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La reestructuración financiera de las pymes en crisis. Endogeneidad en la elección entre vía privada y vía concursal

Author

Listed:
  • Cristina Aybar Arias

    (Universitat de València)

  • Alejandro Casino Martínez

    (Universitat de València)

  • José López Gracia

    (Universitat de València)

Abstract

Este trabajo presenta evidencia empírica del papel de los costes de ajuste en la reestructuración financiera realizada por las empresas de reducido tamaño con problemas de insolvencia. Se contrasta la hipótesis del sesgo latente a favor del deudor en los procedimientos concursales, planteando un modelo de estructura de capital dinámico que incluye una ecuación de selección para captar la endogeneidad implícita en la opción adoptada para salir de la crisis (vía privada o concursal). Se confirma la relevancia de la endogeneidad y la existencia de elevados costes de ajuste en ambos escenarios además del citado sesgo de protección.

Suggested Citation

  • Cristina Aybar Arias & Alejandro Casino Martínez & José López Gracia, 2006. "La reestructuración financiera de las pymes en crisis. Endogeneidad en la elección entre vía privada y vía concursal," Investigaciones Economicas, Fundación SEPI, vol. 30(1), pages 137-162, January.
    • Handle: RePEc:iec:inveco:v:30:y:2006:i:1:p:137-162
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    More about this item

    Keywords

    Costes de ajuste; reestructuración financiera; pymes;
    All these keywords.

    JEL classification:

    • C34 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Truncated and Censored Models; Switching Regression Models
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation

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