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Resumen: Recent research into corporate finances has found that the financial decisions of peer companies are related. Companies tend to “kept an eye” on the decisions of other peer companies, among other things, trying to overcome the limitations caused by the lack of information. This paper further examines these interactions including geographical proximity among companies. With this aim, we use a heterogeneous Partial Adjustment Model on a sample of 12, 444 small and medium Spanish manufacturing industrial companies. We find strong nonlinearities in the adjustment processes of liquidity, indebtedness and profitability ratios associated with basic characteristics of the companies such as size, technology, age or financial imbalances. Our results indicate that the influence of the environment on the financial behavior of each company, and its responsiveness, vary in function of neighbor firms’ characteristics.
Idioma: Inglés
DOI: 10.1016/j.econmod.2017.01.023
Año: 2017
Publicado en: ECONOMIC MODELLING 63 (2017), 104-114
ISSN: 0264-9993
Factor impacto JCR: 1.696 (2017)
Categ. JCR: ECONOMICS rank: 102 / 353 = 0.289 (2017) - Q2 - T1
Factor impacto SCIMAGO: 0.966 - Economics and Econometrics (Q2)

Financiación: info:eu-repo/grantAgreement/ES/MINECO/ECO2015-651758-P
Tipo y forma: Article (PostPrint)
Área (Departamento): Área Fund. Análisis Económico (Dpto. Análisis Económico)

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