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Mejía Amaya , A. F. (2013). La estructura de capital en la empresa : su estudio contemporáneo. Revista Finanzas y Política Económica, 5(2), 141-160. https://doi.org/10.14718/revfinanzpolitecon.v5.n2.2013.446
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Resumen
El presente artículo hace una revisión de la literatura contemporánea en el tema de estructura de capital en las empresas, de acuerdo con los resultados de los estudios empíricos y teóricos publicados en algunos de las revistas más relevantes en el área de finanzas a nivel internacional. Asimismo, presenta las variables que le han sido asociadas más tradicionalmente , las nuevas variables que se han incorporado al estudio, las teorías tradicionales y las que se están consolidando, las características de las empresas, el entorno y los stakeholders, que revisten interés actualmente en la búsqueda de una explicación teórica y empírica a las decisiones de financiamiento.
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Derechos de autor 2013 Andrés Fernando Mejía Amaya
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0.
Citas
1. An, Z. (2012). Taxation and capital structure: Empirical evidence from a quasi-experiment in China [research article]. Journal of Corporate Finance, 18, 683-689.
2. Arellano, M., y Bover, O. (1990). La econometría de datos de panel. Investigaciones Económicas (segunda época), 14(1), 3-45.
3. Bae, K. H., Kang, J. K. y Wang, J. (2011). Employee treatment and firm leverage: A test of the stakeholder theory of capital structure [research article]. Journal of Financial Economics, 100, 130-153.
4. Baker, M. y Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32.
5. Banerjee, S., Dasgupta, S. y Kim, Y. (2008). Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure [research article]. The Journal of Finance, 63(5), 2507-2552.
6. Barry, C. B., Mann, S. C., Mihov, V. T. y Rodríguez, M. (2008). Corporate Debt Issuance and the Historial Level of Interest Rates [research article]. Financial Management, 37(3), 413-443.
7. Berger, A. N. y Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cicle. Journal of Banking & Finance, 22, 613-673.
8. Berk, J., Stanton, R. y Zechner, J. (2010). Human capital, Bankruptcy, and Capital Structure [research article]. The Journal of Finance, 65(3), 891-926.
9. Bhamra, H. S., Kuenh, L.A. y Strebulaev, I. A. (2010). The Aggregate Dynamics of Capital Structure and Macroeconomic Risk [research article]. The Review of Financial Studies, 23(12), 4187-4241.
10. Bharath, S., Pasquariello, P. y Wu, G. (2009). Does Asymmetric Information Drive Capital Structure Decisions? [research article]. The Review of Financial Studies, 22(8), 3212-3243.
11. Bolton, P. y Scharfstein, D. S. (1996). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.
12. Boot, A. W. A. y Thakor, A. V. (2011). Managerial Autonomy, Allocation of Control Rights, and Optimal Capital Structure [research article]. The Review of Financial Studies, 24(10), 3434-3485.
13. Bradley, M., Jarrell, G. A. y Kim, E. H. (1984). On the existence of an Optimal Capital Structure Theory and Evidence. The Journal of Finance, 39(3), 857-879.
14. Brav, O. (2009). Access to Capital, Capital Structure, and the Funding of the Firm. [research article]. The Journal of Finance, 64(1), 263-308.
15. Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets? [research article]. The Journal of Finance, 63(6), 3069-3096.
16. Céspedes, J., González, M. y Molina, C. (2010). Ownership and capital structure in Latin America [research article]. Journal of Business Research, 63, 248-254.
17. Chen, H. (2010). Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure [research article]. The Journal of Finance, 55(6), 2171-2212.
18. Dang, V. A., Kim, M. y Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models [investigation]. Journal of Empirical Finance, 10, 405-482.
19. De Jong, A., Kabir, R. y Nguyen, T. T. (2008). Capital structure around the world: The roles of firm ?and country? specific determinants. Journal of Banking & Finance, 32, 1954-1969.
20. Deloof, M. y Van Overfelt, W. (2008). Were Modern Capital Structure Theories Valid in Belgium Before World War I? [research article]. Journal of Business Finance & Accounting, 35(3y 4), 491-515.
21. Desai, M., Foley, F. y Hines, J. R. (2008). Capital structure with risky foreign investment [research article]. Journal of Financial Economics, 88, 534-553.
22. Drobetz, W., Gounopoulos, D., Merikas, A., y Schröder, H. (2013). Capital structure decisions of globally-listed shipping companies [research article]. Transportation Research Part E, 52, 49-76.
23. Fama, E. F. y French, K. R. (2005). Financial decisions: who issues stock? [research article]. Journal of Financial Economics, 76, 549-582.
24. Fischer, E. O., Heinkel, R. y Zechner, J. (1989). Dynamic Capital Structure Choice: Theory and Tests [research article]. The Journal of Finance, 44(1), 19-40.
25. Frank, M. y Goyal, V. (2008). Trade-off and Pecking Order Theories of Debt. In B. E. Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance (pp. 1-85). Amsterdam: Elsevier/North-Holland.
26. Frank, M. y Goyal, V. (2009). Capital Structure Decisions: Which Factors Are Reliable Important? Financial Management, 1-37.
27. Ibrahimo, M. V. y Barros, C. P. (2009). Relevance or irrelevance of capital structure? Economic Modelling, 26, 473-479.
28. Jensen, M. C. y Meckling, W. H. (1976). Theory of the Firm Managerial Behavior, Agency Costs and Ownership Structures. Journal of Financial Economics, 3(4), 305-360.
29. Kolasinski, A. (2009). Subsidiary debt, capital structure and internal capital markets [research article]. Journal of Financial Economics, 94, 327-343.
30. Landier, A., Nair, V. B. y Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion [research article]. Review of Financial Studies, 22(3), 1119-1148.
31. Leary, M. (2009). Bank Loan Supply, Lender Choice, and Corporate Capital Structure [research article]. The Journal of Finance, 64(3), 1143-1185.
32. Lemmon, M., Roberts, M. y Zender, J. (2008). Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure [research article]. The Journal of Finance, 63(4),1575-1608.
33. Margaritis, D. y Psillaki, M. (2010). Capital structure, equity ownership and firm performance [investigación]. Journal of Banking & Finance, 34, 621-632.
34. Mascareñas, J. (2008). La estructura de capital óptima. Madrid: Universidad Complutense de Madrid.
35. Matsa, D. (2010). Capital Structure as a Strategic Variable: Evidence from Collective Bargaining [research article]. The Journal of Finance, 65(3), 1197-1232.
36. McMillan, D. y Camara, O. (2012). Dynamic capital structure adjustment: US MNCs & DCs. [research article]. Journal of Multinational Financial Management, 22, 278-301.
37. Miller, M. H. y Modigliani, F. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297.
38. Miller, M. H. y Modigliani, F. (1963). Corporate Income Taxes and the Cost of Capital: A correction. The American Economic Review, 53(3), 433-443.
39. Morellec, E., Nikolov, B. y Schürhoff, N. (2012). Corporate Governance and Capital Structure Dynamics [research article]. The Journal of Finance, 67(3), 803-848.
40. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
41. Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
42. Myers, S. C. y Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
43. Ovtchinnikov, A. (2010). Capital structure decisions: Evidence from deregulated industries [research article]. Journal of Financial Economics, 95, 249-274.
44. íztekin, í. y Flannery, M. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103, 88-112.
45. Paligorova, T. y Xu, Z. (2012). Complex ownership and capital structure [research article]. Journal of Corporate Finance, 18, 701-716.
46. Qian, Y., Tian, Y. y Wirjanto, T. (2009). Do Chinese publicly listed companies adjust their capital structure toward a target level? [research article]. China Economic Review, 20, 662-676.
47. Ramírez, A. y Kwok, C. C. Y. (2010). Settling the debate on multinational capital structure using the CEPR measure. Journal of Multinational Financial Management, 20, 251-271.
48. Rampini, A. y Viswanathan, S. (2013). Collateral and capital structure. Journal of Financial Economics. Recuperado de http://dx.doi.org/10.1016/j.jfineco.2013.03.002
49. Rauh, J. D. y Sufi, A. (2010). Capital Structure and Debt Structure [research article]. The Review of Financial Studies, 23(12), 4242-4280.
50. Rivera, J. (2002). Teoría sobre la estructura de capital. Estudios Gerenciales, 31-59.
51. Roberts, M. y Sufi, A. (2009). Control Rights and Capital Structure: An Empirical Investigation [research article]. The Journal of Finance, 64(4), 1657-1695.
52. Shyam-Sunder, L. y Myers, S. (1998). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51, 219-244.
53. Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices [research article]. Journal of Financial Economics, 102, 602-620.
54. Wu, L. y Yue, H. (2009). Corporate tax, capital structure and the accesibility of bank loans: Evidence from China. Journal of Banking & Finance, 33, 30-38.
55. Zhang, Z. (2012). Strategic interaction of capital structures: A spatial econometric approach [research article]. Pacific-Basin Finance Journal, 20, 707-722.
2. Arellano, M., y Bover, O. (1990). La econometría de datos de panel. Investigaciones Económicas (segunda época), 14(1), 3-45.
3. Bae, K. H., Kang, J. K. y Wang, J. (2011). Employee treatment and firm leverage: A test of the stakeholder theory of capital structure [research article]. Journal of Financial Economics, 100, 130-153.
4. Baker, M. y Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32.
5. Banerjee, S., Dasgupta, S. y Kim, Y. (2008). Buyer-Supplier Relationships and the Stakeholder Theory of Capital Structure [research article]. The Journal of Finance, 63(5), 2507-2552.
6. Barry, C. B., Mann, S. C., Mihov, V. T. y Rodríguez, M. (2008). Corporate Debt Issuance and the Historial Level of Interest Rates [research article]. Financial Management, 37(3), 413-443.
7. Berger, A. N. y Udell, G. F. (1998). The economics of small business finance: The roles of private equity and debt markets in the financial growth cicle. Journal of Banking & Finance, 22, 613-673.
8. Berk, J., Stanton, R. y Zechner, J. (2010). Human capital, Bankruptcy, and Capital Structure [research article]. The Journal of Finance, 65(3), 891-926.
9. Bhamra, H. S., Kuenh, L.A. y Strebulaev, I. A. (2010). The Aggregate Dynamics of Capital Structure and Macroeconomic Risk [research article]. The Review of Financial Studies, 23(12), 4187-4241.
10. Bharath, S., Pasquariello, P. y Wu, G. (2009). Does Asymmetric Information Drive Capital Structure Decisions? [research article]. The Review of Financial Studies, 22(8), 3212-3243.
11. Bolton, P. y Scharfstein, D. S. (1996). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.
12. Boot, A. W. A. y Thakor, A. V. (2011). Managerial Autonomy, Allocation of Control Rights, and Optimal Capital Structure [research article]. The Review of Financial Studies, 24(10), 3434-3485.
13. Bradley, M., Jarrell, G. A. y Kim, E. H. (1984). On the existence of an Optimal Capital Structure Theory and Evidence. The Journal of Finance, 39(3), 857-879.
14. Brav, O. (2009). Access to Capital, Capital Structure, and the Funding of the Firm. [research article]. The Journal of Finance, 64(1), 263-308.
15. Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets? [research article]. The Journal of Finance, 63(6), 3069-3096.
16. Céspedes, J., González, M. y Molina, C. (2010). Ownership and capital structure in Latin America [research article]. Journal of Business Research, 63, 248-254.
17. Chen, H. (2010). Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure [research article]. The Journal of Finance, 55(6), 2171-2212.
18. Dang, V. A., Kim, M. y Shin, Y. (2012). Asymmetric capital structure adjustments: New evidence from dynamic panel threshold models [investigation]. Journal of Empirical Finance, 10, 405-482.
19. De Jong, A., Kabir, R. y Nguyen, T. T. (2008). Capital structure around the world: The roles of firm ?and country? specific determinants. Journal of Banking & Finance, 32, 1954-1969.
20. Deloof, M. y Van Overfelt, W. (2008). Were Modern Capital Structure Theories Valid in Belgium Before World War I? [research article]. Journal of Business Finance & Accounting, 35(3y 4), 491-515.
21. Desai, M., Foley, F. y Hines, J. R. (2008). Capital structure with risky foreign investment [research article]. Journal of Financial Economics, 88, 534-553.
22. Drobetz, W., Gounopoulos, D., Merikas, A., y Schröder, H. (2013). Capital structure decisions of globally-listed shipping companies [research article]. Transportation Research Part E, 52, 49-76.
23. Fama, E. F. y French, K. R. (2005). Financial decisions: who issues stock? [research article]. Journal of Financial Economics, 76, 549-582.
24. Fischer, E. O., Heinkel, R. y Zechner, J. (1989). Dynamic Capital Structure Choice: Theory and Tests [research article]. The Journal of Finance, 44(1), 19-40.
25. Frank, M. y Goyal, V. (2008). Trade-off and Pecking Order Theories of Debt. In B. E. Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance (pp. 1-85). Amsterdam: Elsevier/North-Holland.
26. Frank, M. y Goyal, V. (2009). Capital Structure Decisions: Which Factors Are Reliable Important? Financial Management, 1-37.
27. Ibrahimo, M. V. y Barros, C. P. (2009). Relevance or irrelevance of capital structure? Economic Modelling, 26, 473-479.
28. Jensen, M. C. y Meckling, W. H. (1976). Theory of the Firm Managerial Behavior, Agency Costs and Ownership Structures. Journal of Financial Economics, 3(4), 305-360.
29. Kolasinski, A. (2009). Subsidiary debt, capital structure and internal capital markets [research article]. Journal of Financial Economics, 94, 327-343.
30. Landier, A., Nair, V. B. y Wulf, J. (2009). Trade-offs in Staying Close: Corporate Decision Making and Geographic Dispersion [research article]. Review of Financial Studies, 22(3), 1119-1148.
31. Leary, M. (2009). Bank Loan Supply, Lender Choice, and Corporate Capital Structure [research article]. The Journal of Finance, 64(3), 1143-1185.
32. Lemmon, M., Roberts, M. y Zender, J. (2008). Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure [research article]. The Journal of Finance, 63(4),1575-1608.
33. Margaritis, D. y Psillaki, M. (2010). Capital structure, equity ownership and firm performance [investigación]. Journal of Banking & Finance, 34, 621-632.
34. Mascareñas, J. (2008). La estructura de capital óptima. Madrid: Universidad Complutense de Madrid.
35. Matsa, D. (2010). Capital Structure as a Strategic Variable: Evidence from Collective Bargaining [research article]. The Journal of Finance, 65(3), 1197-1232.
36. McMillan, D. y Camara, O. (2012). Dynamic capital structure adjustment: US MNCs & DCs. [research article]. Journal of Multinational Financial Management, 22, 278-301.
37. Miller, M. H. y Modigliani, F. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297.
38. Miller, M. H. y Modigliani, F. (1963). Corporate Income Taxes and the Cost of Capital: A correction. The American Economic Review, 53(3), 433-443.
39. Morellec, E., Nikolov, B. y Schürhoff, N. (2012). Corporate Governance and Capital Structure Dynamics [research article]. The Journal of Finance, 67(3), 803-848.
40. Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
41. Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
42. Myers, S. C. y Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221.
43. Ovtchinnikov, A. (2010). Capital structure decisions: Evidence from deregulated industries [research article]. Journal of Financial Economics, 95, 249-274.
44. íztekin, í. y Flannery, M. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103, 88-112.
45. Paligorova, T. y Xu, Z. (2012). Complex ownership and capital structure [research article]. Journal of Corporate Finance, 18, 701-716.
46. Qian, Y., Tian, Y. y Wirjanto, T. (2009). Do Chinese publicly listed companies adjust their capital structure toward a target level? [research article]. China Economic Review, 20, 662-676.
47. Ramírez, A. y Kwok, C. C. Y. (2010). Settling the debate on multinational capital structure using the CEPR measure. Journal of Multinational Financial Management, 20, 251-271.
48. Rampini, A. y Viswanathan, S. (2013). Collateral and capital structure. Journal of Financial Economics. Recuperado de http://dx.doi.org/10.1016/j.jfineco.2013.03.002
49. Rauh, J. D. y Sufi, A. (2010). Capital Structure and Debt Structure [research article]. The Review of Financial Studies, 23(12), 4242-4280.
50. Rivera, J. (2002). Teoría sobre la estructura de capital. Estudios Gerenciales, 31-59.
51. Roberts, M. y Sufi, A. (2009). Control Rights and Capital Structure: An Empirical Investigation [research article]. The Journal of Finance, 64(4), 1657-1695.
52. Shyam-Sunder, L. y Myers, S. (1998). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51, 219-244.
53. Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices [research article]. Journal of Financial Economics, 102, 602-620.
54. Wu, L. y Yue, H. (2009). Corporate tax, capital structure and the accesibility of bank loans: Evidence from China. Journal of Banking & Finance, 33, 30-38.
55. Zhang, Z. (2012). Strategic interaction of capital structures: A spatial econometric approach [research article]. Pacific-Basin Finance Journal, 20, 707-722.
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