Abstract

HERNANDEZ CARMEN, Guadalupe  and  RIOS BOLIVAR, Humberto. Estructura financiera óptima, en la industria de los alimentos, que cotiza en la Bolsa Mexicana de Valores. EconoQuantum [online]. 2013, vol.10, n.2, pp.78-97. ISSN 2007-9869.

This paper investigates firm-specific variables that affect food industry financial structure, listed on Mexican Stock Exchange in period 2000-2009. For this purpose, we develop an econometric panel data model to identify those variables. This model shows that tangible assets and proitability are main variables considered by industry to make funding decisions. This result is akin to the agency theory, the trade-off and preferences hierarchy, which argue that higher proportion of tangible assets irms are more leveraged, since these assets can act as collateral and minimize interest conflicts between shareholders and creditors, as well as information asymmetry between these agents. While the trade-off theory argues that most proitable companies are more leveraged to take advantage of debt tax advantage and its proitability good track record. This interest reduction conflicts and information asymmetry, as well as debt tax advantage compared to financial distress costs, lead to an optimal financial structure tending to maximize company value. Results provide evidence that the trade-off theory is the main theory explaining industry funding decisions.

Keywords : Estructura financiera óptima; teoría del trade-off; teoría de la jerarquía de las preferencias; teoría de la agencia; activos tangibles; tamaño de la empresa; rentabilidad; riesgo de negocios; modelo de datos de panel.

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