Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI

The purpose of this paper is to analyze the Capital Structure (CE) management strategies followed by non-financial companies included in the CPI during the Covid-19 economic crisis. We classify companies by operations in different geographic locations. Then, we use a random and fixed effects regress...

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Main Authors:	Alarcón-Osuna, Moisés Alejandro, Ibarra-Castellanos, Joab Jonathan
Format:	Online
Language:	spa
Published:	ACACIA A.C. 2023
Online Access:	https://cienciasadmvastyp.uat.edu.mx/index.php/ACACIA/article/view/318
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spelling	oai:ojs.pkp.sfu.ca:article-3182023-02-25T01:50:00Z Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI Gestión de la Estructura de Capital en la crisis económica del COVID-19: el caso de las empresas no financieras incluidas en el IPC Alarcón-Osuna, Moisés Alejandro Ibarra-Castellanos, Joab Jonathan Estructura de Capital Crisis Económica Covid-19 Capital structure Economic crisis Covid-19 The purpose of this paper is to analyze the Capital Structure (CE) management strategies followed by non-financial companies included in the CPI during the Covid-19 economic crisis. We classify companies by operations in different geographic locations. Then, we use a random and fixed effects regression analysis to estimate the CE requirements of different companies, by region, to understand the strategies implemented. The study was carried out for the period 2018t1-2020t2, for which we have available data, but also comparative data for normal times (2018t1-2019t4) vs. Covid-19 times (2020t1-2020t2). The contribution is to describe CE management practices in Mexico, due to the lack of studies of this type, but also to analyze these practices in periods of economic crisis, where working capital is usually high. The conclusion is that CE management is related to tangibility, size, GDP growth, sales growth, profit margin, and risk and liquidity. El propósito de este trabajo es analizar las estrategias de gestión de la Estructura de Capital (EC) seguidas por las empresas no financieras incluidas en el IPC durante la crisis económica de Covid-19. Clasificamos empresas por operaciones en diferentes lugares geográficos. Luego, empleamos un análisis de regresión de efectos fijos y aleatorios para estimar los requerimientos la EC de las diferentes empresas, por regiones, para comprender las estrategias implementadas. El estudio se realizó para el período 2018t1-2020t2, para el cual tenemos datos disponibles, pero también comparativos para tiempos normales (2018t1-2019t4) vs tiempos Covid-19 (2020t1-2020t2). El aporte es describir las prácticas de gestión de la EC en México, debido a la falta de estudios de este tipo, pero también analizar estas prácticas en períodos de crisis económica, donde el capital de trabajo suele ser alto. La conclusión es que la gestión del EC está relacionada con la tangibilidad, tamaño, crecimiento del PIB, crecimiento en ventas, margen de utilidad y el riesgo y liquidez ACACIA A.C. 2023-02-25 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artículo revisado por pares application/pdf text/html https://cienciasadmvastyp.uat.edu.mx/index.php/ACACIA/article/view/318 10.46443/catyp.v19i1.318 Ciencias Administrativas. Teoría y Praxis; Vol. 19 No. 1 (2023): ENERO - JUNIO; 14 - 30 Ciencias Administrativas. Teoría y Praxis; Vol. 19 Núm. 1 (2023): ENERO - JUNIO; 14 - 30 2683-1465 2683-1457 spa https://cienciasadmvastyp.uat.edu.mx/index.php/ACACIA/article/view/318/369 https://cienciasadmvastyp.uat.edu.mx/index.php/ACACIA/article/view/318/370 http://creativecommons.org/licenses/by-nc-nd/4.0
institution	CIENCIAS ADMINISTRATIVAS
collection	OJS
language	spa
format	Online
author	Alarcón-Osuna, Moisés Alejandro Ibarra-Castellanos, Joab Jonathan
spellingShingle	Alarcón-Osuna, Moisés Alejandro Ibarra-Castellanos, Joab Jonathan Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
author_facet	Alarcón-Osuna, Moisés Alejandro Ibarra-Castellanos, Joab Jonathan
author_sort	Alarcón-Osuna, Moisés Alejandro
title	Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
title_short	Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
title_full	Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
title_fullStr	Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
title_full_unstemmed	Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI
title_sort	capital structure management in the economic crisis of covid-19: the case of non-financial companies included in the cpi
description	The purpose of this paper is to analyze the Capital Structure (CE) management strategies followed by non-financial companies included in the CPI during the Covid-19 economic crisis. We classify companies by operations in different geographic locations. Then, we use a random and fixed effects regression analysis to estimate the CE requirements of different companies, by region, to understand the strategies implemented. The study was carried out for the period 2018t1-2020t2, for which we have available data, but also comparative data for normal times (2018t1-2019t4) vs. Covid-19 times (2020t1-2020t2). The contribution is to describe CE management practices in Mexico, due to the lack of studies of this type, but also to analyze these practices in periods of economic crisis, where working capital is usually high. The conclusion is that CE management is related to tangibility, size, GDP growth, sales growth, profit margin, and risk and liquidity.
publisher	ACACIA A.C.
publishDate	2023
url	https://cienciasadmvastyp.uat.edu.mx/index.php/ACACIA/article/view/318
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Capital Structure Management in the economic crisis of COVID-19: the case of non-financial companies included in the CPI

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