Título
A new approach to explaining capital structure
Autor(es)
Palabras clave
Capital structure
Intangible assets
ownership concentration
Clasificación UNESCO
5311 Organización y Dirección de Empresas
5307.13 Teoría de la Inversión
5311.02 Gestión Financiera
Fecha de publicación
2007
Citación
Pindado, Julio., De la Torre, Chabela. (2007). A new approach to explaining capital structure. XIX Congreso anual y XV Congreso Hispano Francés de AEDEM, Madrid, España. https://dialnet.unirioja.es/servlet/articulo?codigo=2471394
Resumen
[EN] This document provides a new approach that is based on the ownership structure to explain the capital structure. Our opinion is that the capital structure is
determined in part by the incentives and goals of those in control of the company. Our results strongly support this view. As a consequence of the
phenomena of managerial entrenchment and expropriation of rents, the interested agents (entrenched administrators and controlling owners) choose the capital structure of
according to the most appropriate indebtedness ratios for their own interests. In addition, we find evidence of an interaction effect between the internal property and the
ownership concentration; in particular, increases in debt promoted by external owners are greater when managers are entrenched. results are obtained
based on company-specific characteristics, such as intangible assets, investment opportunities, and free cash flow
URI
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