Resumen de Determinantes de la estructura de capital: Una investigación empírica del sector industrial que cotiza en la bolsa mexicana de valores

Guadalupe Hernández Carmen, Humberto Ríos, Celso Garrido Noguera

• The objective of this study is to analyze the specific variables of the company affecting the capital structure of the companies in the industrial sector which is listed on the Mexican Stock Exchange in the period 2000-2010 and determine if the variables that affect this structure are modified due to the international financial crisis of 2007. To this end is built a panel data model for the periods 2000-2006 and 2007-2010, which allow to identify these variables. The capital structure is measured in three categories: total debt, short-term debt and long-term debt. The results show, that before the crisis the size of the company and profitability have an influence significant with all types of debt. After the crisis, these variables maintain its influence. Growth opportunities lost their significance with the total debt, but have a significant influence with the short-term debt. The risk of business loses its effect on total debt, but has a negative relationship with the long-term debt and positive with short term debt, demonstrating that the variability of earnings change when long-term debt to short-term is financed. Profitability has a negative relationship with all types of debt before and after the crisis. The results show that the international financial crisis of 2007 changes the significance of some variables, as well as their relationship with the different types of debt, it explain the modifications observed in its funding policy. This shows that the macroeconomic environment changes companies financing decisions. The results provide evidence that the theory of the hierarchy of preferences is the theory that explaining the structure of capital in this sector.