Uso estratégico de la deuda: un estudio a nivel de empresa para colombia 1995-2003
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01/11/2004
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| Resumo |
El presente trabajo intenta estimar si las empresas emplean estratégicamente la deuda para limitar la entrada de potenciales rivales. Mediante la metodología de Método Generalizado de Momentos (GMM) se evalúa el efecto que tienen los activos específicos, la cuota de mercado y el tamaño, como proxies de las rentas del mercado, y las barreras de entrada sobre los niveles de endeudamiento, a nivel de empresa para Colombia, durante 1995-2003. Se encuentra que las empresas utilizan los activos específicos para limitar la entrada al mercado y que el endeudamiento decrece a medida que las empresas aumentan su cuota en el mercado his work shows if firms use debt strategically in order to stop entry of potential rivals in their industry. Using Generalized Method of Moments estimation (GMM) we evaluate the effect of assets, market share and size as proxies for market revenue, and the entry barriers over indebtedness levels. Our data uses firm level information for Colombia, from 1995-2003. we find that firms use assets to limit entry and indebtedness decreases while firms increase their market share. |
| Formato |
application/pdf |
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| Idioma(s) |
spa |
| Publicador |
Facultad de Economía |
| Relação |
Documentos de investigación,ISSN 16928113, No. 59 (Noviembre 2004) https://ideas.repec.org/p/col/000091/003742.html |
| Direitos |
info:eu-repo/semantics/openAccess |
| Fonte |
instname:Universidad del Rosario reponame:Repositorio Institucional EdocUR instname:Universidad del Rosario Arellano, M., y S. Bond, “Some test of specification f or panel data: Monte Carlo evidence and an application to employment equations”, Review of Economic Studies 58, pp. 277-297. 1991 Bernheim, Douglas, “Strategic deterrence of sequential Entry into an Industry, Rand Journal of Economics, 15, pp. 1-11, 1984. Brander, J.A. y Lewis, T.R., 1986. “Oligopoly and financial structure: The limited liability effect”, American Economic Review, 76, 5, pp. 956–970, 1986 Chevalier, J., “Capital structure and product mar ket competition: empirical evidence from the supermarket industry”, American Economic Review 85, 3, pp. 415–435, 1992. Decreto Ley 3100 de 1997. Ministerio de Desarrollo Económico de Colombia. Diciembre. Eaton, B.C. y Lipsey, R.G, “Exit barriers are entry barriers: The durability of capital as a barrier to entry”, Bell Journal of Economics 11, 2, pp. 721–729 1980. Fudenberg, D. y Tirole, J, Game Theory, MIT Press, Cambridge, MA, 1991 Fulghieri, P. y Nagarajan, S, “Financial contracts as lasting commitments: The case of a leveraged oligopoly”, Journal of Financial Intermediation 2, 1, pp. 2–32, 1992. Guedes, J y T. Opler, The strategic value of leverage: A explorative study, Working Paper, 1992. Martin, Richard, “Debt financing and entry”, International Journal of Industrial Organization 21, pp. 533-549, 2003. McAndrews, J.J. y Nakamura, L.I, “Entry-deterring debt”, Journal of Money, Credit, and Banking 24, 1, pp. 98– 110 1992. Modigliani, F. y Miller, M, “The cost of capital, corporate finance, and the theory of investment”, American Economic Review 48, 3, pp. 261–297, 1958. Phillips, G, “Increased debt and industry product markets: an empirical analysis”, Journal of Financial Economics 37, pp. 189–238, 1995. Showalter, D, “Financial structure and the limited liability effect: comment”, American Economic Review 85, pp. 647- 663, 1995. Showalter, D, “Debt as an entry deterrent under bertrand price competition”, Canadian Journal of Economics, 32, 4, agosto 1999. Showalter, D., “Strategic debt evidence in manufacturing”, International Journal of Industrial Organization 17, pp. 319–333, 1999b. Spence, M., “Capital structure and the corporation’s product market environment”, Corporate capital structures in the United States. Editado por B. Freeman. University of Chicago Press, Chicago, 1995. Stata 7. User’s Guide Release 7. Stata Press. College Station, Texas Stenbacka, R, “Financial structure and tacit collusion with repeated oligopoly competition”, Journal of Economic Behavior and Organization 25, 2, pp. 281–292, 1994. White, H., “A heteroscedasticity-covariance matrix estima tor and a direct test for heteroscedasticity”, Econometrica 48, pp. 817–830, 1980. Williamson, O., “Book review of patent and anti-trust law by W. Bowman”, Yale Law Journal 83, pp. 647-661, 1974. Gamboa, Luis Fernando. 0124-4396 |
| Palavras-Chave | #Economía -- Mercado financiero #Empresas -- autogestión #338.7 #Company #Debs |
| Tipo |
info:eu-repo/semantics/book info:eu-repo/semantics/acceptedVersion |
