Déjame ver el dinero: orden jerárquico y fuentes de financiamiento para empresas innovadoras en Colombia
| Autor | Edgard Alberto Méndez Morales |
| Cargo | Universidad Militar Nueva Granada, Colombia |
| Páginas | 117-134 |
Artículos
Show me the Money: Pecking Order and Funding Sources for Innovative Firms
in Colombia*
Déjame ver el dinero: orden jerárquico y fuentes de financiamiento para empresas innovadoras en Colombia
Deixe-me ver o dinheiro: ordem hierárquica e fontes de nanciamento para empresas inovadoras na Colômbia
DOI: https://doi.org/10.11144/Javeriana.cao32-59.stmpo
Redalyc: http://www.redalyc.org/articulo.oa?
id=cuadernoss20561244004
Date received: 06 February 2018
Date accepted: 11 October 2019
Alberto Méndez-Moralesa
Universidad Militar Nueva Granada, Colombia
edgard.mendez@unimilitar.edu.co
ORCID: http://orcid.org/0000-0001-7971-5305
Abstract:
We analyze the f unding sources for innovation activities in Colombia. Our main objective is to identify the type of capital
structure followed by rms performing R&D activities, whether they follow a pecking order (P OT) or an altered pecking order
capital structure (APOT). We use a multivariate probit methodology and our main result is the fact that innovative companies
in Colombia, tend to nance their innovation ventures using a capital structure like the one predicted by the POT. Our results
reinforce the fact that innovative companies of underdeveloped countries are, to some extent, different from those of developed
countries, and therefore, strategies and policies directed to surpass nancial barriers in underdeveloped nations, should be different
from the ones designed for developed ones.
JEL codes: G20, G32, O30
Keywords: nance of innovation, multivariate probit, Pecking order.
Resumen:
Indagamos en las fuentes de nanciamiento para actividades de innovación en Colombia. El propósito principal es identicar el
tipo de estructura de capital que adoptan las empresas que emprenden actividades de I + D, ya sea que esas empresas se ajusten
a una estructura de orden jerárquico (POT por sus siglas en inglés) o a una estructura de capital de orden jerárquico alterada.
Utilizamos una metodolog ía probit multivariada y nuestro principal resultado es el hecho de que las empresas innovadoras en
Colombia muestran la tendencia a nanciar sus emprendimientos de innovación a través de una estructura de capital como la que
se plantea en el POT. Nuestros resultados refuerzan el hecho de que las empresas innovadoras de los países subdesarrollados son,
en cierta medida, diferentes a aquellas de los países desarrollados y, por consiguiente, las estrategias y políticas dirigidas a superar
las barreras nancieras en las naciones subdesarrolladas deben ser diferentes de aquellas diseñadas para los países desarrollados.
Códigos JEL: G20, G32, O30
Palabras clave: nanciamiento de la inovación, multivariate probit, Pecking order.
Resumo:
Indagamos nas fontes de nanciamento para atividades de inovação na Colômbia. O principal objetivo é identicar o tipo de
estrutura de capital adotado pelas empresas que empreendem atividades de P&D, seja que essas empresas estejam em conformidade
com uma estrutura hierárquica (POT por suas siglas em inglês) ou com uma estrutura de capital de ordem hierárquica alterada.
Utilizamos uma metodolog ia probit multivariada e nosso principal resultado é o fato de as empresas inovadoras na Colômbia
mostrarem a tendência de nanciar seus empreendimentos de inovação por meio de uma estrutura de capital como a proposta
no POT. Nossos resultados reforçam o fato de que empresas inovadoras em países subdesenvolvidos são, em certa medida,
diferentes daquelas dos países desenvolvidos e, portanto, estratégias e políticas destinadas a superar barreiras nanceiras em países
subdesenvolvidos devem ser diferentes daquelas projetadas para os países desenvolvidos.
Códigos JEL: G20, G32, O30
Palavras-chave: nanciamento da inovação, multivariate probit, Pecking order.
Author notes
aAutor de correspondencia. Correo electrónico: edgard.mendez@unimilitar.edu.co
Cuadernos de Administración, 2019, 32(59), ISSN: 0120-3592 / 1900-7205
INTRODUCTION
e well-known theory of capital structure introduced for Modigliani & Miller –M&M– (1958), proposed
that differences in capital sources used for rms to support their investments, have no impact on their value.
Basically, this theory suggests that in a market without failures, a rm will be indifferent to a ll the possible
capital sources, because the implicit cost for each of those sources will be equal; i.e., a rm could use cash ow,
debt, equity or even venture capital, and the rm value will remain invariant.
Generally, the M&M theory has been rejected given that corporate and personal taxes affect rm’s capital
structure; in the same direction, the presence of information asymmetries, agency costs and adverse selection
issues, create differences among the cost of diverse rms’ funding sources; i.e., rms’ decision about the use of
one or another capital source could diminish or elevate the cost of that rms’ capital, and therefore, the value
of the company (Myers, 2001; Myers & Majluf, 1984).
Given market failures, an inuential theory of capital structure based on the existence of those failures was
proposed by Myers & Majluf (1984). is theory, so-called Pecking Order eory –POT–, suggests that,
in presence of information asymmetries and adverse selection failures between rm managers and outside
investors, rms will prefer internal over external funding for their ventures. However, if internal resources are
scarce, a rm would have to seek external resources, i.e., debt or equity funding. Assuming that in most of
the cases, debt is cheaper than equity (because agency costs raise the risk of equity funding), a rm will select
debt nancing over equity, therefore, when a rm need to nance a new investment, it will select funding
sources in a hierarchical order, rst internal sources, then debt, and nally equity.
Although the pecking order theory was developed to understand the way rms nance their capital assets,
some researchers have focused on the capital structure of intensive R&D rms, or in the capital structure
of high te chnolog y startups. Academic results seem to be contradictory : some researchers found that rms
nance R&D and innovation activities as described in the pecking order theory (Bartoloni, 2013; Giudici &
Paleari, 2000; Hummel, Karcher, & Schultz, 2013; Manigart & Struyf, 1997; Ullah, Abbas, & Akbar, 2010),
however, some others found evidence of a new form of pecking order (Aghion, Bond, Klemm, & Marinescu,
2004; Minola, Cassia, & Criaco, 2013; Sau, 2007; Schäfer, Werwatz, & Zimmermann, 2004).
is new form of pecking order theory suggests that high tech, innovative or new technology-base d rms,
strongly use internal resources as a main nancial source, just like in the usual p ecking order theory ; but, in
respect to external resources, equity is preferred over debt, because innovative rms cannot access to debt
markets. In that sense, some studies have shown that innovative rms tend to be credit-constrained because
of moral hazard and adverse selection issues regarding their innovation activities (Bartoloni, 2013; Colombo
& Grilli, 2007; Freel, 2007) and in some cases, debt markets are not willing to le verage innovative ventures
because of the long-term fo cus of those endeavors, the high proportion of intangible assets used, and the
uncertainty related with innovation prots. In those cases, a rm with a strong focus on innovation activities,
or a high technology rm, will rst use cash ow, then equity and debt as a nal option (Aghion et al., 2004;
Bartoloni, 2013; Minola et al., 2013; Schäfer et al., 2004; Ullah et al., 2010) creating an altered form of
pecking order theory –APOT–.
In most of the cases, the evidence about an APOT has been found in developed countries in which rms’
possibilities to raise equity are higher than in other types of countries with illiquid capital markets, or in
countries in which the venture capital funding is strong compared with underdeveloped countries. In order
to raise venture capital or equity from markets, rms need to be supported by a liquid and specialized capital
market to provide the necessar y conditions for an exit strateg y for early venture capitalists (Hall & Lerner,
2009), this could be an Initial Public Offering –IPO–, or a targeted sell in over the counter –OTC– markets.
In that sense, research carried out in developed countries about the way innovative rms fund their ventures
could be biased given this selection bias; so, it is possible that the nancial behavior of rms in underdeveloped
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