Files
Abstract
The study of the financial structure is a complex and recurrent line of research in the field of
corporate finance. Increasing the understanding of the financial structure and its implications on
corporate governance is the starting point for improving the access to external financing and
reduce transaction costs as to optimize internal funding policies.
There is no universal theory of financial structure although partial theories have arisen from
empirical studies, attempting to relate structure with different variables. However, at the micro
level, the impact of different types of funding could vary according to the economic situation or
the type of company.
While financial theory has traditionally been based on using internal indicators of the companies
as explanatory variables of their financial structure, the empirical evidence reveals that this
structure varies over time as a result of macroeconomic conditions of the environment in which
they are immersed.
This paper provides empirical evidence on the financial structure of cooperatives in Spain and
its possible relationship with different variables through a regression model, particularizing the
study to agricultural cooperatives.
The use of accounting data in different time horizons eases the analysis of the effect of
macroeconomic conditions and financial constraints on the determinants of the capital structure
of these entities.