Target leverage and speed of adjustment along the life cycle of Eurpean listed firms

  1. Paula Castro 12
  2. María Teresa Tascón Fernández 1
  3. Borja Amor-Tapia 1
  4. Alberto de Miguel 2
  1. 1 Universidad de León

    Universidad de León

    León, España


  2. 2 Universidad de Salamanca

    Universidad de Salamanca

    Salamanca, España


Business Research Quarterly

ISSN: 2340-9444 2340-9436

Ano de publicación: 2016

Volume: 19

Número: 3

Páxinas: 188-205

Tipo: Artigo

DOI: 10.1016/J.BRQ.2016.01.003 DIALNET GOOGLE SCHOLAR lock_openBULERIA editor

Outras publicacións en: Business Research Quarterly


Este documento analiza las diferencias en el apalancamiento objetivo y la velocidad de ajuste en tres etapas del ciclo de vida de las empresas europeas cotizadas: introducción, crecimiento y madurez. Determinamos que la rentabilidad y la tangibilidad son los determinantes más estables, mientras que las oportunidades de crecimiento y el tamaño exhiben efectos cambiantes en todas las etapas. La velocidad del ajuste no aumenta a medida que las empresas evolucionan, ya que las empresas que se inician son las que pueden adaptarse más rápidamente. Las empresas que cambian de etapa ajustan el apalancamiento a menor velocidad y su objetivo se ve más afectado por la rentabilidad, principalmente cuando el cambio es de crecimiento a madurez. Finalmente, confirmamos la existencia de objetivos de endeudamiento a largo plazo, proporcionando evidencia de que el objetivo del próximo año es un factor relevante para explicar la deuda actual cuando las empresas cambian de una etapa a otra.

Información de financiamento

Financial support from the Spanish Ministry of Science and Innovation (ECO2011-29144-C03-01) and support from the University of Leon (ULE2012-1) are gratefully acknowledged. Paula Castro also acknowledges the Grant FPU (AP2012-1959) from the Spanish Ministry of Education, Culture and Sports


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