Estrategias de financiación de las necesidades operativas de fondos y rentabilidad de la empresa

  1. Pedro Martínez Solano
  2. Pedro J García Teruel
  3. Sonia Baños Caballero
Revista:
Universia Business Review

ISSN: 1698-5117

Año de publicación: 2014

Número: 44

Páginas: 104-121

Tipo: Artículo

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Otras publicaciones en: Universia Business Review

Resumen

This paper investigates the relation between financing of working capital requirement (WCR) and firm’s return on equity. A large proportion of WCR financed with short-term funds have lower costs. However, it also entails higher refinancing and interest rate risks. Results show that a suitable WCR financing strategy can help firms to increase their performance. In particular, we find that, for the economic expansion period (1997-2007), both firms with high and low percentages of WCR financed with short-term bank debt have lower return on equity, while firms with intermediate policies present better performance. However, for the financial crisis period (2008-2012), in which firms face financial constraints, those firms that have financed a higher percentage of their WCR with long-term funds had greater return.

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