Abstract

HERNANDEZ CARMEN, Guadalupe; RIOS BOLIVAR, Humberto  and  GARRIDO NOGUERA, Celso. Microeconomic determinants of access to external financing of the capital structure of industrial companies. Contad. Adm [online]. 2015, vol.60, n.2, pp.326-345. ISSN 0186-1042.  https://doi.org/10.1016/S0186-1042(15)30003-6.

The aim of this paper is to analyze using an econometric panel data model, for fixed and random effects, microeconomic determinants of access to external financing that affect the capital structure of companies in the industrial sector, which were listed on the Mexican Stock Exchange (BMV) in 2000-2010, in order to demonstrate that the international financial crisis of 2007, modifies the relationship between these determinants and capital structure, which explains the changes in the policy of foreign currency funding that followed these companies. The findings show that export firms, issuers of ADRs (American depositary receipts) and the big large are finance in foreign currency before the crisis, and after it, only export firms and issuers of ADRs, although in a higher proportion export firms, which shows that to have better way to solve their problems of asymmetric information with your creditors, to have good collaterals in accounts receivable in foreign currency, and give investors a positive sign of a good economic situation, attained to continue financing in foreign currency despite the crisis.

Keywords : Capital structure; Controlling; American depositary receipts (ADRs); Exports and firm size.

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