Publication: Determinantes de la emisión de deuda negociable en las empresas españolas
Loading...
Identifiers
Publication date
2000
Defense date
Advisors
Tutors
Journal Title
Journal ISSN
Volume Title
Publisher
Academia Europea de Dirección y Economía de la Empresa
Impact
Export
Abstract
En este trabajo analizamos los condicionantes de la emisión de deuda negociable (obligaciones y pagarés) por parte de las empresas españolas que cotizan en la bolsa. En particular, nos centramos en el impacto que tienen las expectativas de beneficios futuros en la· decisión de emitir o no deuda pública corporativa, así como en el montante de deuda emitida. El resultado principal es que las empresas con altas expectativas de crecimiento tienen pocos incentivos para emitir deuda negociable, prefiriendo, en cambio, otras fuentes de financiación. Este resultado está en sintonía con otros estudios en los que se aprecian rentabilidades anormalmente negativas a largo plazo en las acciones de compañías que pertenecen a sectores de alto crecimiento y que han emitido deuda corporativa negociable.-------------------------------------------------------------------------------
We analyze firm's decision to issue public corporate debt (short-term or long-term). We conduct our study making use of a sample of Spanish firms that quote in the stock market. We focus on the impact of firm's prospects of its future profitability on its decision to issue public corporate debt as well as in the amount of the debt issued. Our main result is that firms with high prospects of future profitability have low incentives to issue public debt. But, they use other financial sources. This conclusion conforms with the results obtained in other studies over the abnormal long-term shares returns of those high-growth companies that have issued public corporate debt.
We analyze firm's decision to issue public corporate debt (short-term or long-term). We conduct our study making use of a sample of Spanish firms that quote in the stock market. We focus on the impact of firm's prospects of its future profitability on its decision to issue public corporate debt as well as in the amount of the debt issued. Our main result is that firms with high prospects of future profitability have low incentives to issue public debt. But, they use other financial sources. This conclusion conforms with the results obtained in other studies over the abnormal long-term shares returns of those high-growth companies that have issued public corporate debt.
Description
Keywords
Emisión de la deuda, Financiación de las empresas, Empresas de crecimiento, Debt issues, Firm's financing, Growth firms
Bibliographic citation
Revista europea de dirección y economía de la empresa, v. 9, n. 4, 2000, pp. 61-79