%0 Journal Article 
%A Mate Sánchez-Val, María Luz
%A Occhino, Paolo
%T Propuesta para estimar la valoración de pequeñas y medianas empresas mediante el uso de información geográficamente comparable

%D 2020
%@ 2531-0046
%U http://hdl.handle.net/10317/8336
%X [ENG] A common prerequisite in valuation analysis is the availability of temporal information on financial variables. Nevertheless, reduced size companies-representing more than 98% on current productive systems- fail to have available temporal information to estimate valuations. In this paper, we offer a procedure for estimating reduced size companies’ values under the hypothesis that spatial behaviour matters for valuations. With this aim, we present the theoretical background for this hypothesis and introduce a spatial proposal with a case study of industrial companies where the significant role of space on firms’ valuations is previously tested. This analysis shows the relevance of spatial information in firms’ valuation confirming the predictive capability of our approach applying the out of sample methodology.

%K Economía Financiera y Contabilidad
%K Location
%K Company valuation
%K Geographically comparable companies
%K Discounting cash flows model
%K Small and Medium Enterprises (SMEs)
%K Localización
%K Valoración de empresas
%K Empresas geográficamente comparables
%K Modelo de descuento de flujos de efectivo
%K Pequeña y mediana empresa (Pyme)
%K 5311 Organización y Dirección de Empresas
%K G12
%K R12
%K R51
%~ GOEDOC, SUB GOETTINGEN