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THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

and N i , the population

and N i , the population for each stratum. Then the optimum allocation will be defined from the minimization of the following expression with n = 500. L ∑ i= 1 V( Lev) ⇒n i i = n⋅ L ∑ N j= 1 i N ⋅ ˆ σ j i ⋅ˆ σ j In Table A.3 the results from Neyman’s Optimum Allocation are presented for the specified variable and also to show how the allocation would have been in the case of having chosen the proportional allocation. 8 Once the allocation has been defined, a random sample from each stratum is taken. Table A.3: Sample Allocation Sector Neyman´s Allocation Proportional Primary 37 28 Manufacturing 114 121 Construction 17 23 Commerce 229 212 Other Services 103 116 500 500 8 The proportional allocation defines the size in direct relationship to the population of each stratum following a proportional allocation. Let n i be the size of each of the samples taken form each stratum such that: n = n1 + n2 + ... + nL . The allocation will be proportional if each stratum’s size is proportional to the corresponding size of the stratum related to the total population n i Ni n ⋅ N = i = 1,..., L 30

Tables and Figures Table 1: Size of the Sample (Thousands of Uruguayan constant pesos of December 2001) Sector Assets Liabilities Op. Income Primary Manufacturing Population 8.659.869 4.419.911 3.977.479 Sample 1.450.176 439.202 481.228 % Population 17% 10% 12% Population 36.462.007 20.721.501 33.085.618 Sample 11.008.614 5.948.299 9.687.169 % Population 30% 29% 29% Construction Commerce Other Services TOTAL Population 2.544.561 1.629.372 2.308.778 Sample 746.918 434.080 960.966 % Population 29% 27% 42% Population 44.103.711 32.846.097 47.008.552 Sample 9.998.763 7.056.738 16.454.612 % Population 23% 21% 35% Population 19.081.002 11.830.884 20.071.044 Sample 4.561.413 2.618.484 4.443.526 % Population 24% 22% 22% Population 110.851.150 71.447.766 106.451.471 %GDP 45% 29% 43% Sample 27.765.883 16.496.804 32.027.501 % Population 25% 23% 30% Figure 1: Financial Structure of Uruguayan Firms Trade Credit: 19% Non-Current Liabilities: 11% Net Worth: 41% Net Worth: 41% Bank Debt: 20% Other Liabilities: 20% Current Liabilities: 48% 31

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