Determinantes Nacionais e Setoriais da Estrutura de Capital na América Latina

Autor: Henrique Castro Martins, Paulo Renato Soares Terra
Jazyk: English<br />Spanish; Castilian<br />Portuguese
Rok vydání: 2014
Předmět:
Zdroj: RAC: Revista de Administração Contemporânea, Vol 18, Iss 5, Pp 577-597 (2014)
Druh dokumentu: article
ISSN: 1982-7849
1415-6555
DOI: 10.1590/1982-7849rac20141154
Popis: This study identified the role of the national environment (the Macroeconomy, Financial Development and Institutional Quality) and industry characteristics (Munificence, Dynamism, Concentration, Life Cycle, Technological Efficiency Dispersion, Product Quality Dispersion, Customer Bargaining Power and Supplier Bargaining Power) on debt of 612 listed companies from 7 Latin American countries (Argentina, Brazil, Chile, Colombia, Mexico, Peru and Venezuela). For comparison purposes, the analysis is also extended to 847 U.S. companies. The period of study is 1996-2009 and the analysis employed a Hierarchical Linear Model, which controls the effects according to the level of the variables (country, industry, time and firm). The results suggest that Financial Development eases access to external funds and Institutional Quality is negatively related to firm Leverage. The research also finds evidence that institutional quality can promote asymmetrical development between stock markets and credit markets.
Databáze: Directory of Open Access Journals