What Determines Intragroup Debt Financing? Spanish Evidence: ¿Qué determina la financiación mediante deuda intragrupo? Evidencia en España

David Grau-Vera; Francisco Sogorb-Mira

doi:10.6018/rcsar.479961

Autores/as

David Grau-Vera CEU Escuela Internacional de Doctorado (CEINDO), Elche (Alicante)-SPAIN https://orcid.org/0000-0002-6641-2732
Francisco Sogorb-Mira Universidad CEU Cardenal Herrera, Elche (Alicante)-SPAIN https://orcid.org/0000-0002-8467-9270

DOI: https://doi.org/10.6018/rcsar.479961

Palabras clave: Grupos empresariales, Estructura de capital, Mercados internos de capitales, Financiación de la deuda intragrupo, Teoría del pecking order

Agencias de apoyo

Generalitat Valenciana grant Prometeo/2017/158
Spanish Ministry of Science, Innovation and Universities and European Regional Development Fund (ERDF) through grant PGC2018-095072-B-I00

Resumen

En este trabajo, examinamos los determinantes de la financiación mediante deuda intragrupo y su relación con otras alternativas de financiación, especialmente la deuda externa. Realizamos un análisis de datos de panel con una muestra de 787 empresas no financieras españolas, que financian sus operaciones de manera recurrente mediante deuda intragrupo durante el periodo que abarca entre 2013 y 2018. Nuestros resultados muestran como la deuda intragrupo depende positivamente del tamaño y la tangibilidad de los activos, mientras que la rentabilidad, la edad y el crecimiento mantienen una relación negativa. También observamos como tener una mayor financiación mediante deuda intragrupo supone reducir hasta en una cuarta parte la financiación con deuda externa. Además, identificamos la existencia de una jerarquía de preferencias en la selección de distintas fuentes de financiación, donde la deuda intragrupo cumple mejor con la teoría de la jerarquía de preferencias que la deuda externa.

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