Determinantes de la estructura de capital de las mipymes del sector real participantes del Premio Innova 2007-2011

Determinantes de la estructura de capital de las mipymes del sector real participantes del Premio Innova 2007-2011

The purpose of this article is to identify the determining factors of the capital structure of MSMEs that competed for the Colombian Innova Prize for innovation in the 2007-2011 period. To do this, we used panel data analysis with dependent long- or short-term debt variables, and six independent var...

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Bibliographic Details
Published in:Revista finanzas y política económica Vol. 7; no. 2; p. 359
Main Authors: Ospina, Ana Milena Padilla, Godoy, Jorge Alberto Rivera, Holguín, Javier Humberto Ospina
Format: Journal Article
Language:Spanish
Published: Bogota Universidad Católica de Colombia, Facultad de Ciencias Económicas y Administrativas 01-07-2015
Subjects:
Capital structure
Competition
Data analysis
Innovations
Studies
Variables
Colombia
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Summary:The purpose of this article is to identify the determining factors of the capital structure of MSMEs that competed for the Colombian Innova Prize for innovation in the 2007-2011 period. To do this, we used panel data analysis with dependent long- or short-term debt variables, and six independent variables taken from previous studies. In addition, we applied a survey to compare the results of the econometric model. The results of the study tentatively suggest that the pecking order theory explains how MSMEs nominated for the Innova Prize for innovation are financed.
ISSN:2248-6046
2011-7663
DOI:10.14718/revfinanzpolitecon.2015.7.2.8