The role of life cycle on the firm’s capital structure = El papel del ciclo de vida en la estructura de capital de la empresa
DOI:
https://doi.org/10.18002/pec.v0i19.3585Keywords:
Fases del ciclo de vida, Estructura de capital, Apalancamiento, Life cycle stages, Capital structure, LeverageAbstract
In this work we adopt a dynamic standpoint to contribute to the debate on how and why firms choose their capital structure. Using the Dickinson’s (2011) life cycle stages of firms, based on the distinction between operating, investing and financing cash flow types, we examine the different behavior of the traditionally found explanatory variables across the stages. Taking a wide sample of public companies form UK, Germany, France and Spain, we find that the capital structure explanatory factors evolve across the life cycle stages, changing or rebalancing the prevalence of the static models in play, i.e. trade-off, pecking order, or market timing.
En este trabajo, adoptamos un punto de vista dinámico para contribuir al debate sobre cómo y por qué eligen las empresas su estructura de capital. Utilizamos el modelo de Dickinson (2011) sobre etapas del ciclo de vida de las empresas, basado en la distinción entre flujos de efectivo operativos, de inversión y financieros, para analizar las diferencias de comportamiento en las distintas etapas de las variables que tradicionalmente se han encontrado significativas para explicar la estructura de capital. Sobre una amplia muestra de empresas cotizadas de Alemania, España, Francia y el Reino Unido, encontramos que los factores explicativos de la estructura de capital evolucionan a lo largo de las etapas del ciclo de vida, de manera que va cambiando la prevalencia de las teorías estáticas en competencia, equilibrio, jerarquía y oportunidad de mercado.
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