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The purpose of this paper is to organize and present the literature related to firm’s capital structure across the years and find the most relevant publications and authors in the research area. Moreover, the authors pretend to fill the gap in the literature by studying different works and their compatibility with the main theories.

The systematic literature review is conducted by using the Scopus database. The methodology applied is through a concise searching considering keywords, the most cited papers, the latest publications and theories that explain small and medium enterprises (SMEs) capital structure.

Some key aspects about the capital structure of firms and SMEs are identified, such as documents per year, type of publications, the most used languages, the top journals, the most cited papers, the most productive and influential authors and the latest published papers.

The information presented is only informative from the Scopus database. Hence, this work only gives a general orientation of the most relevant research and its tendency of this database. More exhaustive works could be done using different keywords and analyzing other firms’ characteristics.

This kind of study is effective in evaluating the scientific production and to find the most important contributions of the subject. Furthermore, this information is useful for researchers’ studies on SME capital structure to underline the research direction and to be acquainted with the literature tendency.

There are not similar works that delve into the literature respect to SME capital structure and compare the main theories in relation to empirical works. Therefore, a synthesized evolution of previous works related to the capital structure of firms and SMEs is presented.

This paper analyses the evolution of the financial inclusion and its main determinants in seven Latin American countries.

The database used is the Global Findex from the World Bank for the latest data released that includes the years 2011 and 2014. The variables used are formal financial accounts, formal savings and formal credit as proxies of financial inclusion for the years of study. Moreover, the use of debit and credit cards is considered. The methodologies applied are the mean difference tests, in order to contrast the hypotheses of the inclusion evolution and binary probit regressions models.

The results of the analysis show that there is a positive evolution in the use of financial instruments in the countries of the sample, especially in the use of formal accounts. On the other hand, considering the characteristics of the individuals, age, level of education and income positively affect their financial inclusion.

There are no similar works for the region of study that allow us to evaluate the evolution of financial inclusion considering the variables selected in the literature. It is possible to clearly fulfil the proposed objective, highlighting the importance of implementing financial inclusion policies in view of the low percentage of use of the instruments in the analyzed countries.

Este trabajo analiza la evolución de la inclusión financiera y los principales determinantes que la afectan en siete países de América Latina.

Se utiliza la base de datos Global Findex del Banco Mundial, considerando los últimos datos relevados para los años 2011 yrs 2014. Se usa las variables cuentas financieras formales, ahorro formal y crédito formal como proxies de la inclusión financiera en los años de estudio, como así también la tenencia de tarjetas de débito y crédito. Se aplican test de diferencias de medias a fin de contrastar las hipótesis propuestas de evolución de la inclusión y se estiman modelos de regresión binaria probit.

Los resultados del análisis muestran que existe una evolución positiva en el grado de inclusión financiera. Se identifica un mayor uso de los instrumentos financieros en los países de la muestra, siendo la tenencia de cuentas en instituciones financieras formales la variable más significativa. Por otro lado, considerando las características de los individuos, se encuentra que la edad de las personas, el nivel de educación y de ingresos afectan positivamente a la inclusión financiera de los individuos.

No existen trabajos similares para la región de estudio analizada que nos permitan evaluar la evolución de la inclusión financiera considerando las variables proxies seleccionadas de la literatura. Se logra cumplir el objetivo planteado, destacando la importancia de implementar políticas de inclusión financiera ante el bajo porcentaje de uso de los instrumentos en los países de la muestra.

This article aims to analyse the reasons for Spanish companies to invest in China and the factors that influence the success or failure of the venture during the implementation process.

This paper is based on an interview held with the two partners of the Garrigues office in Shanghai, Francisco Soler and Manuel Torres. Francisco Soler was responsible for opening and subsequently managing the office from 2005 through to August 2011, when he handed over the reins to Manuel Torres.

The main reason for investing in China is its market. It is worth mentioning here that there has been a paradigm shift whereby China has gone from being the “world's factory” to the “world's market”, not just because of its size but also because of the dizzying speed at which it continues to grow. To minimise the risks of investing in China, the interviewees pointed out the crucial importance of the company committing a significant amount of all kinds of resources to the venture. They also maintain that the investing company should ensure that the people responsible for the project are fully committed to the company and completely familiar with its operations and corporate culture.

The value of this study lies in contrasting the practical viewpoint of Garrigues legal consulting firm with the existing literature on the topics discussed in the interview: the reasons why companies invest in China, and the factors that lead to their success or failure.