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El estado del arte sobre la teoría de la estructura de capital de la empresa
The state of the art regarding the theory of a company’s capital structure
O estado da arte sobre a teoria da estrutura do capital da empresa
DOI:
https://doi.org/10.15446/cuad.econ.v37n73.56041Palabras clave:
estructura de capital, coste de capital, apalancamiento, valor de la empresa (es)Capital structure, capital cost, leverage, firm valuation (en)
estrutura de capital, custo de capital, subsidio, valor da empresa (pt)
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Este artículo resume las teorías más destacadas sobre la formación de la estructura financiera de las empresas, y realiza un recorrido cronológico hasta la época actual. Se analizan los estudios más representativos y sus resultados sobre la incidencia de estas teorías en la formación de la estructura financiera empresarial, por medio del análisis del comportamiento de diversas variables representativas de estas teorías. Además, se repasan otras características representativas en este sentido, como son los factores institucionales y la localización de las empresas. También ofrece una idea general del estado del arte de la formación de la estructura financiera de las empresas.
This article summarizes the most important theories on the creation of a company’s capital structure in chronological order. We analyze the most representational studies and their results on the incidence that these theories have on the creation of a company’s capital structure by using a behavioral analysis of different variables that are representative of these theories. Additionally, we review other representative characteristics in this context such as institutional factors and where companies are located. It also offers a general idea of the state of the art regarding the creation of company’s financial structure.
Este artigo resume as teorias mais destacadas sobre a formação da estrutura financeira das empresas, e realiza um percurso cronológico até a época atual. Analisam-se os estudos mais representativos e seus resultados sobre a incidência dessas teorias na formação da estrutura financeira empresarial, mediante a análise do comportamento de diversas variáveis representativas dessas teorias. Além do mais, reveem-se outras características representativas nesse sentido, como são os fatores institucionais e a localização das empresas. Também oferece uma ideia geral do estado da arte da formação da estrutura financeira das empresas.
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