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http://hdl.handle.net/10419/43389
  
Title:No linealidad de la relación entre la estructura de capital y sus determinantes PDF Logo
Authors:Sánchez Vidal, Javier
Issue Date:2009
Series/Report no.:Economic analysis working papers 2009,6
Abstract (Translated):The aim of this study is to analyze whether the factors influencing debt change their effect depending on the company's debt level. This could be very useful for studying for example high-debt firms' determinants. We work with a panel data of 17,776 companies for the 2001-2006 period and through quantile regressions find that quantile analysis provides a more complete view over the debt determinants than standard OLS regression. Leverage gets influenced by a pecking order behaviour and companies suffer from information asymmetry problems. There is some evidence of bankruptcy costs but not of the tax benefit of debt.
Subjects:regresión cuantílica
estructura de capital
teoría de la jerarquía
tradeoff
Document Type:Working Paper
Appears in Collections:Economic Analysis Working Papers: EAWP, Economists Association of La Coruña

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