El flujo de caja como determinante de la estructura financiera de las empresas españolas: Un análisis en tiempos de crisis

Artikel

This paper proposes the use of the Cash Flow from Operations (CFO) obtained from Cash Flow Statement (CFS) as a factor with significant impact on the financial structure of the Spanish firms in a period (2008-2012) that was characterized by dificulties in business finance. In the previous literature, there are few studies that consider this variable, since liquidity in most cases was measured with data obtained from the Balance Sheet and the Income Statement. Methodologically, we have used a multivariate panel data analysis applied to a sample of large Spanish companies not quoted on the stock exchange. Additionally, this work embeds into the theoretical debate existing in the literature about the determinants of the financial structure of firms. The results indicate that a data model based on figures from CSF, mainly the CFO, has predictive ability of the financial structure.

Object Details

• Language: Spanisch

References and Relationships

• Bibliographic citation: Journal: Revista de Métodos Cuantitativos para la Economía y la Empresa ; ISSN: 1886-516X ; Volume: 21 ; Year: 2016 ; Pages: 141-159 ; Sevilla: Universidad Pablo de Olavide

Classification and Topics

• Classification: Wirtschaft ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• Subject: debt structure ; cash flow ; Spanish firms ; panel data ; financial crisis

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Rodríguez-Masero, Natividad ; López-Manjón, Jesús D.
• Event: Veröffentlichung
• (who): Universidad Pablo de Olavide
• (where): Sevilla
• (when): 2016

Further information

• Handle: http://hdl.handle.net/10419/174240
• Last update: 10.03.2025, 11:42 AM CET