Determinants of capital structure of Spanish firms: the case of listed companies in time of crisis

• Main Author: Natividad Rodríguez-Masero
• Format: Article
• Language: English
• Published: LLC "CPC "Business Perspectives" 2016-03-01
• Series: Investment Management & Financial Innovations
• Online Access: https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/7597/imfi_en_2016_01_Rodriguez-Masero.pdf

The aim of this paper is to provide new empirical evidence on the capital structure of companies. The author is going to analyze models used in previous literature, and these models will be applied to the sample selected. This sample is different from previous ones in time and characteristics. So it can be analyzed whether the type of company and the moment of time affect the financial structure of models. At the same time the author offers a new model that is representative of the variables that affect the corporate debt in this type of firms. Methodologically a multivariate analysis has been used with panel data on a sample of Spanish listed companies for the period 2003-2013. The sample had not been used in previous studies and the time horizon is characterized by periods of both boom and difficulties and even crises in corporate finance. First the author analyzes a series of models developed from previous studies in which different variables are analyzed, on the other hand has been discussed a proposed based on the results observed model. It is also reported about the evolution of the debt and the level of intangibles by the industry. The results are consistent with the existence of influence of variables related to economic structure (non current assets and current assets), the size of the company, the industry, the level of intangible assets and the return on the debt level