Factores explicativos del nivel de endeudamiento de las empresas españolas: un análisis con datos de panel

The relation between the decisions of investment and financing, as well as its influence in the value market of the company, has motivated that in the last years many studies have based on the analysis of the capital structure. In this line, the aim of this paper is to contrast empirically, by means of the panel data methodology, the different factors that can explain the level of debt, using for it a sample constituted by not financial firms who have quoted in the Spanish Stock Exchange during the period 1990-1999.