<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462022000100099</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.v14.n1.2022.5</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana]]></article-title>
<article-title xml:lang="en"><![CDATA[Pecking Order Theory for capital structure analysis: Application in three sectors of the Colombian economy]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Arévalo Lizarazo]]></surname>
<given-names><![CDATA[Guillermo Alejandro]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zambrano Vargas]]></surname>
<given-names><![CDATA[Sandra Milena]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Vázquez García]]></surname>
<given-names><![CDATA[Angel Wilhelm]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Pedagógica y Tecnológica de Colombia  ]]></institution>
<addr-line><![CDATA[Tunja ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Pedagógica y Tecnológica de Colombia  ]]></institution>
<addr-line><![CDATA[Tunja ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Autónoma Metropolitana  ]]></institution>
<addr-line><![CDATA[México ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>14</volume>
<numero>1</numero>
<fpage>99</fpage>
<lpage>129</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462022000100099&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462022000100099&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462022000100099&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El propósito de este estudio es verificar si los gerentes de los sectores agropecuario, transporte y almacenamiento, turismo y alimentación de Colombia siguen una jerarquía de preferencias o Peeking Order al definir la estructura de capital de sus empresas. Mediante Bloomberg y EMIS se obtienen estados financieros de 154S firmas entre 2017 y 2020 y se construyen tres modelos de análisis de datos de panel con efectos fijos, uno por sector. Se evidencia una relación negativa entre rentabilidad y utilidades acumuladas con el nivel de endeudamiento en los sectores agropecuario y turismo y alimentación. También se encuentra que el nivel de endeudamiento del sector turismo y alimentación aumentó con la crisis económica generada por el COVID-19, mientras el del sector agropecuario disminuyó. Se concluye que en estos s£ existe una jerarquía de preferencias, no así en el sector transporte y almacenamiento, donde se observa únicamente tina relación negativa con la rentabilidad.  JEL Classification:  C23, G00, G31, F43, 016, R4, R48.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This study aims to verify- whether managers in the agricultural, transport and storage, and tourism and food sectors of Colombia follow a hierarchy of preferences or Pecking Order when defining the capital structure of their companies. Based on Bloomberg and EMIS, the financial statements of 1,548 firms from 2017 to 2020 were used to build three panel data analysis models with fixed effects, one per sector. The findings show a negative relationship between profitability and retained earnings with level of indebtedness in the agricultural and tourism and food sectors. They also indicate that the level of indebtedness of the tourism and food sector increased with the economic crisis generated by COVID-19, while it decreased in the agricultural sector. The conclusions suggest that in these two sectors there is a hierarchy of preferences, but not so in the transport and storage sector, where only a negative relationship with profitability is observed.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[economía agraria]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[teoría del Pecking Order]]></kwd>
<kwd lng="es"><![CDATA[transporte]]></kwd>
<kwd lng="es"><![CDATA[turismo]]></kwd>
<kwd lng="es"><![CDATA[producto interno bruto]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[Pecking Order Theory]]></kwd>
<kwd lng="en"><![CDATA[debt level]]></kwd>
<kwd lng="en"><![CDATA[tourism]]></kwd>
<kwd lng="en"><![CDATA[transport]]></kwd>
<kwd lng="en"><![CDATA[gross domestic product]]></kwd>
<kwd lng="en"><![CDATA[agricultural economics]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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