PDF
FLIP
Esta revista está autorizada por una licencia de atribución Creative Commons (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. Para las licencias CC, el principio es el de la libertad creativa. Este sistema complementa el derecho de autor sin oponerse a este, conscientes de su importancia en nuestra cultura. El contenido de los artículos es responsabilidad de cada autor y no compromete, de ninguna manera, a la revista o a la institución. Se permite la divulgación y reproducción de títulos, resúmenes y contenido total, con fines académicos, científicos, culturales, siempre y cuando, se cite la respectiva fuente. Esta obra no puede ser utilizada con fines comerciales.
La revista no cobra a los autores por la presentación o la publicación de sus artículos
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.
Palabras clave:
Citas
An, Z. (2012). Taxation and capital structure: Empirical evidence from a quasi-experiment in China [research article]. Journal of Corporate Finance, 18, 683-689.
Arellano, M., y Bover, O. (1990). La econometría de datos de panel. Investigaciones Económicas (segunda época), 14(1), 3-45.
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.
Baker, M. y Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32.
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.
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.
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.
Berk, J., Stanton, R. y Zechner, J. (2010). Human capital, Bankruptcy, and Capital Structure [research article]. The Journal of Finance, 65(3), 891-926.
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.
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.
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.
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.
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.
Brav, O. (2009). Access to Capital, Capital Structure, and the Funding of the Firm. [research article]. The Journal of Finance, 64(1), 263-308.
Byoun, S. (2008). How and When Do Firms Adjust Their Capital Structures toward Targets? [research article]. The Journal of Finance, 63(6), 3069-3096.
Céspedes, J., González, M. y Molina, C. (2010). Ownership and capital structure in Latin America [research article]. Journal of Business Research, 63, 248-254.
Chen, H. (2010). Macroeconomic Conditions and the Puzzles of Credit Spreads and Capital Structure [research article]. The Journal of Finance, 55(6), 2171-2212.
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.
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.
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.
Desai, M., Foley, F. y Hines, J. R. (2008). Capital structure with risky foreign investment [research article]. Journal of Financial Economics, 88, 534-553.
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.
Fama, E. F. y French, K. R. (2005). Financial decisions: who issues stock? [research article]. Journal of Financial Economics, 76, 549-582.
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.
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.
Frank, M. y Goyal, V. (2009). Capital Structure Decisions: Which Factors Are Reliable Important? Financial Management, 1-37.
Ibrahimo, M. V. y Barros, C. P. (2009). Relevance or irrelevance of capital structure? Economic Modelling, 26, 473-479.
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.
Kolasinski, A. (2009). Subsidiary debt, capital structure and internal capital markets [research article]. Journal of Financial Economics, 94, 327-343.
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.
Leary, M. (2009). Bank Loan Supply, Lender Choice, and Corporate Capital Structure [research article]. The Journal of Finance, 64(3), 1143-1185.
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.
Margaritis, D. y Psillaki, M. (2010). Capital structure, equity ownership and firm performance [investigación]. Journal of Banking & Finance, 34, 621-632.
Mascareñas, J. (2008). La estructura de capital óptima. Madrid: Universidad Complutense de Madrid.
Matsa, D. (2010). Capital Structure as a Strategic Variable: Evidence from Collective Bargaining [research article]. The Journal of Finance, 65(3), 1197-1232.
McMillan, D. y Camara, O. (2012). Dynamic capital structure adjustment: US MNCs & DCs. [research article]. Journal of Multinational Financial Management, 22, 278-301.
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.
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.
Morellec, E., Nikolov, B. y Schürhoff, N. (2012). Corporate Governance and Capital Structure Dynamics [research article]. The Journal of Finance, 67(3), 803-848.
Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175.
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
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.
Ovtchinnikov, A. (2010). Capital structure decisions: Evidence from deregulated industries [research article]. Journal of Financial Economics, 95, 249-274.
íztekin, í. y Flannery, M. (2012). Institutional determinants of capital structure adjustment speeds. Journal of Financial Economics, 103, 88-112.
Paligorova, T. y Xu, Z. (2012). Complex ownership and capital structure [research article]. Journal of Corporate Finance, 18, 701-716.
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.
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.
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
Rauh, J. D. y Sufi, A. (2010). Capital Structure and Debt Structure [research article]. The Review of Financial Studies, 23(12), 4242-4280.
Rivera, J. (2002). Teoría sobre la estructura de capital. Estudios Gerenciales, 31-59.
Roberts, M. y Sufi, A. (2009). Control Rights and Capital Structure: An Empirical Investigation [research article]. The Journal of Finance, 64(4), 1657-1695.
Shyam-Sunder, L. y Myers, S. (1998). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51, 219-244.
Uysal, V. B. (2011). Deviation from the target capital structure and acquisition choices [research article]. Journal of Financial Economics, 102, 602-620.
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.
Zhang, Z. (2012). Strategic interaction of capital structures: A spatial econometric approach [research article]. Pacific-Basin Finance Journal, 20, 707-722.
Citado por
