ANÁLISIS DEL RIESGO DE LIQUIDEZ Y ESTRUCTURA DE CAPITAL: CLAVE PARA LAS PYME EN ÉPOCA DE INCERTIDUMBRE.
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Puerta Guardo, F. A., Cantillo Orozco , A. S., Ramírez Molinares, C. V., & Banquez Julio, A. J. (2021). ANÁLISIS DEL RIESGO DE LIQUIDEZ Y ESTRUCTURA DE CAPITAL: CLAVE PARA LAS PYME EN ÉPOCA DE INCERTIDUMBRE. Crecer Empresarial Journal of Management and Development, 1–14. https://doi.org/10.25054/25905007.3385
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Abstract
Esta investigación trazó como objetivo analizar investigaciones relacionadas con el riesgo de liquidez y la estructura de capital, a partir de un análisis bibliométrico, con el fin de identificar las publicaciones más citadas, áreas de investigación, años de publicación, así como los autores más representativos, nivel de coautoría y coocurrencia. Para lograrlo, se abordó una búsqueda en la base de datos Web of Science y Scopus en idioma inglés mediante la combinación de las palabras claves Liquidity Risk y Capital Structure. Los hallazgos reflejan diferentes puntos de vistas respecto a la relación entre la liquidez, riesgo de liquidez y estructura de capital, la cual puede ser positiva o negativa, entre las cuales se resaltan su relación con el tamaño de la empresa, con los indicadores de liquidez y apalancamiento.
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References
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Agarwal, Y. (2013). Capital structure decisions: Evaluating risk and uncertainty. Singapore, India: John Wiley & Sons.
Alipour, M., Mohammadi, M. F., & Derakhshan, H. (2015). Determinants of capital structure: an empirical study of firms in Iran. International Journal of Law and Management, 57(1), 53-83. doi:10.1108/IJLMA-01-2013-0004
Al-Najjar, B., & Taylor, P. (2008). The relationship between capital structure and ownership structure new evidence from Jordanian panel data. Managerial Finance, 34(12), 919-933.
Baranoff, E., Papadopoulos, S., & Sager, T. (2007). Capital and risk revisited: a structural equation model approach for life insurers. The Journal of Risk and Insurance, 74(3), 653-681.
Bastos, D., & Nakamura, W. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50), 75–94.
Benninga, S. (2015). Principios de finanzas con Excel. Andalucía, España: IC Editorial.
Canadian Institute of Actuaries (CIA). (1996). Liquidity risk measurement. Subcommittee on Liquidity Risk Measurement. Committee On Investment Practice. Ottawa, Canada: Educational Note.
Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43, 123-147.
Castagna, A., & Fede, F. (2013). Measuring and Managing Liquidity Risk. Great Britain: Wiley Finance.
Chung, K. (1993). Asset characteristics and corporate debt policy: an empirical test. Journal of Business Finance and Accounting, 20(1), 83-98.
Deesomsak, R., Krishna, P., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4/5), 387-405.
Di Pietro, F., Palacín-Sánchez, M.-J., & Roldán, J. (2018). Regional development and capital structure of SMEs. Cuadernos de Gestión, 18(1), 37-60. doi:10.5295/cdg.150530fd
Eldomiaty, T., & Azim, M. (2008). The dynamics of capital structure and heterogeneous systematic risk classes in Egypt. International Journal of Emerging Markets, 3(1), 7-37.
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321-331. doi:10.1108/03074350710739605
Ezeoha, A. (2011). Firm versus industry financing structures in Nigeria. African Journal of Economic and Management Studies, 2(1), 42-55.
Frank, M., & Goya, V. (2004). Capital Structure Decisions. Mimeo,Saude School of Business, University of British Columbia.
Jordan, J., Lowe, J., & Taylor, P. (1998). Strategy and financial policy in UK small firms. Journal of Business Finance and Accounting, 25(1/2), 1-27.
Kulkarni, M., & Chirputkar, M. (2014). Impact of SME Listing on Capital Structure Decisions. Procedia Economics and Finance, 11, 431–444. doi:10.1016/S2212-5671(14)00210-X
Low, P., & Chen, K. (2004). Diversification and capital structure: some international evidence. Review of Quantitative Finance and Accounting, 23(1), 55-71.
Matz, L., & Neu, P. (2007). Liquidity Risk Measurement and Management: A Practitioner’s Guide to Global Best Practices. Singapore: John Wiley & Sons.
Miglo, A. (2016). Capital structure in the modern world. Ontario, Canada: Palgrave macmillan. doi:10.1007/978-3-319-30713-8
Modigliani, F., & Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, 261-297.
Myers, S. (1984). The Capital Structure Puzzle. The journal of Finance, 39(3), 575-592.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102.
Myers, S., & Rajan, R. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733–771.
Nguyen, T., & Ramachandran, N. (2006). Capital structure in small and medium-sized enterprises: the case of Vietnam. ASEAN Economic bulletin, 23(2), 192-211. doi:10.1355/ae23-2d
Omran, M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474.
Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: evidence from uk company panel data. Journal of Business Finance & Accounting, 28(1–2), 175–198.
Pacheco, L., & Tavares, F. (2017). Capital structure determinants of hospitality sector SMEs. Tourism Economics, 23(1), 113-132. doi:10.5367/te.2015.0501
Palacín-Sánchez, M., Ramírez-Herrera, L., & Di Pietro, F. (2013). Capital structure of SMEs in Spanish regions. Small Business Economics, 41(2), 503-519. doi:10.1007/s11187-012-9439-7
Pastor, C., & Gama, P. (2013). Determinant factors of cash holdings: evidence from Portuguese SMEs. International Journal of Business and Management, 8(1), 104–112.
Rauh, J., & Sufi , A. (2010). Capital structure and debt structure. The Review of Financial Studies, 23(12), 4242-4280.
Sbeti, W., & Moosa, I. (2012). Firm-specific factors as determinants of capital structure in the absence of taxes. Applied Financial Economics, 22(3), 209–213.
Sheikh, N., & Wang, Z. (2011). Determinants of capital structure an empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), 117-133. doi:10.1108/03074351111103668
Su, L. (2010). Ownership structure, corporate diversification and capital structure evidence from China’s publicly listed firms. Management Decision, 48(2), 314-339.
Titman, S., & Wessels , R. (1988). The determinants of capital structure choice. The Journal of finance, 43 (1), 1-19.
Van Eck, N., & Waltman, L. (2021). VOSviewer Manual. Universiteit Leiden & CWTS Meaningful metrics.
Viviani, J. (2008). Capital structure determinants: an empirical study of French companies in the wine industry. International Journal of Wine Business Research, 20(2), 171-194.
Vo, V. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance , 40, 105–113. doi:10.1016/j.ribaf.2016.12.001
Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3/4), 371-403.
Agarwal, Y. (2013). Capital structure decisions: Evaluating risk and uncertainty. Singapore, India: John Wiley & Sons.
Alipour, M., Mohammadi, M. F., & Derakhshan, H. (2015). Determinants of capital structure: an empirical study of firms in Iran. International Journal of Law and Management, 57(1), 53-83. doi:10.1108/IJLMA-01-2013-0004
Al-Najjar, B., & Taylor, P. (2008). The relationship between capital structure and ownership structure new evidence from Jordanian panel data. Managerial Finance, 34(12), 919-933.
Baranoff, E., Papadopoulos, S., & Sager, T. (2007). Capital and risk revisited: a structural equation model approach for life insurers. The Journal of Risk and Insurance, 74(3), 653-681.
Bastos, D., & Nakamura, W. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50), 75–94.
Benninga, S. (2015). Principios de finanzas con Excel. Andalucía, España: IC Editorial.
Canadian Institute of Actuaries (CIA). (1996). Liquidity risk measurement. Subcommittee on Liquidity Risk Measurement. Committee On Investment Practice. Ottawa, Canada: Educational Note.
Cassar, G., & Holmes, S. (2003). Capital structure and financing of SMEs: Australian evidence. Accounting and Finance, 43, 123-147.
Castagna, A., & Fede, F. (2013). Measuring and Managing Liquidity Risk. Great Britain: Wiley Finance.
Chung, K. (1993). Asset characteristics and corporate debt policy: an empirical test. Journal of Business Finance and Accounting, 20(1), 83-98.
Deesomsak, R., Krishna, P., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4/5), 387-405.
Di Pietro, F., Palacín-Sánchez, M.-J., & Roldán, J. (2018). Regional development and capital structure of SMEs. Cuadernos de Gestión, 18(1), 37-60. doi:10.5295/cdg.150530fd
Eldomiaty, T., & Azim, M. (2008). The dynamics of capital structure and heterogeneous systematic risk classes in Egypt. International Journal of Emerging Markets, 3(1), 7-37.
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321-331. doi:10.1108/03074350710739605
Ezeoha, A. (2011). Firm versus industry financing structures in Nigeria. African Journal of Economic and Management Studies, 2(1), 42-55.
Frank, M., & Goya, V. (2004). Capital Structure Decisions. Mimeo,Saude School of Business, University of British Columbia.
Jordan, J., Lowe, J., & Taylor, P. (1998). Strategy and financial policy in UK small firms. Journal of Business Finance and Accounting, 25(1/2), 1-27.
Kulkarni, M., & Chirputkar, M. (2014). Impact of SME Listing on Capital Structure Decisions. Procedia Economics and Finance, 11, 431–444. doi:10.1016/S2212-5671(14)00210-X
Low, P., & Chen, K. (2004). Diversification and capital structure: some international evidence. Review of Quantitative Finance and Accounting, 23(1), 55-71.
Matz, L., & Neu, P. (2007). Liquidity Risk Measurement and Management: A Practitioner’s Guide to Global Best Practices. Singapore: John Wiley & Sons.
Miglo, A. (2016). Capital structure in the modern world. Ontario, Canada: Palgrave macmillan. doi:10.1007/978-3-319-30713-8
Modigliani, F., & Miller, M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48, 261-297.
Myers, S. (1984). The Capital Structure Puzzle. The journal of Finance, 39(3), 575-592.
Myers, S. C. (2001). Capital Structure. Journal of Economic Perspectives, 15(2), 81–102.
Myers, S., & Rajan, R. (1998). The paradox of liquidity. The Quarterly Journal of Economics, 113(3), 733–771.
Nguyen, T., & Ramachandran, N. (2006). Capital structure in small and medium-sized enterprises: the case of Vietnam. ASEAN Economic bulletin, 23(2), 192-211. doi:10.1355/ae23-2d
Omran, M., & Pointon, J. (2009). Capital structure and firm characteristics: an empirical analysis from Egypt. Review of Accounting and Finance, 8(4), 454-474.
Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: evidence from uk company panel data. Journal of Business Finance & Accounting, 28(1–2), 175–198.
Pacheco, L., & Tavares, F. (2017). Capital structure determinants of hospitality sector SMEs. Tourism Economics, 23(1), 113-132. doi:10.5367/te.2015.0501
Palacín-Sánchez, M., Ramírez-Herrera, L., & Di Pietro, F. (2013). Capital structure of SMEs in Spanish regions. Small Business Economics, 41(2), 503-519. doi:10.1007/s11187-012-9439-7
Pastor, C., & Gama, P. (2013). Determinant factors of cash holdings: evidence from Portuguese SMEs. International Journal of Business and Management, 8(1), 104–112.
Rauh, J., & Sufi , A. (2010). Capital structure and debt structure. The Review of Financial Studies, 23(12), 4242-4280.
Sbeti, W., & Moosa, I. (2012). Firm-specific factors as determinants of capital structure in the absence of taxes. Applied Financial Economics, 22(3), 209–213.
Sheikh, N., & Wang, Z. (2011). Determinants of capital structure an empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), 117-133. doi:10.1108/03074351111103668
Su, L. (2010). Ownership structure, corporate diversification and capital structure evidence from China’s publicly listed firms. Management Decision, 48(2), 314-339.
Titman, S., & Wessels , R. (1988). The determinants of capital structure choice. The Journal of finance, 43 (1), 1-19.
Van Eck, N., & Waltman, L. (2021). VOSviewer Manual. Universiteit Leiden & CWTS Meaningful metrics.
Viviani, J. (2008). Capital structure determinants: an empirical study of French companies in the wine industry. International Journal of Wine Business Research, 20(2), 171-194.
Vo, V. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance , 40, 105–113. doi:10.1016/j.ribaf.2016.12.001
Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3/4), 371-403.
