Artículo

High debt companies' leverage determinants in Spain: A quantile regression approach

Journal ar
Economic Modelling
  • Volumen: 36
  • Fecha: 01 enero 2014
  • Páginas: 455-465
  • ISSN: 02649993
  • Tipo de fuente: Revista
  • DOI: 10.1016/j.econmod.2013.08.043
  • Tipo de documento: Artículo
With a severe debt overhang problem in Spain, either public or private, the analysis of the factors that influence companies' leverage in this country reveals essential, in particular for the high-indebted firms. This study benefits from the quantile regression approach advantages over the OLS method to analyze the leverage determinants for a large sample of companies for the 2001-2011 period depending on their level of indebtedness. This method reveals that for the highly-leveraged companies many factors are no longer significant and that cash flow variable is crucial if the companies would like to decrease their debt levels. © 2013 Elsevier B.V.

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