Browsing by Subject "Debt"

Now showing 1 - 5 of 5
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    Analysing public debt in the Mexican states: Spatial convergence, regional drivers and policy recommendations
    (Wiley, 2023-08-21) Cifuentes Faura, Javier; Simionescu, Mihaela; Ciencia Política, Antropología Social y Hacienda Pública; Facultad de Economía y Empresa
    Considering that public debt is a priority for policymakers in Mexico, the aim of this paper is to examine the convergence or divergence in debt per capita and main drivers of debt in the 32 Mexican states in the period 2006-2021. The results support significant spatial correlation of debt/cap across states. Cross-section and spatial dynamic regressions are used to analyse absolute and conditional beta-convergence in debt per capita, and the divergence assumption is documented. The panel data models based on the method-of-moments quantile models and pooled mean group estimators indicate that poverty is the main determinant of debt, whereas foreign direct investment is insufficient to support the reduction in debt in the long run. These results provide evidence for a set of policy recommendations to ensure a sustainable debt path in Mexico.
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    Socioemotional wealth and financial decisions in private family SMEs
    (Elsevier, 2021-02) Baixauli Soler, Juan Samuel; Belda Ruiz, María; Sánchez Marín, Gregorio; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
    This study focuses on heterogeneity in family firms by analyzing whether the non-economic aspects that meet the family’s affective needs, or socioemotional wealth (SEW), influence debt financing. In the context of private family small and medium-sized enterprises (SMEs), our results indicate that family firms which are more concerned about preserving their SEW have lower debt levels (total and financial debt) and that CEO gender plays an important moderating role, with female CEOs strengthening the negative effect of SEW preservation on debt financing. Moreover, when family firms are managed by the first generation, the SEW effect on financial debt is even more negative. The findings are consistent with SEW being the point of reference in family SMEs’ financial decisions, and highlight the importance of the CEO and family generation in charge of the firm as moderators of the relationship between SEW preservation and debt financing.
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    The effect of gender diversity on the board of Spanish agricultural cooperatives on returns and debt: An empirical analysis
    (2019) Hernández Nicolás, Carmen María; Martín Ugedo, Juan Francisco; Mínguez Vera, Antonio; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
    This paper focuses on gender diversity on the boards of Spanish agricultural cooperatives. Specifically, it examines the effect that gender diversity on the board exerts on returns, debt level, and economic risk. Cooperatives differ significantly from investor‐owned firms because cooperative members are producers, agents, and customers of the cooperatives. In Spain, there is an ongoing debate about the importance of women in business management. Spain is also a pioneer in terms of enacting specific legislation for the social economy. The sample examined includes 672 agricul tural cooperatives. The results show that firms with greater female representation on their boards have higher returns and operational risk and lower levels of debt. [EconLit Classifications: J16, J54, Q13]
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    The importance of spatial effects in municipal debt
    (2019) Balaguer Coll, Maria Teresa; Ivanova Toneva, Mariya
    This article analyses the debt of local governments taking into account the presence of spatial interactionsamong neighbouring municipalities. To this end, the S2SLS and Spatial lag models were applied to a sampleof 527 municipalities located in the Valencian Community (Spain) for the year 2015. The main results reveala spatial correlation in outstanding debt among municipalities. The gender of the mayor, the grants andtransfers received and the average payment period have direct effects on outstanding debt. In turn, the netsavings index, inactive population, local income and the strength of the ruling political party have indirecteffects on the municipal debt and indirect spatial effects on the debt of the neighbouring municipalities.
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    Women CEOs and firm performance in the construction industry: evidence from Spain
    (2021) Hernández Nicolás, Carmen María; Martín Ugedo, Juan Francisco; Minguez Vera, Antonio; Organización de Empresas y Finanzas; Facultades, Departamentos, Servicios y Escuelas::Departamentos de la UMU::Organización de Empresas y Finanzas
    Purpose – The construction industry has traditionally been a male-dominated economic sector. Barely 10% of managers are women. On the other hand, this sector is considered an engine of the economy. For these reasons, it is important to examine the influence of women CEOs on financial variables of firms in the construction industry. Design/methodology/approach – The empirical study is carried out using a sample from the Iberian Balance Sheet Analysis System record (“Sistema de An alisis de Balances Ib erico”, SABI). The sample includes 8,492 Spanish companies from the construction sector. The methodology employed is a three-stage least squares (3SLS) analysis. This methodology controls for the endogeneity of explanatory variables. It is employed in accordance with the peculiar characteristics of the sample, which includes data for only one year. Findings – The results show that firms with a woman CEO have a lower level of debt, whatever the terms of the maturity of the debt are. In contrast to most previous evidence, firms managed by women are found to be less profitable. Originality/value – The paper gives evidence of the influence of the CEO’s gender on the performance (return and risk) of a firm. It provides original empirical evidence for the male-dominated construction sector. An extensive search identified no literature in which the researchers had focused on the construction industry