Theory of the Pecking Order versus theory of the Trade Off for the company Coservicios S.A. E.S.P

Main Article Content

Autores

Sandra Milena Zambrano Vargas
Gustavo Adolfo Acuña Corredor

Abstract

This paper aims to analyze the degree of application of two theories of capital structure that have been contradictory and extensively compared. For the implementation of the Trade Off theory are used two models, the first proposed by Lopez and de Luna (2002) and the second model to be applied is that proposed by Cruz et al. (2003). For the implementation of the Pecking Order theory is analyzed how stocks have been managed, longterm debt, the growth of net operating assets, the trend that has been operating profitability of assets and EBITDA. At the end you will find that in the periods analyzed the most used theory has been to Pecking Order which has been more empirical evidence in other organizations and that Trade Off theory application was not found.

Keywords:

Article Details

Licence

By submitting articles for evaluation, the author agrees to transfer the publishing rights to Revista Apuntes del CENES for publishing in any format or mean and that the attached partial use license will be signed. To increase their visibility, documents are sent to databases and indexing systems also can be viewed on the website and Redalyc - EBSCO - ProQuest - EconLit - DOAJ -  Scielo - Dialnet - ESCI(WoS) - Latindex  - DOTEC - REPECERIH PLUS - The WZB library -  Actualidad Iberoamericana  -   Publindex  - VCU -  Econpapers - EconBib - Bibilat  -  REDIB  -   Crossref - Worldcat -  CLASE - SHERPA ROMEO - Academia - EconBiz - Socionet - Vlex

The journal is under licence Attribution-NonCommercial-ShareAlike 4.0 International (CC BY-NC-SA 4.0)

For CC licenses, the principle is the creative freedom. This system complements the copyright without oppose it. The content of the items is the responsibility of each author, and does not compromise in any way, magazine or institution.

Publishing and reproduction of titles, abstracts and full content for academic, scientific, cultural and nonprofit purposes is allowed, when the respective source is acknowledged. This work cannot be used for commercial purposes.

Apuntes del Cenes is an open access journal which means that all content is freely available without charge to the user or his/her institution. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles, or use them for any other lawful purpose, without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access.

Apuntes del Cenes  does not charge authors for submission or publication

Form 6 Copyright Transfer Form

When sending an article to submit to the Apuntes del CENES journal, the author(s) certify and accept:

1.That the article has not been accepted for evaluation in another journal, nor has it been published.
2.That, in case a publication of a previous version as a working paper (or 'gray literature') has been reported on a website, and that, in the case of publication being accepted, it will be removed from the Internet site, where
will leave only the title, abstract, keywords and hyperlink to the journal.

3.
That once published in Apuntes del CENES will not be published in another magazine.

References

Acuña, G. (2010). El costo de capital de empresas no cotizantes en bolsa. Una aproximación teórica. Ponencia presentada en el II Congreso Internacional de Administración, Investigación –Evolución– Estrategia, realizado en la Universidad Pedagógica y Tecnológica de Colombia, de Tunja, Boyacá.

Averch, H. & Leland , J. (1962). Behavior of the firm under regulatory constraint. The American Economic Review, 52 (85), 1052-1069. Recuperado de: http:// www.jstor.org/stable/1812181

Banco de la República (2010). Informe de la Junta Directiva al Congreso de la república. Recuperado de: http:// www.banr ep.gov.co/documentos/ publicaciones/informe_congreso/2010/ marzo.pdf

Banco de la República (2011). Series estadísticas. Recuperado de: http:// www.banrep.gov.co/series-estadisticas/ see_tas_inter.htm

Besanko,D.& Spulbert,D. (1992).Sequential equilibrium investment by regulated firms.Rand journal of economics, 23 (2), 153-170. Retrieved from: http:// www.jstor.org/stable/2555981

Bradley, M., Jarrell, G. & Han Kim, E. (1984). On the Existence of an Optimal Capital Structure: Theoryand Evidence. Journal of Finance, 39 (3), 857 878. Retrieved from: http://www.jstor.org/stable/ 2327950

Compañía de Servicios Públicos de Sogamoso COSERVICIOS S.A E.S.P (2009). Informe de gestión años 2007 y 2008. Estados financieros.

Cruz, J., Villareal, J. & Rosillo, J. (2003). Finanzas corporativas. Valoración, política de financiamiento y riesgo. Bogotá: Thomson.

Damodaran Online.(2010, noviembre). Levered and unlevered betas by industry. Retrieved from: http://pages.stern.nyu.edu/~adamodar/

De Angelo, H. & Masulis, R. (1980). Optimal capital structure under corporate and personal taxation, Journal of Financial Economics. (8), 3-29.Retrieved fromhttp://papers.ssrn.com/sol3/papers . cfm abstract_id=1482270

Dirección de Impuestos y Aduanas Nacionales -DIAN-. (2007). Ley 1111 de 27 de diciembre de 2006. Recuperado de: http://www.dian.gov.co/dian/ 13Normatividad.nsf/1cffb08b38cf8c 9f05256f88006639f0/6be18f16c6a99b93 052572530056818a?OpenDocument

Empresa de Servicios Públicos de Sogamoso COSERVICIOS S.A E.S.P. Estados financieros de COSERVICIOS S.A E.S.P. para los años 2007, 2008, 2009, 2010 y 2011.

Empresa de Servicios Públicos de Sogamoso COSERVICIOS S.A E.S.P. (2009). Informe deGestión de COSERVICIOS S.A E.S.P. para los años 2007 y 2008.

Frank, M.&Goyal, V. (2007). Trade-off and Pecking Order Theories of Debt. Hand book of Corporate Finance: Empirical Corporate Finance, 2. Retrieved from http://mba.tuck.dartmouth.edu/pages/ faculty/Espen.Eckbo/PDFs/ Handbookpdf/CH12-PeckingOrder.pdf

García, O. (2003). Valoración de empresas, gerencia del valor y EVA. (1ra ed.). Cali: Prensa Moderna Impresores.

Jaramillo, M. (2009). Análisis comparativo de la estructura de capital de tres grandes empresas pertenecientes al subsector de construcción de obras de ingeniería civil, en el período 1998- 2005. Santa Fe de Bogotá. Tesis para optar por el título de magíster en Administración. Universidad Nacional deColombia.

Jensen, M. & Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs, and Capital Structure. Journal of Financial Economics, (3), 305 360. Recuperado de: http://hupress.harvard. edu/catalog/JENTHF.html

Kim, E. (1978). A mean-variance theory of optimal capital structure and corporate debt capacity. Journal of Finance, 32(1), 45-63.

Lopez, F. & De Luna, W. (2002). Finanzas corporativas en la práctica. Madrid: McGrawHill.

Miller, M. (1977). Debt and taxes. Journal of Finance, 32, 261-275. Retrieved from: http://www.jstor.org/stable/2326758

Modigliani, F. y Miller,M. (1963). “Corporate income taxes and the cost of capital: A correction”. American Economic Review, 53 (3)Recuperado 12/10/2011 de: http://www.jstor.org/stable/2326758

Moreno, M. (1985). Costes de dificultades financieras y política de endeudamiento empresarial. Revista de Economía y Empresa, 5 (12 13), 252-273. Recuperado 05/05/2012 de: http://dialnet. unirioja.es/servlet/articulo?codigo=2528720

Myers, S. (1984). PresidentialAddress: TheCapital Structure Puzzle.Journal ofFinance, 39(3).575 592. Retrieved from: http://www.jstor.org/stable/2327916.

Myers, S. & Majluf, N. (1984). Corporate Financing and Investment
Decisions When Firms Have Information that Investors do not Have. Journal of Financial Economics, 13,187 221. Retrieved from http://dspace.mit.edu/bitstream/handle/1721.1/2068/SWP 152315376412.pdf;jsessionid=1C74E8DF960E46E73FAFA4DAB863 n 941

Robichek,A. (1978). Regulation andmodernfinance theory. The Journal of Finance, 33 (3), 693-705. Retrieved from: http:// www.jstor.org/stable/2326465

Sarmiento, R. (2006). Una aproximación metodológica para determinar la estructura de capital de una firma regulada. Cuadernos Latinoamericanos de Administración, II (1), 33-51. Retrieved from: http://www.uelbosque.edu.co/files/Archivos/file/unaaproxmetodo logica.pdf

Shapiro, A. (1991). Establishing a capital structure. In Modern corporate finance. (pp. 458-486). New York: Maxwell MacMillan International.

Shyam, L. &Myers, S. (1994). Testing Static Trade-off against Pecking OrderModels of Capital Structure. MIT Sloan School of Management Cambridge. Working Paper No. 3677. Retrieved from http://dspace.mit.edu/bitstream/handle/1721.1/49224/testingstatict a00shya.pdf?sequence=1

Spiegel, Y. & Spulber, D. (1994). The capital structure of a regulated firm. Rand Journal Economics, 25 (3). Retrieved from: http://www.tau.ac.il/~spiegel/papers/cap-structure-RJE-1994.pdf

Superintendencia de Servicios Públicos Domiciliarios. (2010). Estudio sectorial acueducto y alcantarillado 2006-2009. Recuperado de: http://www.superservicios.gov.co/c/document_library/get_file uuid=89c00aaa-8fe2-479d-b1adba85f5577e52&groupId=342818

Tenjo, F., López, E. & Zamudio, N. (2006). Determinantes de la estructura de capital de las empresas colombianas (1996- 2002). Borradores de Economía. Recuperado de: http://www.banrep. gov.co/docum/ftp/borra380.pdf

Warner, J. (1977). Bankruptcycosts: some evidence. The Journal of Finance, 32 (2), 337-347. Retrieved from http:// www.jstor.org/pss/2326766

Weston, J. & Copeland, T. (1995). Finanzas en administración, tomo II. (Novena ed.). MexicoD.F.:McGrawHill Interamericana.

Zambrano, S. & Acuña,G. (2011). Estructura de capital. Evolución teórica. Revista Criterio Libre, 9 (15), 81-102. Recuperado de: http://www.unilibre.edu.co/CriterioLibre/images/revistas/15/ art3.pdf

Downloads

Download data is not yet available.