Pedro J. García-Teruel

University of Murcia | UM · Departamento de Organización de Empresas y Finanzas

This paper analyses whether trade credit strategies depend on the family identity of the controlling shareholder. We use a sample of 4,022 private Spanish firms for the years 2004 and 2013 and examine family firm heterogeneity by analysing different thresholds of control, involvement in management and firm identification with the family name. The r...

This article studies debt maturity in startup firms. Specifically, it analyzes whether the maturity of the debt of these firms is different from that of older firms. It also studies whether these possible differences are maintained during periods of financial crisis. To this end, we use a sample of small Spanish firms during the period 2011-2020. T...

La ecoinnovación o innovación ecológica consiste en la modificación, mejora o desarrollo de nuevos productos, procesos y tecnologías que influye favorablemente en el medio ambiente y contribuye a la sostenibilidad ambiental. En los últimos años la ecoinnovación ha experimentado un gran auge debido al incremento de las leyes de protección ambiental...

El Barómetro de la innovación 2023 estudia la situación de la actividad innovadora de las empresas de la Región de Murcia en el periodo 2020-2022. Con la misma metodología que en el anterior barómetro correspondiente a los años 2017-2019, en este estudio se ha entrevistado a una muestra representativa del tejido empresarial murciano compuesta por 2...

This paper focuses on the use of bank debt by private family firms and whether it is higher for the first generations of family businesses than for their descendants and subsequent generations. We use a unique hand‐collected data set of 4,041 private Spanish firms for the years 2004 to 2013. We find statistical evidence that family‐controlled firms...

This study analyses start-up firms’ investment in trade credit during the period 2011–2014. We find that new or recently created firms had greater investments in trade credit than established firms. Moreover, the results indicate that start-up firms’ investment in trade credit did not depend on their bargaining power or access to external finance....

Las estrategias nacionales y regionales para la Especialización Inteligente en Investigación e Innovación, estrategias de RIS3 (Research and Innovation Smart Specialisation Strategy), se basan en que la especialización en determinadas industrias es más beneficiosa para un territorio que la diversificación indiscriminada en múltiples sectores. Bajo...

La Cátedra de Innovación para la Especialización Inteligente de la Universidad de Murcia, financiada por el Instituto de Fomento (INFO) de la Región de Murcia, presenta en este informe los resultados del primer Barómetro de la Innovación elaborado por el Observatorio de la Innovación de la Región de Murcia. El objetivo del Observatorio es el de rea...

This paper analyses whether there are differences in the speed of adjustment in net operating working capital (NWC) across countries. Unlike prior research, which reported that the adjustment speed of any current item is always rapid, we find that the speed of adjustment to NWC targets depends on a country’s investor protection and financial develo...

Here, we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country’s financial and economic development. Our findings impl...

Here we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's financial and economic development. Our findings imply...

This paper studies the effect of growth opportunities, financial constraints and financial distress on the speed of adjustment of small and medium-sized enterprises (SMEs) to their target cash holdings. We use a sample of Spanish SMEs from the period of 1998 to 2012. The results support the existence of a target cash holding level to which small fi...

This article examines the relationship between supplier financing and small- and medium-sized firms’ value as well as the variation in the marginal value of supplier financing that arises from differences in access to financial markets and internal financing. We employ a sample of Spanish small- and medium-sized enterprises from the period 1998–201...

This paper investigates the relation between the financing strategies of working capital requirement and firm performance for the period 1997 to 2012. Using the two-step generalized method of moments estimator, we find that a suitable financing strategy can help firms improve their performance. Moreover, the results indicate that the working capita...

This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004–2013. Our results indicate that family firms get better access to long term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shar...

In this paper we investigate the effect of earnings quality on supplier credit in a sample of small and medium-sized firms. After controlling for other determinants of trade credit, we show that firms whose earnings present lower variability, higher smoothing and predictability, and higher accruals quality have access to more trade credit from supp...

Financial literature discusses the motives for trade credit provision by suppliers in depth. However, there is no empirical evidence of the effect of granting trade credit on the profitability of small and medium-sized firms. We examine the profitability implications of providing financing to customers for a sample of 11,337 Spanish manufacturing S...

This paper examines the linkage between working capital management and corporate performance for a sample of non-financial UK companies. In contrast to previous studies, the findings provide strong support for an inverted U-shaped relation between investment in working capital and firm performance, which implies the existence of an optimal level of...

This work analyses the effect of accruals quality in the access of firms to bank debt in a panel data of SME Spanish firms. The results show a positive association between accruals quality and bank debt, even when controlling for other determinants of bank debt and for possible endogeneity between bank debt and accruals quality, which suggests that...

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...

This study contrasts the effect of cash holding on firm value for a sample of US industrial firms during 2001–2007. The study tests empirically for the existence of an optimal cash level that maximizes firm value. Second, the study analyses whether or not deviations from the optimum cash level reduce firm value. The results show a concave relation...

This paper analyzes the relation between working capital management and profitability for small and medium-sized enterprises (SMEs) by controlling for unobservable heterogeneity and possible endogeneity. Unlike previous studies, we examine a non-linear relation between these two variables. Our results show that there is a non-monotonic (concave) re...

This paper studies the shape of the relation between firm value and trade credit for a sample of Spanish listed firms in the period 2001 to 2007. Considering the tradeoff between benefits and costs of investing in trade credit we estimate a non-linear relationship between accounts receivable and firm value. As expected, the results obtained show a...

This paper analyzes the determinants of working capital requirement (WCR) and examines the speed with which firms adjust toward their target WCR. The findings indicate that firms adjust relatively quickly, which supports the hypothesis that current balance sheet items are easier to manipulate and could be changed quite easily, even in the short run...

This paper builds upon the scarce evidence about the relationship between ownership structure and debt maturity using a sample of listed Spanish firms. Our results suggest that there is a non monotonic (concave) relationship between long term debt and managerial ownership. Long term debt and managerial ownership relate positively at low levels of m...

This paper analyses the determinants of Cash Conversion Cycle (CCC) for small- and medium-sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In c...

This article presents the analysis of the determinants of the trade credit granted and received by a panel of 47,197 SMEs in Europe over the period 1996—2002. Our results show a strong homogeneity in the factors determining trade credit in European countries. On the one hand, firms with greater capacity to obtain resources from the capital markets,...

In this paper we use panel data and GMM estimation to examine the effect of accounting quality on debt maturity structure in a bank-based financial system and show that, even after controlling for unobservable heterogeneity, endogeneity, variables reflecting operating volatility and the cost of debt, firms with poor accounting quality face a shorte...

The main objective of this paper is to extend the literature on the granting of trade credit. The focus is to test whether the accounts receivable decisions follow a model of partial adjustment. To do that, we use a sample of 2,922 Spanish SMEs. Using a dynamic panel data model and employing the GMM method of estimation we control for unobservable...

Companies can use supplier financing as a source of short-term finance. The main objective of this paper is to extend the literature on the determinants of accounts payable and to test whether the accounts payable follow a model of partial adjustment. To do this, we use a sample of 3,589 small and medium sized firms in the UK. Using a dynamic panel...

De conformidad con la base quinta de la convocatoria del Programa de Estímulo a la Investigación, este trabajo ha sido sometido a eva-luación externa anónima de especialistas cualificados a fin de con-trastar su nivel técnico. Abstract This paper examines the determinats of Cash Conversion Cycle (CCC) for small and medium-sized firms. It is found t...

This paper discusses celebrity participation in social marketing programs focusing on public health, especially on HIV programs. The research identifies the inhibitions of celebrity people and implications that this involvement may have upon their lives. The paper analysis data from in-depth interviews made to twenty-seven Portuguese celebrities fr...

This Work Uses Panel Data For Firms Listed In The Spanish Stock Exchange Over The Period From 1995 To 2001 To Analyse The Effect Of Accounting Quality On Cash Holdings. The Results Show That Firms With Good Accruals Quality Hold Lower Cash Levels Than Firms With Poor Accruals Quality. This Finding Suggests That The Quality Of Accounting Information...

This work analyses the factors that might explain the level of cash holdings in a sample of 860 small and medium-sized firms from Spain during the period 1996-2001. The empirical results show that firms have a target cash level to which they attempt to converge. The level of this target is higher for firms with more growth opportunities and larger...

Purpose The object of the research presented in this paper is to provide empirical evidence on the effects of working capital management on the profitability of a sample of small and medium‐sized Spanish firms. Design/methodology/approach The authors have collected a panel of 8,872 small to medium‐sized enterprises (SMEs) covering the period 1996‐...

This paper analyses the effect of risk and return trade-off of using short-term debt on financial decisions. In order to do this, a sample of non-financial companies listed on the Spanish Stock Market have been analysed du- ring the period 1995-2001. The results show that financial strength, growth opportunities, size and debt level are ex- planato...

Purpose - The object of the research presented in this paper is to provide empirical evidence on the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. Design/methodology/approach - The authors have collected a panel of 8,872 small to medium-sized enterprises (SMEs) covering the period 19...

This work analyses the explanatory factors of the cash holdings of a sample of 860 small and medium-sized firms from Spain during the period 1997-2001. We find that the firms pursue a target cash level to which they attempt to converge, and that this level is higher for firms with larger cash flows, for those that are more highly leveraged and for...

This paper analyses the debt maturity structure of the small and middle sized firms using the trade-off reward risk associated to the use of short-term loans. Therefore, a sample of 11.533 small and middle Spanish manufacturing firms from year 1997 through 2001 was used. The results of our study show that short-term loans are more frequent in firms...

This paper analyses the debt maturity structure of the small and middle sizedfirms using the trade-off reward risk associated to the use of short-term loans.Therefore, a sample of 11.533 small and middle Spanish manufacturing firms from year1997 through 2001 was used. The results of our study show that short-term loans aremore frequent in firms wit...

Este trabajo analiza el efecto del trade-off rentabilidad-riesgo asociado a la deuda a corto plazo sobre las decisiones de financiación. Para ello, se ha utilizado un panel de empresas no financieras cotizadas en el mercado continuo español en el periodo 1995-2001 para controlar la heterogeneidad inobservable, y variables instrumentales para soluci...

This paper analyzes the determinants of the corporate cash holding for a sampleof companies listed in the Spanish stock market. The results show that the firms have acorporate cash holding target level, and that this level is greater in companies withgreater cash flows. On the other hand, cash holding is negatively related to size, growthoptions, l...

This study contrasts the effect of cash holding on firm value for a sample of US industrial firms during 2001–2007. The study tests empirically for the existence of an optimal cash level that maximizes firm value. Second, the study analyses whether or not deviations from the optimum cash level reduce firm value. The results show a concave relation...

Este trabajo analiza la estructura de vencimiento de la deuda en las PYMEs a partir del trade-off rentabilidad riesgo asociado al uso de recursos ajenos a corto plazo. Para ello, se ha utilizado una muestra de 11.533 pequeñas y medianas empresas manufactureras españolas durante el periodo 1997-2001. Los resultados obtenidos muestran que el endeudam...

Este trabajo analiza los factores explicativos de la tesorería para una muestra de empresas cotizadas en el mercado continuo español. Los resultados obtenidos revelan que las empresas poseen un nivel de tesorería objetivo al que pretenden converger, y que dicho nivel es mayor en las sociedades con mayores flujos de caja. Por el contrario, el nivel...