Macroeconomic environment and corporate finance: the role of monetary policy, labour markets and economic uncertainty

• Autores: Pedro Luis Vega Gutiérrez
• Directores de la Tesis: Félix Javier López Iturriaga (dir. tes.), Juan Antonio Rodríguez Sanz (tut. tes.)
• Lectura: En la Universidad de Valladolid ( España ) en 2023
• Idioma: inglés
• Tribunal Calificador de la Tesis: Myriam García Olalla (presid.), José López Gracia (secret.), Carlo Bellavite Pellegrini (voc.)
• Programa de doctorado: Programa de Doctorado en Economía de la Empresa por la Universidad de Burgos; la Universidad de León; la Universidad de Salamanca y la Universidad de Valladolid
• Materias:
  • Ciencias económicas
    • Economía general
    • Economía sectorial
      • Finanzas y seguros
• Enlaces
  • Tesis en acceso abierto en: UVADOC
• Resumen

  • The motivation of this dissertation relies, firstly, on analysing the influence of monetary policy on capital structure throughout the business cycle after the financial crisis of 2008, given the major role that central banks (European and England Central Banks mainly) played in the corporate debt overhang that took place before the crisis and the severe financial difficulties that firms faced afterwards. Secondly, this crisis revealed that countries’ labour market affects the resilience of their firms to face adverse situations. Therefore, it is interesting to study how labour market conditions impact the indirect costs of financial distress that affect companies’ flexibility to cope with the environment and, thus, their bankruptcy risk. Finally, the crisis increased the uncertainty and the information gap between economic agents. Our study analyses how economic policy uncertainty -a market imperfection that exacerbates asymmetric information and opportunism- affects the capital structure, and how countries’ institutions and firms’ strategies can act as shields to alleviate these problems.