Abstract

PEUJIO FOZAP, Francis Magloire  and  DOMINGUEZ BLANCAS, Christian Said. The processes of investment in assets as determinants of the financial structure of large Mexican companies, 2000-2016: A sector-based approach. Anál. econ. [online]. 2019, vol.34, n.85, pp.9-31. ISSN 2448-6655.

This paper analyzes how asset investment processes influence the financial structure of large companies in the manufacturing, commerce and services sectors. The results indicate that the expansion of its assets is due to its strategy of survival and expansion to other markets, which, because it has privileged acquisitions and mergers, is reflected in a relative increase in intangible assets, although physical assets remain as the main item. Econometric estimates for a panel of 63 large companies listed on the Mexican Stock Exchange show the relevance of cash flows and intangibles as factors that affect the financial structure of companies in the manufacturing sector, contrary to what is observed in the commerce and services sector, where it is the domestic economic activity, measured by the IGAE, which is associated with the evolution of leverage levels.

Keywords : Financial structure; large Mexican companies; assets investment; D21; E12; G33; L6.

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