New approaches to the analysis of the capital structure of SME's: empirical evidence from Spanish firms.

The main objective of this paper is to analyze the factors determining the capital structure of Spanish small and medium-sized enterprises. This analysis is grounded on agency theory, pecking order theory, and the signaling approach. The following elements were taken into consideration: i) the quantitative variables of the enterprises, and ii) qualitative or strategic variables, finally providing an analysis of the explanatory power of the firms' reputation, the ownership and control structure, and the relationship between the SMEs and the finance company. A definition of the relationships which might be expected between the proposed variables and the total borrowing ratio, according to the conceptual framework under consideration was given as well. A survey of 410 Spanish SMEs was considered in the empirical analysis. Firstly, we divided the survey into groups, according to the debt-equity ratio, and the application of an ANOVA test, then we tested for significant differences in the variables for each group. Next, we established a model of hierarchical regression for an overall comparison of the hypotheses that the theoretical model provided. Among the most relevant results, we should highlight that the only proposed hypotheses to be tested were those referring to the variables: 'number of finance companies' and 'existence of real covenants unrelated to the business'. It may be said that dealing with a greater number of companies and establishing a personal covenant increases the possibility of fund-raising on the credit market, thereby avoiding a situation of credit rationing. However, there is no confirmation of the explanatory power of the reputation or the ownership and control structure variables.

A Method with Node Autonomy to Preserve QoS in Networks with Per- Route Admission

This paper presents a method called the Short Term Protection (STP) which is applied to fixed networks whereflows1 are constrained to follow specific routes, where the admission-process is distributed, per-route, and wherethe traffic is sensitive to delay (like MPEG4 traffic). The share of bandwidth of any route is protected, in the shortterm,against the traffic-increment of its intersecting-routes. In the long term, in every congested link, the share ofbandwidth between the routes that intersect at that link is proportional to the average relative measured demandsof those routes. The nodes act autonomously, without central administration. This method is expected to: 1) helpnetwork administrators to have confidence, within a time-frame , about the amount of bandwidth they count on forevery route; 2) allow a simple bandwidth management in the network, with prospect to be scalable to at least tensof nodes. This paper presents the general and detailed operation of the method, the evaluation of the method, bysimulations, including a comparison with other method, a discussion of a possible scenario of application,conclusions and possible paths for further research

Saproxylic beetles (Coleoptera) of the strictly protected area Bukowa Góra in the Roztoczański National Park

The aims of this study were to demonstrate the role of forests in the Roztoczański National Park as a refuge for rare and endangered saproxylic Coleoptera as well as recognition of entomological fauna related to dead wood. The study was conducted in the strictly protected are of Bukowa Góra from 20th April to 30th September 2012 and focused on the wood of beech and fir. We inventoried saproxylic beetles by means of nine ‘Netocia’ traps, which resulted in a total of 135 recorded species, of which 52 had not been reported in the park before. Twenty-one rare and endangered species were found. The high number of new species in the Roztoczański National Park indicates a high biodiversity value of the area. Our studies therefore show that the strictly protected area of Bukowa Góra is a biodiversity hot spot of saproxylic Coleoptera.Przemysław Szmi

Estrategias de entrada de la banca española en América Latina: análisis teórico y empírico

Desde una perspectiva dinámica y temporal, este trabajo pretende aportar luz sobre las estrategias de internacionalización y modos de entrada desplegados por los cuatro grupos bancarios españoles que tienen una mayor presencia física en el continente -Banco Bilbao Vizcaya, Banco de Santander, Banco Central-Hispano, y ARGENTARIA-. Entre las principales conclusiones del trabajo, podemos señalar que el inicio de la década de los años 90 constituye el punto de inflexión del proceso, pudiendo diferenciar en función del modelo de internacionalización empleado "un antes" y "un después". Observamos que teniendo en cuenta la "percepción del riesgo" y el "nivel de recursos a comprometer", las entidades bancarias españolas han adoptado en el tiempo dos estrategias de internacionalización diferenciadas: un modelo "lineal o gradual" y un modelo "oportunista o contingente". Por último, indicar que la decisión de efectuar Inversión Directa en el Exterior, además del nivel de recursos comprometidos y del nivel de riesgo percibido, ha estado condicionadas en el tiempo por variables relativas al sector y factores de localización del país destino de la inversión

How Theory Meets Practice: An Analysis of the Capital Structure of Spanish SMEs

The article analyzes the factors determining the capital structure of the Spanish small and medium enterprises [SMEs]. The analysis is grounded on the agency theory, the signalling approach and the pecking order theory. In particular, the article provides a qualitative and quantitative analysis about the impact of company brand, the ownership and control structure, and the relationship between the SMEs and their own financial policy. This analysis is based on defining the expected relationships that one might consider between the referred variables and the total debt ratio. In this regard, the analysis will be conducted by means of considering a survey of 410 Spanish SMEs where an ANOVA test will be applied. Then, a hierarchical regression model will allow comparison of the hypotheses made.Publicad

Estrategias de entrada de la banca española en América Latina: análisis teórico y empírico.

Desde una perspectiva dinámica y temporal, este trabajo pretende aportar luz sobre las estrategias de internacionalización y modos de entrada desplegados por los cuatro grupos bancarios españoles que tienen una mayor presencia física en el continente -Banco Bilbao Vizcaya, Banco de Santander, Banco Central-Hispano, y ARGENTARIA-. Entre las principales conclusiones del trabajo, podemos señalar que el inicio de la década de los años 90 constituye el punto de inflexión del proceso, pudiendo diferenciar en función del modelo de internacionalización empleado "un antes" y "un después". Observamos que teniendo en cuenta la "percepción del riesgo" y el "nivel de recursos a comprometer", las entidades bancarias españolas han adoptado en el tiempo dos estrategias de internacionalización diferenciadas: un modelo "lineal o gradual" y un modelo "oportunista o contingente". Por último, indicar que la decisión de efectuar Inversión Directa en el Exterior, además del nivel de recursos comprometidos y del nivel de riesgo percibido, ha estado condicionadas en el tiempo por variables relativas al sector y factores de localización del país destino de la inversión.Proceso de internacionalización; Decisiones de entrada en mercados extranjeros; Internacionalización de los servicios; Internacionalizaci6n de la banca española;