ifkad articles

Strategic Factors of the Capital Structure of the Manufacture, Services and Communication Sector in Mexico

Juan Gaytán-Cortés, Antonio Jesús-Vizcaino, Juan Antonio Vargas-Barraza

The absence of policies, rules and models in businesses that enable them to generate a siutable capital structur and build a solid competitive advantage, is what sustains this research, which consisted in reviewing and analyzing the theories, empirical studies, existing hypotheses and all the main postulates with the purpose of identifying the main strategic factors of the country and of the manufacturing, services and communication companies, to design their strategies by incorporating long-term debt into their capital structures. In the analysis, financial information of companies that quoted continuously to the Mexican Stock Exchange was used, in the periods of 2000-2012. The long-term debt was the dependent variable, and the panel data technique was applied with the E-Views 8.1 program in order to determine its mathematical relationship to main independent factors. The econometric model and the strategic factors used in this empirical study were identified and used in previous theories and research that were analyzed and commented on in the theoretical framework of this research. Studies on capital structure in Mexico are essential, and the lack of a solid model to explain and make the financial decisions of Mexican organizations justifies this investigation. This analysis offers a solid basis for addressing the problem, questions and objectives formulated. The results are of theoretical and practical interest, in addition to identifying and understanding the mathematical relationship of the main strategic factors of the country and the company that influence the inclusion of long-term debt in the capital structure, the results are also useful to generate standards and guidelines that facilitate decision-making and reduce uncertainty by incorporating long-term debt made by manufacturing, services and communication companies in Mexico in order to generate a solid competitive advantage.

IN: Proceedings IFKAD 2018 – Societal Impact of Knowledge and Design
PP: 396-410