622.2001.tb00443.x

Sorgob Mira, F., (2005). "How SME Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Spanish Data Panel", Small Business Economics Vol. 25, pp. 447-457. DOI: https://doi.org/10.1007/s11187-004-6486-8

Stiglitz, J. y Weiss, A., (1981), "Credit Rationing in Markets with Imperfect Information"; American Economic Review, Vol. 71 (3), pp. 393 - 409.

Storey,D., (1994), Understanding the Small Business Sector, Ed. Routledge, London.

Titman, S. (1984): "The Effect of Capital Structure on a Firm's Liquidation Decisions", Journal of Financial Economics, Vol. 13, pp. 137-151 DOI: https://doi.org/10.1016/0304-405X(84)90035-7

Titman S., y R. Wessels, (1988). "The determinants of Capital Structure Choice", Journal of Finance, Vol. 43, pp. 1-19. DOI: https://doi.org/10.1111/j.1540-6261.1988.tb02585.x

Van der Wifst,N. y Thurik, R., (1993). "Determinants of Small Firm Debt Ratios: An Analysis of Retail Panel Data", Small Business Economics, Vol. 5, pp. 55-65. DOI: https://doi.org/10.1007/BF01539318

Descargas

Publicado

2009-11-02

Cómo citar

Briozzo, A., & Vigier, H. (2009). La estructura de capital de las pequeñas y medianas empresas argentinas. Estudios económicos, 26(53). https://doi.org/10.52292/j.estudecon.2009.885

Número

Sección

Artículos