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mso-font-signature:-1610611985 1107304683 0 0 159 0;} /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-unhide:no; mso-style-qformat:yes; mso-style-parent:""; margin:0cm; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:ES; mso-fareast-language:ES;} p.EstilohispanolusasCarCar, li.EstilohispanolusasCarCar, div.EstilohispanolusasCarCar {mso-style-name:"Estilo hispanolusas Car Car"; mso-style-unhide:no; margin:0cm; margin-bottom:.0001pt; text-align:justify; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif"; mso-fareast-font-family:"Times New Roman"; mso-ansi-language:ES; mso-fareast-language:ES;} .MsoChpDefault {mso-style-type:export-only; mso-default-props:yes; font-size:10.0pt; mso-ansi-font-size:10.0pt; mso-bidi-font-size:10.0pt;} @page Section1 {size:612.0pt 792.0pt; margin:70.85pt 3.0cm 70.85pt 3.0cm; mso-header-margin:36.0pt; mso-footer-margin:36.0pt; mso-paper-source:0;} div.Section1 {page:Section1;} --> <!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Tabela normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--> <p class="EstilohispanolusasCarCar" style="line-height: 150%;"><strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="ES">RESUMEN</span></strong></p> <p class="EstilohispanolusasCarCar" style="line-height: 150%;"><span style="font-size: 12pt; line-height: 150%; font-family: " lang="ES">El estudio de la estructura financiera de las empresas sigue siendo uno de los temas financieros que más interés suscita,<span> </span>entre otros motivos y según Myers (2001),<span> </span>porque no existe una teoría universal sobre la estructura financiera y, es mas, no hay razones para esperarla. Partiendo de esta situación nos planteamos analizar los efectos de la dimensión empresarial y de pertenencia a un sector, dos factores tradicionalmente aceptados por la literatura financiera como determinantes de la estructura de capital, sobre la estructura financiera de las empresas pertenecientes a la Comunidad Autónoma Andaluza. Para ello hemos utilizado una muestra de 6.338 empresas andaluzas en el periodo 2001. Los resultados reflejan como las empresas andaluzas están muy endeudadas, siendo las empresas de reducida dimensión, y las que pertenecen a los sectores de la construcción y servicios las más apalancadas.<span> </span></span></p> <p class="EstilohispanolusasCarCar" style="text-align: left; line-height: 150%;" align="left"><strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="ES">PALABRAS CLAVE: </span></strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="ES">estructura de capital, sector de actividad, tamaño.<span> </span></span></p> <p class="EstilohispanolusasCarCar" style="line-height: 150%;"><span style="font-size: 12pt; line-height: 150%; font-family: " lang="ES"> </span></p> <p class="EstilohispanolusasCarCar" style="text-align: left; line-height: 150%;" align="left"><strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="EN-US">ABSTRAC</span></strong></p> <p class="EstilohispanolusasCarCar" style="line-height: 150%;"><span style="font-size: 12pt; line-height: 150%; font-family: " lang="EN-GB">This paper analyse the relevance of two key factors in determining the capital structure of companies:<span> </span>firm size and industry classification. Our analysis has been carried out on 6.338 andalusian companies for 2001 period. The results of our study show that andalusian companies are highly leveraged. Besides small firms are more level of debt than medium and large firms. The results also indicate that the companies that belong to construction and business services sectors have the highest debt ratios. </span></p> <p class="EstilohispanolusasCarCar" style="text-align: left; line-height: 150%;" align="left"><strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="EN-GB">KEY WORDS: </span></strong><span style="font-size: 12pt; line-height: 150%; font-family: " lang="EN-GB">capital structure, industry classification, size firm.<span> </span></span></p>
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