Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
Abstract This paper analyses the determinants of Cash Conversion Cycle (CCC) for small‐ and medium‐sized firms. It has been found that these firms have a target CCC length to which they attempt to converge, and that they try to adjust to their target quickly. The results also show that it is longer for older firms and companies with greater cash flows. In contrast, firms with more growth opportunities, and firms with higher leverage, investment in fixed assets and return on assets have a more aggressive ...
Tópico(s): Firm Innovation and Growth
2009 - Wiley | Accounting and Finance
Pedro J. García‐Teruel, Pedro Martínez Solano,
Tópico(s): Firm Innovation and Growth
2009 - Springer Science+Business Media | Review of Quantitative Finance and Accounting
Pedro J. García‐Teruel, Pedro Martínez Solano,
Tópico(s): Private Equity and Venture Capital
2009 - Springer Science+Business Media | Review of Quantitative Finance and Accounting
Pedro J. García‐Teruel, Pedro Martínez Solano,
Abstract The main objective of this paper is to extend the literature on the granting of trade credit. The focus is to test whether the accounts receivable decisions follow a model of partial adjustment. To do that, we use a sample of 2,922 Spanish SMEs. Using a dynamic panel data model and employing the GMM method of estimation we control for unobservable heterogeneity and for potential endogeneity problems. The results reveal that firms have a target level of accounts receivable and take decisions ...
Tópico(s): Corporate Finance and Governance
2008 - Wiley | European Financial Management
Pedro J. García‐Teruel, Pedro Martínez Solano, Juan Pedro Sánchez‐Ballesta,
Abstract This Work Uses Panel Data For Firms Listed In The Spanish Stock Exchange Over The Period From 1995 To 2001 To Analyse The Effect Of Accounting Quality On Cash Holdings. The Results Show That Firms With Good Accruals Quality Hold Lower Cash Levels Than Firms With Poor Accruals Quality. This Finding Suggests That The Quality Of Accounting Information May Reduce The Negative Effects Of Information Asymmetries And Adverse Selection Costs, Allowing Firms To Reduce Their Level Of Corporate Cash ...
Tópico(s): Corporate Taxation and Avoidance
2008 - Wiley | Accounting and Finance
Pedro J. García‐Teruel, Pedro Martínez Solano,
This article presents the analysis of the determinants of the trade credit granted and received by a panel of 47,197 SMEs in Europe over the period 1996—2002. Our results show a strong homogeneity in the factors determining trade credit in European countries. On the one hand, firms with greater capacity to obtain resources from the capital markets, and more cheaply, grant more trade credit to their customers. Moreover, the results appear to support the price discrimination theory. We also found ...
Tópico(s): Firm Innovation and Growth
2010 - SAGE Publishing | International Small Business Journal Researching Entrepreneurship
Pedro J. García‐Teruel, Pedro Martínez Solano, Juan Pedro Sánchez‐Ballesta,
In this paper we use panel data and GMM estimation to examine the effect of accounting quality on debt maturity structure in a bank‐based financial system and show that, even after controlling for unobservable heterogeneity, endogeneity, variables reflecting operating volatility and the cost of debt, firms with poor accounting quality face a shorter debt term than firms with higher accounting quality. This association between accounting quality and debt maturity is consistent with accounting quality ...
Tópico(s): Financial Markets and Investment Strategies
2010 - Wiley | Abacus
Pedro J. García‐Teruel, Pedro Martínez Solano,
Purpose The object of the research presented in this paper is to provide empirical evidence on the effects of working capital management on the profitability of a sample of small and medium‐sized Spanish firms. Design/methodology/approach The authors have collected a panel of 8,872 small to medium‐sized enterprises (SMEs) covering the period 1996‐2002. The authors tested the effects of working capital management on SME profitability using the panel data methodology. Findings The results, which are ...
Tópico(s): Firm Innovation and Growth
2007 - Emerald Publishing Limited | International Journal of Managerial Finance
Pedro J. García‐Teruel, Pedro Martínez Solano,
Abstract: This work analyses the factors that might explain the level of cash holdings in a sample of 860 small and medium‐sized firms from Spain during the period 1996–2001. The empirical results show that firms have a target cash level to which they attempt to converge. The level of this target is higher for firms with more growth opportunities and larger cash flows. In contrast, the target level for cash holdings falls when the use of bank debt and the presence of substitutes for cash increase. ...
Tópico(s): Firm Innovation and Growth
2007 - Wiley | Journal of Business Finance &Accounting
Pedro J. García‐Teruel, Pedro Martínez Solano,
This article analyses the debt maturity structure of small and medium-sized firms in terms of the risk and return trade-off associated with the use of short-term loans. The sample covers 11,533 small and medium-sized Spanish manufacturing firms over the period from 1997 to 2001.The results show that short-term loans are more common in firms with greater financial strength, greater financial flexibility, and major growth options, and when the interest cost differential between short- and long-term ...
Tópico(s): Working Capital and Financial Performance
2007 - SAGE Publishing | International Small Business Journal Researching Entrepreneurship
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
Tópico(s): Firm Innovation and Growth
2011 - Springer Science+Business Media | Small Business Economics
Cristina Martínez‐Sola, Pedro J. García‐Teruel, Pedro Martínez Solano,
This study contrasts the effect of cash holding on firm value for a sample of US industrial firms during 2001–2007. The study tests empirically for the existence of an optimal cash level that maximizes firm value. Second, the study analyses whether or not deviations from the optimum cash level reduce firm value. The results show a concave relation between cash holding and firm value, verifying the existence of an optimum level of cash holding. Additionally consistent with the initial analysis, deviations ...
Tópico(s): Firm Innovation and Growth
2011 - Taylor & Francis | Applied Economics
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
This paper analyzes the determinants of working capital requirement (WCR) and examines the speed with which firms adjust toward their target WCR. The findings indicate that firms adjust relatively quickly, which supports the hypothesis that current balance sheet items are easier to manipulate and could be changed quite easily, even in the short run. Moreover, we find that the speed of adjustment is not equal across all firms and varies according to their external finance constraints and their bargaining ...
Tópico(s): Firm Innovation and Growth
2012 - Taylor & Francis | European Journal of Finance
Cristina Martínez‐Sola, Pedro J. García‐Teruel, Pedro Martínez Solano,
Abstract This manuscript studies the shape of the relation between firm value and trade credit for a sample of Spanish listed firms in the period 2001 to 2007. Considering the trade‐off between benefits and costs of investing in trade credit, we estimate a non‐linear relationship between accounts receivable and firm value. As expected, the results obtained show a positive relation between firm value and trade credit at low levels of receivables and a negative one at high levels. To give robustness ...
Tópico(s): Firm Innovation and Growth
2012 - Wiley | Accounting and Finance
Pedro J. García‐Teruel, Pedro Martínez Solano, Juan Pedro Sánchez‐Ballesta,
Abstract In this paper we investigate the effect of earnings quality on supplier credit in a sample of small and medium‐sized firms. After controlling for other determinants of trade credit, we show that firms whose earnings present lower variability, higher smoothing and predictability, and higher accruals quality have access to more trade credit from suppliers. This association suggests that earnings attributes associated to lower volatility and higher precision with respect to cash flows facilitate ...
Tópico(s): Corporate Taxation and Avoidance
2014 - Wiley | Journal of Business Finance &Accounting
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
This paper examines the linkage between working capital management and corporate performance for a sample of non-financial UK companies. In contrast to previous studies, the findings provide strong support for an inverted U-shaped relation between investment in working capital and firm performance, which implies the existence of an optimal level of investment in working capital that balances costs and benefits and maximizes a firm's value. The results suggest that managers should avoid negative ...
Tópico(s): Financial Analysis and Corporate Governance
2013 - Elsevier BV | Journal of Business Research
Cristina Martínez‐Sola, Pedro J. García‐Teruel, Pedro Martínez Solano,
Tópico(s): Firm Innovation and Growth
2013 - Springer Science+Business Media | Small Business Economics
Pedro J. García‐Teruel, Pedro Martínez Solano, Juan Pedro Sánchez‐Ballesta,
This work analyses the effect of accruals quality in the access of firms to bank debt in a panel data of SME Spanish firms. The results show a positive association between accruals quality and bank debt, even when controlling for other determinants of bank debt and for possible endogeneity between bank debt and accruals quality, which suggests that higher precision of earnings reduces information asymmetries with banks and favors the access of firms to bank loans.
Tópico(s): Financial Reporting and Valuation Research
2013 - Elsevier BV | Journal of Banking & Finance
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
This paper investigates the relation between the financing strategies of working capital requirement and firm performance for the period 1997 to 2012. Using the two-step generalized method of moments estimator, we find that a suitable financing strategy can help firms improve their performance. Moreover, the results indicate that the working capital requirement financing-performance relation changes during a financial crisis. Finally, we also find that this relation depends on a firm’s financial ...
Tópico(s): Corporate Finance and Governance
2016 - Vilnius Gediminas Technical University | Journal of Business Economics and Management
Nieves Lidia Díaz Díaz, Pedro J. García‐Teruel, Pedro Martínez Solano,
This research studies the effect of family control on the debt maturity structure of private firms. It uses a sample of unlisted Spanish firms for the period 2004–2013. Our results indicate that family firms get better access to long-term debt, even when exercising control by pyramid structures. However, the presence of a second largest family shareholder has a negative effect on debt maturity. Moreover, in line with previous studies, we find that firms use more long-term debt when they have fewer ...
Tópico(s): Working Capital and Financial Performance
2016 - Elsevier BV | Journal of Corporate Finance
Cristina Martínez‐Sola, Pedro J. García‐Teruel, Pedro Martínez Solano,
Tópico(s): Firm Innovation and Growth
2018 - Springer Science+Business Media | Small Business Economics
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
Here we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country's financial and economic development. Our findings imply that shareholders value NWC more in countries with strong enforcement of investor rights, and greater financial and economic development.
Tópico(s): Financial Analysis and Corporate Governance
2019 - SAGE Publishing | BRQ Business Research Quarterly
Sonia Baños‐Caballero, Pedro J. García‐Teruel, Pedro Martínez Solano,
Here, we use a sample of firms from 30 countries during the period 1995–2013 to examine the relationship between net operating working capital (NWC) and firm value. Specifically, we show that the value of NWC varies across countries and that it depends on both investor protection and a country’s financial and economic development. Our findings imply that shareholders value NWC more in countries with strong enforcement of investor rights, and greater financial and economic development. Jel Classification: ...
Tópico(s): Financial Analysis and Corporate Governance
2020 - SAGE Publishing | BRQ Business Research Quarterly
Cristina Martínez‐Sola, Pedro J. García‐Teruel, Pedro Martínez Solano,
This article examines the relationship between supplier financing and small- and medium-sized firms' value as well as the variation in the marginal value of supplier financing that arises from differences in access to financial markets and internal financing. We employ a sample of Spanish small- and medium-sized enterprises from the period 1998–2014. The results show a positive relationship between supplier financing and firm value. Furthermore, the findings reveal that the marginal value of supplier ...
Tópico(s): Corporate Taxation and Avoidance
2017 - Taylor & Francis | Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad
Antonio Garcia-Jimenez, José A. Teruel, Pedro Antonio Garcı́a-Ruiz, José Berná, José Neptuno Rodríguez‐López, José Tudela, Francisco Garcı́a-Cánovas,
2,2′,4,4′-tetrahydroxybenzophenone (Uvinul D50), a sunscreen used in cosmetics, has two effects in the melanin biosynthesis pathway. On the one hand, it acts a weak inhibitor of tyrosinase and on the other, it accelerates the conversion of dopachrome to melanin. Uvinul D50 was seen to behave as a weak competitive inhibitor: apparent constant inhibition = 2.02 ± 0.09 mM and IC50 = 3.82 ± 0.39 mM established in this work. These values are higher than those in the bibliography, which tend to be undersetimated. ...
Tópico(s): Skin Protection and Aging
2017 - Elsevier BV | International Journal of Biological Macromolecules
Antonio Garcia-Jimenez, José A. Teruel, Pedro Antonio Garcı́a-Ruiz, Adrián Saura-Sanmartín, José Berná, Francisco Garcı́a-Cánovas, José Neptuno Rodríguez‐López,
Deoxyarbutin, a potent inhibitor of tyrosinase, could act as substrate of the enzyme. Oxytyrosinase is able to hydroxylate deoxyarbutin and finishes the catalytic cycle by oxidizing the formed o-diphenol to quinone, while the enzyme becomes deoxytyrosinase, which evolves to oxytyrosinase in the presence of oxygen. This compound is the only one described that does not release o-diphenol after the hydroxylation step. Oxytyrosinase hydroxylates the deoxyarbutin in ortho position of the phenolic hydroxyl ...
Tópico(s): Microbial Metabolism and Applications
2017 - Public Library of Science | PLoS ONE
Antonio Garcia-Jimenez, José A. Teruel, Pedro Antonio Garcı́a-Ruiz, Adrián Saura-Sanmartín, José Berná, José Neptuno Rodríguez‐López, Francisco Garcı́a-Cánovas,
Different mechanisms for inhibiting tyrosinase can be designed to avoid postharvest quality losses of fruits and vegetables. The action of tyrosinase on caffeic acid and its n-nonyl ester (n-nonyl caffeate) was characterized kinetically in this work. The results lead us to propose that both compounds are suicide substrates of tyrosinase, for which we establish the catalytic and inactivation efficiencies. The ester is more potent as inactivator than the caffeic acid and the number of turnovers made ...
Tópico(s): Phytochemicals and Antioxidant Activities
2017 - Elsevier BV | International Journal of Biological Macromolecules
J. Cabrero, M. D. López‐León, María Teruel, Juan Pedro M. Camacho,
Tópico(s): Genetic diversity and population structure
2009 - Springer Science+Business Media | Chromosome Research
Juan Miguel Sánchez-Lozano, Jerónimo Teruel-Solano, Pedro L. Soto-Elvira, M. Socorro García‐Cascales,
This paper is based on the combination of a Geographic Information System (GIS) and tools or multi-criteria decision making (MCDM) methods in order to obtain the evaluation of the optimal placement of photovoltaic solar power plants in the area of Cartagena (Region of Murcia), in southeast Spain. The combination GIS–MCDM generates an excellent analysis tool that allows for the creation of an extensive cartographic and alphanumeric database that will later be used by multi-criteria methodologies to ...
Tópico(s): Social Acceptance of Renewable Energy
2013 - Elsevier BV | Renewable and Sustainable Energy Reviews
Produção Nacional
Dalyse Toledo Castanheira, Ademílson de Oliveira Alecrim, Giovani Belutti Voltolini, Tiago Teruel Rezende, Pedro Menicucci Netto, Rubens José Guimarães,
<p>Weed control is fundamental in coffee cultivation due to their high interference, competing with the crop for water, light and nutrients. Among the control methods used, chemical control is highlighted, due to its high efficiency and low cost. However, due to application failures, herbicide drift phytotoxicity is common. Aiming at the search for selective active ingredients in coffee, the objective of this study was to evaluate the selectivity of the active ingredient Glyphosate in young ...
Tópico(s): Soil Management and Crop Yield
2019 - UNIVERSIDADE FEDERAL DE LAVRAS | Coffee Science