Análisis empírico en México de estructuras de capital y su relación con las inversiones significativas

Miguel Calzada Mezura

doi:10.29105/rinn14.28-1

Authors

Miguel Calzada Mezura University of Monterrey

DOI:

https://doi.org/10.29105/rinn14.28-1

Keywords:

capital structure, corporate finance, financing, investments

Abstract

This study focuses on the Theories of Pecking Order and the Optimal Capital Structure (Also known as Tradeoff Theory). In relation with the theories mentioned above, previous studies described different hypothesis on financing decisions. This study, seeks to understand how companies in Mexico consider the different funding sources to invest in significant investments.
The Event Study consideration is used to understand such financing decisions. The findings of this study support the Theory of Pecking Order, showing that significant investments in the shortterm are funded mainly by external sources and equity financing decisions are observed among companies that are financial constrained. This position leads to the search for different contexts in order to test the Optimal Capital Theory.

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