Decisiones financieras a corto plazo en empresas de reciente creación

Abstract

The aim of this doctoral thesis is to study in depth the short-term financial management of small, recently created firms, given the difficulties of survival of firms in the first years of their life cycle. Thus, this doctoral thesis analyses whether there are differences between recently created firms and older ones in the structure of debt maturity, the financing received from suppliers and the credit granted to customers. In order to carry out this study, the panel data methodology has been used, applying the fixed effects estimator. The economic and financial information was obtained from the SABI database for the period 2011-2020. The results indicate that start-ups obtain less finance from their suppliers, although they have a higher use of short-term debt, and have a higher investment in customers. These results could point to a worse financial situation in this type of firms, which could explain their high mortality.