Abstract

SANCHEZ VALADEZ, Manuel. Entorno competitivo, endeudamiento y especificidad de los activos: evidencia en el caso de las empresas españolas. EconoQuantum [online]. 2012, vol.9, n.1, pp.101-129. ISSN 2007-9869.

In the firm's competitive strategy, their financial decision and their decisions in the product markets act together. Even if in the last three decades the theoretical and empirical literature has growth, they are still few explored topics. One of them is the relationship between the firm's asset specificity, as a characteristic of the competitive environment, and their indebtedness as a competitive tool. This paper tries answer if, additionally to the level of specificity in the firm's assets, the corporations use their indebtedness as another tool in their competitive strategy. The results show that the asset specificity influences in a different way the firms' debt, the effect differs accordingly to the debt's maturity and the competitive environment faced.

Keywords : especificidad de activos; endeudamiento; estrategia competitiva.