Efecto industria y determinantes empresariales de la estructura de capital
ISSN: 0006-6249
Year of publication: 2002
Issue Title: Panorama de la Macroeconomía
Volume: 57
Issue: 175
Pages: 149-178
Type: Article
More publications in: Boletín de estudios económicos
Abstract
In this work, we study the inter-industry differences on firm capital structure among big Spanish industrial companies. To this end, we have carried out a variance components analysis using financial data corresponding to a sample composed by 71 non-financial firms listed on the Madrid Stock Exchange over the 1990-1993 period. The results obtained show that the intra-industry differences on capital structure a greater than the inter-industry differences. This heterogeneity tends to persist all along the time and can be explained using bankruptcy costs,transaction costs,and agency costs arguments.