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Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana

Author

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  • Guillermo Alejandro Arévalo Lizarazo
  • Sandra Milena Zambrano Vargas
  • Angel Wilhelm Vásquez García

Abstract

El propósito de este estudio es verificar si los gerentes de los sectores agropecuario, transporte y almacenamiento, turismo y alimentación de Colombia siguen una jerarquía de preferencias o Pecking Order al definir la estructura de capital de sus empresas. Mediante Bloomberg y EMIS se obtienen estados financieros de 1548 firmas entre 2017 y 2020 y se construyen tres modelos de análisis de datos de panel con efectos fijos, uno por sector. Se evidencia una relación negativa entre rentabilidad y utilidades acumuladas con el nivel de endeudamiento en los sectores agropecuario y turismo y alimentación. También se encuentra que el nivel de endeudamiento del sector turismo y alimentación aumentó con la crisis económica generada por el COVID-19, mientras el del sector agropecuario disminuyó. Se concluye que en estos sí existe una jerarquía de preferencias, no así en el sector transporte y almacenamiento, donde se observa únicamente una relación negativa con la rentabilidad.

Suggested Citation

  • Guillermo Alejandro Arévalo Lizarazo & Sandra Milena Zambrano Vargas & Angel Wilhelm Vásquez García, 2022. "Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana," Revista Finanzas y Politica Economica, Universidad Católica de Colombia, vol. 14(1), pages 99-129, January.
    • Handle: RePEc:col:000443:020546
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    References listed on IDEAS

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    1. Ferri, Michael G & Jones, Wesley H, 1979. "Determinants of Financial Structure: A New Methodological Approach," Journal of Finance, American Finance Association, vol. 34(3), pages 631-644, June.
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    More about this item

    Keywords

    economía agraria; endeudamiento; estructura de capital; teoría del Pecking Order; transporte; turismo; producto interno bruto.;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G00 - Financial Economics - - General - - - General
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R4 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics
    • R48 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government Pricing and Policy

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