Desarrollo regional y estructura de capital de las PYME



Publicado 18-09-2018
Filippo di Pietro María José Palacín Sánchez José L. Roldán


Este artículo estudia la influencia del entorno institucional regional, medido a través del desarrollo regional, en la estructura de capital de las pequeñas y medianas empresas (PYME). Además, este estudio también considera los factores de empresa clásicos determinantes de las decisiones de financiación y el sector de actividad de la empresa. Para el análisis empírico, se toma una muestra de 6.560 PYME españolas donde todas las regiones de España y todos los sectores, excepto el financiero, son considerados. España ofrece un laboratorio adecuado e inexplorado para el análisis de las diferencias regionales en la estructura financiera de las PYME, ya que, por una parte, las PYME son las empresas más preponderantes en el mismo y por otro lado, España muestra diferencias regionales a varios niveles. Como metodología se utiliza un modelo de ecuaciones estructurales basado en la varianza (Partial Least Squares-PLS). A este respecto, PLS ofrece una serie de ventajas claras sobre el análisis de regresión lineal múltiple. Gracias a este estudio, se ha podido identificar cómo cada una de las variables analizadas explica la variación en la estructura de capital. Además, los resultados muestran que aunque los factores de empresa y el sector de actividad explican una gran proporción de la varianza de la estructura de capital de las PYME, es importante tener en cuenta el entorno institucional regional para determinar mejor el nivel de deuda de las PYME en un país determinado.

Cómo citar

di Pietro, F., Palacín Sánchez, M. J., & Roldán, J. L. (2018). Desarrollo regional y estructura de capital de las PYME. Cuadernos De Gestión, 18(1), 37–60.
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Estructura capital, PYME, desarrollo regional, PLS, sector de actividad

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