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Decisiones financieras y oportunidades de crecimiento en la empresa española. Un análisis con datos de panel

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Abstract

El objetivo del presente trabajo es analizar la influencia que tienen las decisiones de endeudamiento, de distribución de dividendos y la estructura de propiedad sobre el valor de mercado de la empresa en situaciones caracterizadas por la ausencia o existencia de oportunidades rentables de inversión. Partiendo de una muestra formada por un panel de 101 grandes empresas industriales españolas en el periodo 1991-95, se observa cómo el endeudamiento mantiene una relación negativa con el valor de la empresa cuando ésta posee oportunidades de crecimiento, mientras que, junto con el reparto de dividendos, influye positivamente cuando la compañía no cuenta con proyectos rentables. Asimismo, nuestros resultados ponen de manifiesto la relevancia de la concentración de la propiedad, de la fracción de la propiedad en manos de los directivos y de la naturaleza del principal accionista en la valoración de la compañía, en cuanto factores que afectan al nivel de eficiencia con que se asignan los recursos en poder de la empresa. The aim of this paper is to analyze the influence of financial leverage decisions, dividend payout policies and the ownership structure on the firm market value when companies either face or do not face profitable growth opportunities. Based on a sample of 101 large non-financial Spanish companies, we find a negative relationship between firm value and both leverage and dividend payments in the presence of growth opportunities, while this relationship turns out to be positive when firms have no profitable investment projects. Our results also demonstrate the relevance of the ownership structure by showing how ownership concentration, managers ownership proportion and some main shareholder characteristics affect the efficiency in the allocation of firm resources.

Suggested Citation

  • Andrés Alonso, Pablo de & López-Iturriaga, Félix & Rodríguez Sanz, Juan Antonio, 2000. "Decisiones financieras y oportunidades de crecimiento en la empresa española. Un análisis con datos de panel," Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". 2000-04, Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Docto.
    • Handle: RePEc:ntd:wpaper:2000-04
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    More about this item

    Keywords

    Estructura de capital; dividendos; propiedad; oportunidades de crecimiento; problemas de agencia; gobierno de la empresa. Capital Structure; dividends; ownership; growth opportunities; agency theory; corporate governance.;
    All these keywords.

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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