Determinants of capital structure of publicly-traded companies in Latin America: An empirical study considering macroeconomic and institutional factors Determinantes da estrutura de capital das companhias abertas na américa latina: Um estudo empírico considerando fatores macroeconômicos e institucionais

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dc.contributor.authorBastos D.D.
dc.contributor.authorNakamura W.T.
dc.contributor.authorBasso L.F.C.
dc.date.accessioned2024-03-13T01:35:23Z
dc.date.available2024-03-13T01:35:23Z
dc.date.issued2009
dc.description.abstract© 2009 Mackenzie Presbyterian University. All rights reserved.Recent researches have been evidenced that specific country factors, as legal, institutional and economical environments influence the capital structure of the companies. The present study investigates the determinants of capital structure using panel data, for a sample of 388 companies belonging to the seven larger economies of Latin America (Mexico, Brazil, Argentina, Chile and Peru), in the period 2001-2006. Starting from six indicators of leverage ratio, it was evidenced that the firm-specific factors: current liquidity, profitability, market to book value and size, present the most significant results. The theory of pecking order seems to be the one that best explains the obtained results. The results for macroeconomic and institutional factors were not so robust, but for the variable GDP growth, and at a lower degree for proxies about the relevance of the stock market, fiscal load and time of opening of a new business.
dc.description.firstpage47
dc.description.issuenumber6
dc.description.lastpage77
dc.description.volume10
dc.identifier.doi10.1590/S1678-69712009000600005
dc.identifier.issn1678-6971
dc.identifier.urihttps://dspace.mackenzie.br/handle/10899/37400
dc.relation.ispartofRevista de Administracao Mackenzie
dc.rightsAcesso Aberto
dc.subject.otherlanguageCapital structure
dc.subject.otherlanguageFirm-specific factors
dc.subject.otherlanguageInstitutional factors
dc.subject.otherlanguageLatin America
dc.subject.otherlanguageMacroeconomic
dc.subject.otherlanguagePanel data
dc.titleDeterminants of capital structure of publicly-traded companies in Latin America: An empirical study considering macroeconomic and institutional factors Determinantes da estrutura de capital das companhias abertas na américa latina: Um estudo empírico considerando fatores macroeconômicos e institucionais
dc.typeArtigo
local.scopus.citations14
local.scopus.eid2-s2.0-85082106232
local.scopus.updated2024-05-01
local.scopus.urlhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85082106232&origin=inward
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