Determinantes de la estructura de capital de las mi pymes 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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Autores:
Padilla-Ospina, Ana Milena
Rivera-Godoy, Jorge Alberto
Ospina-Holguín, Javier Humberto
Tipo de recurso:
Article of journal
Fecha de publicación:
2015
Institución:
Universidad Católica de Colombia
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https://hdl.handle.net/10983/17536
Palabra clave:
ESTRUCTURA DE CAPITAL
MIPYMES
INNOVACIÓN
SECTOR REAL
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repository_id_str
dc.title.spa.fl_str_mv Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
title Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
spellingShingle Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
ESTRUCTURA DE CAPITAL
MIPYMES
INNOVACIÓN
SECTOR REAL
title_short Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
title_full Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
title_fullStr Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
title_full_unstemmed Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
title_sort Determinantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011
dc.creator.fl_str_mv Padilla-Ospina, Ana Milena
Rivera-Godoy, Jorge Alberto
Ospina-Holguín, Javier Humberto
dc.contributor.author.spa.fl_str_mv Padilla-Ospina, Ana Milena
Rivera-Godoy, Jorge Alberto
Ospina-Holguín, Javier Humberto
dc.subject.proposal.spa.fl_str_mv ESTRUCTURA DE CAPITAL
MIPYMES
INNOVACIÓN
SECTOR REAL
topic ESTRUCTURA DE CAPITAL
MIPYMES
INNOVACIÓN
SECTOR REAL
description 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.
publishDate 2015
dc.date.issued.spa.fl_str_mv 2015-07
dc.date.accessioned.spa.fl_str_mv 2018-09-13T19:55:38Z
dc.date.available.spa.fl_str_mv 2018-09-13T19:55:38Z
dc.type.spa.fl_str_mv Artículo de revista
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dc.type.content.spa.fl_str_mv Text
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dc.identifier.citation.spa.fl_str_mv Padilla-Ospina, A., Rivera-Godoy, J., y Ospina-Holguín, J. (2015). Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011. Revista Finanzas y Política Económica, 7 (2), 359-380. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/284/291
dc.identifier.issn.spa.fl_str_mv 2248-6046
dc.identifier.uri.spa.fl_str_mv https://hdl.handle.net/10983/17536
identifier_str_mv Padilla-Ospina, A., Rivera-Godoy, J., y Ospina-Holguín, J. (2015). Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011. Revista Finanzas y Política Económica, 7 (2), 359-380. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/284/291
2248-6046
url https://hdl.handle.net/10983/17536
dc.language.iso.spa.fl_str_mv spa
language spa
dc.relation.ispartof.spa.fl_str_mv Revista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015); p. 359 – 380. http://dx.doi.org/10.14718/revfinanzpolitecon.2015.7.2.8
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Aghion, P., Bond, S., Klemm, A. y Marinescu, I. (2004). Technology and financial structure: Are innovative firms different? Journal of the European Economic Association, 2(2-3), 277-288.
Baldwin, J. R., Gellatly, G. y Gaudreault, V. (2002). Financing innovation in new small firms: New evidence from Canada (Working paper 190). Otawa: Statistics Canada.
Bartoloni, E. (2013). Capital structure and innovation: Causality and determinants. Empirica, 40(1), 111-151.
Berger, A. N. y Udell, G. F. (1998). The economics of small business finance: The roles of the private equity and debt market in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613-673.
Briozzo, A. y Vigier, H. (2006). La estructura de financiamiento pyme: una revisión del pasado y el presente (MPRA paper 5894). Múnich: University Library of Munich.
Coleman, S. (2006). Capital structure in small manufacturing firms: Evidence from the data. Journal of Entrepreneurial Finance, 11(3), 105-122.
Corcuera, G., Carrasco, R. y Cárdenas, C. (2010). Marcos legales para el fomento a la MIPYME en América Latina. Análisis comparado para Colombia, Chile, Perú y Venezuela (Serie documentos de trabajo 3). Fundes.
Diamantopoulos, A. y Siguaw, J. A. (2006). Formative versus reflective indicators in organizational measure development: A comparison and empirical illustration. British Journal of Management, 17(4), 263-282.
Donaldson, G. (1961). Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity. Boston: Harvard University.
Esperança, J. P., Matias Gama, A. P. y Gulamhussen, M. A. (2003). Corporate debt policy of small firms: an empirical (re)examination. Journal of Small Business and Enterprise Development, 10(1), 62-80.
García, D., Barona, B. B. y Madrid, A. M. (2013). Financiación de la innovación en las mipymes iberoamericanas. Estudios Gerenciales, 29(126), 12-16.
Gaud, P., Jani, E., Hoesli, M. y Bender, A. (2005). The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1), 51-69.
González, V. M. y González, F. (2012). Firm size and capital structure: Evidence using dynamic panel data. Applied Economics, 44(36), 4745-4754.
Gorodnichenko, Y. y Schnitzer, M. (2013). Financial constraints and innovation: Why poor countries don't catch up. Journal of the European Economic Association, 11(5), 1115-1152.
Hall, B. H. y Lerner, J. (2009). The financing of R&D and innovation. En Bronwyn H. Hall y Nathan Rosenberg (Eds.), Handbook of the Economics of Innovation (pp 610-635). Amsterdam: Elsevier North Holland.
Hall, G. C., Hutchinson, P. y Michaelas, N. (2004). Determinants of the capital structures of European SMEs. Journal of Business & Accounting, 31(5/6), 711-728.
Ho, Y. K., Tjahjapranata, M. y Yap, C. M. (2006). Size, leverage, concentration, and R&D investment in generating growth opportunities. Journal of Business, 79(2), 851-876.
Hogan, T. y Hutson, E. (2005). Capital Structure in new technology-based firms: Evidence from the Irish software sector. Global Finance Journal, 15(3), 369-387.
Isaac, F., Flores, O. y Jaramillo, J. (2010). Estructura de financiamiento de las pymes exportadoras mexicanas. Análisis de política de deuda. Observatorio de la Economía Latinoamericana, 135, 1-44.
Kraus, A. y Litzenberger, R. H. (1973). A state preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
Kuniy, M., Kimura, H.y Cruz Basso, L. (2010). Innovation strategy and capital structure of Brazilian companies.SSRN Electronic Journal.
Leiponen, A. E. y Poczter, S. (2014). Financing of innovation strategies in emerging economies. SSRN Electronic Journal.
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Magri, S. (2009). The financing of small innovative firms: The Italian case. Economics of Innovation and New Technology, 18(2), 181-204.
Mayorga, M. y Muñoz, E. (2000). La técnica de datos de panel. Una guía para su uso e interpretación (Documento de trabajo DIE-NT-05-2000). Banco Central de Costa Rica.
Ministerio de Comercio, Industria y Turismo (2006). Decreto 4490, "por el cual se modifica el Decreto 1780 de 2003".
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Rivera, J. (2007). Estructura financiera y factores determinantes de la estructura de capital de las pymes del sector de confecciones del Valle del Cauca en el periodo 2000-2004. Cuadernos de Administración, 20(34), 191-219.
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spelling Padilla-Ospina, Ana Milena6a71e635-6b5e-4f4f-8e58-407fc5150b7e-1Rivera-Godoy, Jorge Alberto5d304068-d79e-44f4-9a82-a58df1616e80-1Ospina-Holguín, Javier Humbertoefe17094-699e-4389-9d2d-799a62114895-12018-09-13T19:55:38Z2018-09-13T19:55:38Z2015-07The 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.Este artículo busca identificar los determinantes de la estructura de capital de las mipymes que han competido por el Premio Innova a la innovación durante el periodo 2007-2011. Para ello, se utiliza un análisis de datos de panel con variable dependiente de deuda a largo o a corto plazo, así como seis variables independientes tomadas de estudios antecedentes. Adicionalmente, se realizó una encuesta para contrastar los resultados del modelo econométrico. Los resultados del estudio sugieren tentativamente que la teoría del pecking order, o teoría de la jerarquía, explica la forma en que se financian las mipymes postuladas al Premio Innova.O propósito deste artigo é identificar os determinantes da estrutura de capital das micro e pequenas empresas que concorreram ao Prêmio Innova durante o período 2007-2011. Para isso, utiliza-se uma análise de dados de painel com variável dependente de dívida em longo ou em curto prazo, bem como seis variáveis independentes tomadas de estudos antecedentes. Além disso, realizou-se uma enquete para contrastar os resultados do modelo econométrico. Os resultados do estudo sugerem tentativamente que a Teoria do Pecking Order ou a Teoria da Hierarquização explica a forma em que são financiadas as micro e pequenas empresas que foram candidatas ao Prêmio Innova.application/pdfPadilla-Ospina, A., Rivera-Godoy, J., y Ospina-Holguín, J. (2015). Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011. Revista Finanzas y Política Económica, 7 (2), 359-380. Obtenido de https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/284/2912248-6046https://hdl.handle.net/10983/17536spaUniversidad Católica de Colombia. Facultad de Ciencias Económicas y AdministrativasRevista Finanzas y Política Económica, Vol. 7, no. 2 (jul. – dic. 2015); p. 359 – 380. http://dx.doi.org/10.14718/revfinanzpolitecon.2015.7.2.8Abor, J. y Biekpe, N. (2009). How do we explain the capital structure of SMEs in Sub-Saharan Africa? Evidence from Ghana. Journal of Economics Studies, 36(1), 83-97.Aghion, P., Bond, S., Klemm, A. y Marinescu, I. (2004). Technology and financial structure: Are innovative firms different? Journal of the European Economic Association, 2(2-3), 277-288.Baldwin, J. R., Gellatly, G. y Gaudreault, V. (2002). Financing innovation in new small firms: New evidence from Canada (Working paper 190). Otawa: Statistics Canada.Bartoloni, E. (2013). Capital structure and innovation: Causality and determinants. Empirica, 40(1), 111-151.Berger, A. N. y Udell, G. F. (1998). The economics of small business finance: The roles of the private equity and debt market in the financial growth cycle. Journal of Banking and Finance, 22(6-8), 613-673.Briozzo, A. y Vigier, H. (2006). La estructura de financiamiento pyme: una revisión del pasado y el presente (MPRA paper 5894). Múnich: University Library of Munich.Coleman, S. (2006). Capital structure in small manufacturing firms: Evidence from the data. Journal of Entrepreneurial Finance, 11(3), 105-122.Corcuera, G., Carrasco, R. y Cárdenas, C. (2010). Marcos legales para el fomento a la MIPYME en América Latina. Análisis comparado para Colombia, Chile, Perú y Venezuela (Serie documentos de trabajo 3). Fundes.Diamantopoulos, A. y Siguaw, J. A. (2006). Formative versus reflective indicators in organizational measure development: A comparison and empirical illustration. British Journal of Management, 17(4), 263-282.Donaldson, G. (1961). Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity. Boston: Harvard University.Esperança, J. P., Matias Gama, A. P. y Gulamhussen, M. A. (2003). Corporate debt policy of small firms: an empirical (re)examination. Journal of Small Business and Enterprise Development, 10(1), 62-80.García, D., Barona, B. B. y Madrid, A. M. (2013). Financiación de la innovación en las mipymes iberoamericanas. Estudios Gerenciales, 29(126), 12-16.Gaud, P., Jani, E., Hoesli, M. y Bender, A. (2005). The capital structure of Swiss companies: An empirical analysis using dynamic panel data. European Financial Management, 11(1), 51-69.González, V. M. y González, F. (2012). Firm size and capital structure: Evidence using dynamic panel data. Applied Economics, 44(36), 4745-4754.Gorodnichenko, Y. y Schnitzer, M. (2013). Financial constraints and innovation: Why poor countries don't catch up. Journal of the European Economic Association, 11(5), 1115-1152.Hall, B. H. y Lerner, J. (2009). The financing of R&D and innovation. En Bronwyn H. Hall y Nathan Rosenberg (Eds.), Handbook of the Economics of Innovation (pp 610-635). Amsterdam: Elsevier North Holland.Hall, G. C., Hutchinson, P. y Michaelas, N. (2004). Determinants of the capital structures of European SMEs. Journal of Business & Accounting, 31(5/6), 711-728.Ho, Y. K., Tjahjapranata, M. y Yap, C. M. (2006). Size, leverage, concentration, and R&D investment in generating growth opportunities. Journal of Business, 79(2), 851-876.Hogan, T. y Hutson, E. (2005). Capital Structure in new technology-based firms: Evidence from the Irish software sector. Global Finance Journal, 15(3), 369-387.Isaac, F., Flores, O. y Jaramillo, J. (2010). Estructura de financiamiento de las pymes exportadoras mexicanas. Análisis de política de deuda. Observatorio de la Economía Latinoamericana, 135, 1-44.Kraus, A. y Litzenberger, R. H. (1973). A state preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.Kuniy, M., Kimura, H.y Cruz Basso, L. (2010). Innovation strategy and capital structure of Brazilian companies.SSRN Electronic Journal.Leiponen, A. E. y Poczter, S. (2014). Financing of innovation strategies in emerging economies. SSRN Electronic Journal.Leiponen, A. E. y Zhang, J. (2010). Capital structure and innovation in Asian emerging economies. Artículo presentado en la conferencia Opening up innovation: Strategy, organization and technology, Londres.London South East (s. f.). Matching principle.López, J. y Sogorb, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), 117-136.Mac an Bhaird, C. y Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Business Economics, 35(3), 357-375.Magri, S. (2009). The financing of small innovative firms: The Italian case. Economics of Innovation and New Technology, 18(2), 181-204.Mayorga, M. y Muñoz, E. (2000). La técnica de datos de panel. Una guía para su uso e interpretación (Documento de trabajo DIE-NT-05-2000). Banco Central de Costa Rica.Ministerio de Comercio, Industria y Turismo (2006). Decreto 4490, "por el cual se modifica el Decreto 1780 de 2003".Modigliani, F. y Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.Modigliani, F. y Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443.Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592.Myers, S. C. y Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.Newman, A., Gunessee, S. y Hilton, B. (2012). Applicability of financial theories of capital structure to the Chinese cultural context: A study of privately owned SMEs. International Small Business Journal, 30(1), 65-83.Nunes, P. M., Goncalves, M. y Serrasqueiro, Z. (2013). 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International Review of Applied Economics, 18(2), 247-262.Derechos Reservados - Universidad Católica de Colombia, 2015info:eu-repo/semantics/openAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_abf2https://editorial.ucatolica.edu.co/ojsucatolica/revistas_ucatolica/index.php/RFYPE/article/view/284/291ESTRUCTURA DE CAPITALMIPYMESINNOVACIÓNSECTOR REALDeterminantes de la estructura de capital de las mi pymes del sector real participantes del Premio Innova 2007/2011Artículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85PublicationORIGINAL7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdf7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdfapplication/pdf1177188https://repository.ucatolica.edu.co/bitstreams/e0272cbc-3852-458b-b693-9975b99aaf72/download65bed5ea13d338fb573f8f13fd18eaacMD51THUMBNAIL7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdf.jpg7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdf.jpgRIUCACimage/jpeg72110https://repository.ucatolica.edu.co/bitstreams/de2232dd-4c4a-4922-a329-0e45156f687b/download61de5cf45ff2a31ef2e3f2575bb63aebMD52TEXT7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdf.txt7Factores determinantes de la estructura de capital de las MIPYME del sector real que participaron en la competencia del Premio Colombiano Innova, 2007-2011.pdf.txtExtracted texttext/plain77749https://repository.ucatolica.edu.co/bitstreams/c6caeadf-8b36-434f-a9fc-65058b96cd00/download8beb910e7d0865bd23d106357f9c2618MD5310983/17536oai:repository.ucatolica.edu.co:10983/175362023-03-24 16:45:22.403https://creativecommons.org/licenses/by-nc-nd/4.0/Derechos Reservados - Universidad Católica de Colombia, 2015https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com