Main Article Content

Authors

This research analyzed the issuance of shares by all Mexican companies that were listed on the Mexican Stock Exchange (MSE) during the 2012–2022 period to determine if they continue to maintain the paradigm of corporate control through ownership of the highest percentage of shares among family members and their close circles. Additionally, the extent to which the variables of company age, sales level, and business sector are determinants of using the issuance of shares as a source of financing was evaluated. The methodology applied included a comprehensive analysis of the percentage of issuance of new shares, a Pearson’s correlational analysis, a simple linear regression, a linear binomial analysis, and the ANOVA model. The results showed that although a few MSE companies have begun to issue shares, the level of issuance is still lower and does not constitute evidence of a paradigm change. Concerning the variables of age, sales, and business sector, it was found that there is insufficient evidence that these variables are determinants of MSE companies that issue shares as a financing method.

Martín P. Pantoja Aguilar, Universidad de Guanajuato

Researcher and professor, Department of Entrepreneurship and Directing of Businesses, Division of Economic and Administrative Sciences, Universidad de Guanajuato, Guanajuato, Mexico. Certified Public accountant, Universidad de Guanajuato, Mexico, Doctor degree in Leadership and Directing of Higher Education Institutions, Universidad Anahuac, Mexico.

Artemio Jiménez Rico, Universidad de Guanajuato

Researcher and professor, Department of Entrepreneurship and Directing of Businesses, Division of Economic and Administrative Sciences, Universidad de Guanajuato, Guanajuato, Mexico. Certified Public accountant, Universidad de Guanajuato, Mexico, Doctor degree in Administration, Universidad de Celaya, Mexico.

Pantoja Aguilar, M. P., & Jiménez Rico, A. (2024). Current paradigm of corporate governance and determinants of share issuance by Mexican companies. Cuadernos De Administración, 40(79), e2313521. https://doi.org/10.25100/cdea.v40i79.13521

Andrieu, G., Staglianò, R., & Van Der Zwan, P. (2018). Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants. Small Business Economics, 51(1), 245-264. https://doi.org/10.1007/s11187-017-9926-y DOI: https://doi.org/10.1007/s11187-017-9926-y

Beck, T., Demirgüç‐Kunt, A., & Maksimovic, V. (2005). Financial and legal constraints to growth: does firm size matter? The Journal of Finance, 60(1), 137-177. https://doi.org/10.1111/j.1540-6261.2005.00727.x DOI: https://doi.org/10.1111/j.1540-6261.2005.00727.x

Briozzo, A., Vigier, H. (2014). The role of personal loans in the financing of SMEs. Academia Revista Latinoamericana de Administración, 27(2), 209-225. https://doi.org/10.1108/ARLA-10-2013-0167 DOI: https://doi.org/10.1108/ARLA-10-2013-0167

Cressy, R., Olofsson, C. (1997). The financial conditions for Swedish SMEs: Survey and research agenda. Small Business Economics, 9(2), 179-192. https://doi.org/10.1023/A:1007975924164 DOI: https://doi.org/10.1023/A:1007975924164

Donelli, M., Larrain, B., & Urzúa, I. F. (2013). Ownership dynamics with large shareholders: An empirical analysis. Journal of Financial and Quantitative Analysis, 48(2), 579-609. https://doi.org/10.1017/S0022109013000173 DOI: https://doi.org/10.1017/S0022109013000173

Forte, D., Barros, L. A., & Nakamura, W. T. (2013). Determinants of the capital structure of small and medium-sized Brazilian enterprises. BAR-Brazilian Administration Review, 10(3), 347-369. https://doi.org/10.1590/S1807-76922013000300007 DOI: https://doi.org/10.1590/S1807-76922013000300007

Franks, J., Mayer, C., Volpin, P., & Wagner, H. F. (2012). The life cycle of family ownership: International evidence. The Review of Financial Studies, 25(6), 1675-1712. https://doi.org/10.1093/rfs/hhr135 DOI: https://doi.org/10.1093/rfs/hhr135

Guercio, M. B., Martinez, L. B., y Vigier, H. (2017). Las limitaciones al financiamiento bancario de las Pymes de alta tecnología. Estudios Gerenciales, 33(142), 3-12. http://dx.doi.org/10.1016/j.estger.2017.02.001 DOI: https://doi.org/10.1016/j.estger.2017.02.001

Guercio, M. B., Briozzo, A. E., Vigier, H. P., & Martinez, L. B. (2020). The financial structure of Technology-Based Firms. Revista Contabilidade & Finanças, 31(84), 444-457. https://dx.doi.org/10.1590/1808-057x201909580 DOI: https://doi.org/10.1590/1808-057x201909580

Hall, G. C., Hutchinson, P. J., & Michaelas, N. (2004). Determinants of the capital structures of European SMEs. Journal of Business Finance & Accounting, 31(5-6), 711-728. https://doi-org.e-revistas.ugto.mx/10.1111/j.0306-686X.2004.00554.x DOI: https://doi.org/10.1111/j.0306-686X.2004.00554.x

Hernández-Sampieri, R., Mendoza, C. P. (2018). Metodología de la investigación. Las rutas cuantitativa, cualitativa y mixta. McGraw-Hill Education. http://www.biblioteca.cij.gob.mx/Ar

Kumar, S., Rao, P. (2016). Financing patterns of SMEs in India from 2006 to 2013–an empirical analysis. Journal of Small Business & Entrepreneurship, 28(2), 97-131. http://dx.doi.org/10.1080/08276331.2015.1132513 DOI: https://doi.org/10.1080/08276331.2015.1132513

La Rocca, M., La Rocca, T., & Cariola, A. (2011). Capital Structure Decisions During a Firm’s Life Cycle. Small Business Economics, 37(1), 107-130. https://link.springer.com/article/10.1007/s11187-009-9229-z DOI: https://doi.org/10.1007/s11187-009-9229-z

Lazarides, T., Drimpetas, E., & Dimitrios, K. (2009). Ownership structure in Greece: Impact of corporate governance. IUP Journal of Corporate Governance, 8(3/4), 75-90. http://dx.doi.org/10.2139/ssrn.1348508 DOI: https://doi.org/10.2139/ssrn.1348508

Mac An Bhaird, C., Lucey, B. (2014). Culture’s influences: An investigation of inter-country differences in capital structure. Borsa Istanbul Review, 14(1), 1-9. https://doi.org/10.1016/j.bir.2013.10.004 DOI: https://doi.org/10.1016/j.bir.2013.10.004

Michaelas, N., Chittenden, F., & Poutziouris, P. (1999) Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data. Small Business Economics, 12(2), 113-130. https://doi.org/10.1023/A:1008010724051 DOI: https://doi.org/10.1023/A:1008010724051

Nizaeva, M., Coskun, A. (2019). Investigating the relationship between financial constraint and growth of SMEs in Southeastern Europe. SAGE Open, 9(3), 1-15. https://doi.org/10.1177/2158244019876269 DOI: https://doi.org/10.1177/2158244019876269

Petersen, M. A., Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The journal of finance, 49(1), 3-37. https://doi.org/10.1111/j.1540-6261.1994.tb04418.x DOI: https://doi.org/10.1111/j.1540-6261.1994.tb04418.x

Psillaki, M., Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33, 319-333. https://doi.org/10.1007/s11187-008-9103-4 DOI: https://doi.org/10.1007/s11187-008-9103-4

Rajan, R. G., Zingales, L. (1995). What do we know about capital structure? some evidence from international data. The Journal of Finance, 50(1), 1421-1460. https://doi-org.ugto.idm.oclc.org/10.1111/j.1540-6261.1995.tb05184.x DOI: https://doi.org/10.1111/j.1540-6261.1995.tb05184.x

Rao, P., Kumar, S., & Madhavan, V. (2018). Reflection of owner’s attributes in financing decisions of SMEs. Small Enterprise Research, 25(1), 52-68. https://doi.org/10.1080/13215906.2018.1428908 DOI: https://doi.org/10.1080/13215906.2018.1428908

Rogers, P., Dami, A. B. T., de Sousa Ribeiro, K. C., & de Sousa, A. F. (2008). Corporate governance and ownership structure in Brazil: causes and consequences. Corporate Ownership & Control, 5(2), 36-54. https://doi.org/10.22495/cocv5i2p4 DOI: https://doi.org/10.22495/cocv5i2p4

Schiffer, M., Weder, B. (2001). Firm size and the business environment: Worldwide survey results. The Word Bank and International Finance Corporation. https://www.researchgate.net/publication/5077891_Firm_Size_and_the_Business_Environment_Worldwide_Survey_Results_IFC_Discussion_paper_43 DOI: https://doi.org/10.1596/978-0-8213-5003-4

Titman, S., Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19. https://doi-org.ugto.idm.oclc.org/10.1111/j.1540-6261.1988.tb02585.x DOI: https://doi.org/10.1111/j.1540-6261.1988.tb02585.x

Walpole, R. E., Myers, R. H., Myers, S. L., y Ye, K. (2012). Probabillidad y estadística para ingeniería y ciencias. Pearson.

Watkins, K., Flores, D. R. (2016). Determinantes de la concentración de la propiedad empresarial en México. Contaduría y Administración, 61(2), 224-242. https://doi.org/10.1016/j.cya.2015.05.015 DOI: https://doi.org/10.1016/j.cya.2015.05.015

Winker, P. (1996). Causes and Effects of Financing Constraints at the Firm Level. Small Business Economics, 12, 169-181. https://doi.org/10.1023/A:1008035826914 DOI: https://doi.org/10.1023/A:1008035826914

Yazdanfar, D., Öhman, P. (2016). Capital structure dynamics among SMEs: Swedish empirical evidence. The Journal of Risk Finance. 17(2), 245-260. https://doi.org/10.1108/JRF-04-2015-0040 DOI: https://doi.org/10.1108/JRF-04-2015-0040

Similar Articles

You may also start an advanced similarity search for this article.

Received 2024-02-15
Accepted 2024-07-18
Published 2024-08-30