Abstract

GONZALEZ, Jorge Iván. LA FINANCIACIÓN DE LAS EMPRESAS EN LAS PERSPECTIVAS DE MODIGLIANI-MILLER Y WILLIAMSON. Cuad. Econ. [online]. 2003, vol.22, n.39, pp.85-98. ISSN 0121-4772.

This article compares Modigliani-Miller and Williamson's views about ways of financing business (shares and debt). Whilst financing alternatives represent technical instruments for Modigliani and Miller, they reflect different governability structures for Williamson.After presenting each approach's general lines of argument, the article shows their analytical implications.Williamson's institutional theory broadens the horizon because it shows that talks must be held between the economy and other disciplines and also provides evidence of the links between a company's financial decision-making policy and its governability.

Keywords : finance; arbitration; governability; bonds; debt; business.

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