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Rodríguez-Masero, Natividad
López-Manjón, Jesús D.
Year of Publication: 
[Journal:] Revista de Métodos Cuantitativos para la Economía y la Empresa [ISSN:] 1886-516X [Volume:] 21 [Year:] 2016 [Pages:] 141-159
Abstract (Translated): 
This paper proposes the use of the Cash Flow from Operations (CFO) obtained from Cash Flow Statement (CFS) as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012) that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.
debt structure
cash flow
Spanish firms
panel data
financial crisis
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