Abstract

MATE SANCHEZ VAL, María Luz; HERNANDEZ CANOVAS, Ginés; SANCHEZ VIDAL, Javier  and  MINGUEZ VERA, Antonio. ¿Hay efectos de interacción regional en el comportamiento financiero de las PyME?. El trimestre econ [online]. 2013, vol.80, n.320, pp.841-867. ISSN 2448-718X.

The hypothesis of this study is that SMEs' debt are affected by the location where the companies are positioned. This behavior would be motivated by the similarities in the financial policies of neighboring firms as they share financial, legal and economic environmental characteristics and because of trade and financial links. In order to contrast this idea, we apply spatial econometric methodology on a sample composed by 23 279 Spanish manufacturing firms. Our findings confirm that firms' ratios of total debt are not randomly distributed over the Spanish territory but there are high (low) leveraged regions which tend to be surrounded by high (low) indebted areas. Besides, the traditional determinants of capital structure are subtly altered when we consider the spatial effect. Therefore, there is a need of including regional effects into financial capital structure models to avoid wrong estimations.

Keywords : efectos de interacción regional; comportamiento financier; entorno institucional.

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