Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/43389 
Year of Publication: 
2009
Series/Report no.: 
Economic Analysis Working Papers No. 2009,6
Publisher: 
Colegio de Economistas de A Coruña, A Coruña
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

Files in This Item:
File
Size
122.65 kB





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