Abstract

MEDINA OROZCO, ANA MILENA; SALINAS RINCON, JOSE DANIEL; OCHOA BUSTAMANTE, LINA MARÍA  and  MOLINA GUERRA, CARLOS ANDRÉS. FINANCIAL STRUCTURE OF THE COLOMBIAN MANUFACTURING COMPANIES, A LOOK ECONOMETRIC, MACROECONOMIC AND FINANCIERA. Perf. de Coyunt. Econ. [online]. 2012, n.20, pp.155-176. ISSN 1657-4214.

The article presents the results of a study that provides new empirical evidence about the determinants of financial structure in Colombian manufacturing firms for the period 2005-2011, using as theoretical reference the Pecking Order Theory (PO). Using a panel data approach, we have obtained evidence that confirms basic postulates of PO, with the profitability, the funding gap, growth options and the percentage change in sales determinants of financing decisions in companies under study.

Keywords : financial structure; capital structure; Pecking Order.

        · abstract in Spanish | French     · text in Spanish     · Spanish ( pdf )