Please use this identifier to cite or link to this item:
Title: Determinant factors of leverage: an empirical analysis of Spanish corporations
Authors: García Padrón, Yaiza 
Cáceres Apolinario, Rosa María 
Maroto Santana, Octavio 
Verona Martel, María Concepción 
Jordán Sales, María Lourdes 
UNESCO Clasification: 5311 Organización y dirección de empresas
Keywords: Getión de empresas
Issue Date: 2005
Publisher: 1526-5943
Journal: Journal of Risk Finance 
Abstract: To contrast the different factors that can determine the level of debt of firms by means of panel data methodology. Design/methodology/approach – The variables used in the study are: size, generated resources, level of warrants, debt cost, growth opportunities, and reputation. Six hypotheses are considered. Findings – The results obtained suggest that the stated variables, other than reputation, can be considered to be explanatory variables of firm debt level. Using within-groups estimation and generalized least squares, the results suggest that the behavior of the sample throughout the study period is consistent with the fixed effects approach, in which the specific characteristics of each firm remain constant throughout time. Moreover, with respect to the six considered hypotheses, the analysis shows the influence of all stated variables except reputation on the leverage. Originality/value – Adds to the body of research that has focused on the analysis of the financial decisions of the firm, with the level of debt appearing as a relevant factor in explaining the relationship between investment and financing decisions.
ISSN: 1526-5943
DOI: 10.1108/15265940510581279
Source: Journal of Risk Finance[ISSN 1526-5943],v. 6, p. 60-68
Appears in Collections:Artículos
Show full item record


checked on May 19, 2024


checked on Feb 25, 2024

Page view(s)

checked on Oct 28, 2023

Google ScholarTM




Export metadata

Items in accedaCRIS are protected by copyright, with all rights reserved, unless otherwise indicated.