In order to determine the influence of different levels of leverage in the growth of Colombian companies, arises the need to answer the following question: what determines the choice of capital structure of firms?The quantile regression enables the examination of the distribution of firms and not just a measure of the central tendency of the distribution of capital structure. This way you can evaluate the relative importance of the different explanatory variables at different points in the distribution of leverage of firms. Why this approach will be used; however the regression method for panel data (also called longitudinal data) with random effects, to compare results, this considering that the data not only vary between observations but also in time will also be used. Thus, applying quantile regression method allows to give a deeper look at the choice of leverage gaze, allowing the effect of discriminating variables between highly leveraged and lowly leveraged firms.
