Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006

Detalhes bibliográficos
Autor(a) principal: Bastos, Douglas Dias
Data de Publicação: 2009
Outros Autores: Nakamura, Wilson Toshiro
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Contabilidade & Finanças (Online)
Texto Completo: https://www.revistas.usp.br/rcf/article/view/34292
Resumo: The present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specific factors of the firm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term financial-debt ratio), it was evidenced that the specific factors of the firm: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off, Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly influences the capital structure.
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spelling Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006 Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006 Estrutura de capitalDados em painelAmérica LatinaCapital structurePanel dataLatin America The present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specific factors of the firm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term financial-debt ratio), it was evidenced that the specific factors of the firm: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off, Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly influences the capital structure. O presente estudo investiga os determinantes da estrutura de capital, utilizando a técnica de painel de dados estático, para uma amostra de 297 empresas, de diversos setores, pertencentes ao Brasil, México e Chile, no período entre 2001 e 2006, a fim de determinar a importância relativa dos fatores específicos da empresa. A partir de seis indicadores de nível de endividamento (contábil total e de curto e longo prazo, total a valor de mercado e financeiros onerosos de curto e longo prazo), foi evidenciado que os fatores específicos da firma: liquidez corrente, rentabilidade, market to book value e tamanho apresentaram os resultados mais significantes para a estrutura de capital das empresas dos três países. Dentre as quatro correntes teóricas analisadas (Trade off, Assimetria de informações, Pecking order e Agência), a teoria do Pecking order parece ser aquela que melhor explica os resultados obtidos para o Brasil e México. Para o Chile, além do Pecking order, a teoria do Trade off exerce forte influência sobre a estrutura de capital. Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária2009-08-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/rcf/article/view/3429210.1590/S1519-70772009000200006Revista Contabilidade & Finanças; v. 20 n. 50 (2009); 75-94 Revista Contabilidade & Finanças; Vol. 20 No. 50 (2009); 75-94 Revista Contabilidade & Finanças; Vol. 20 Núm. 50 (2009); 75-94 1808-057X1519-7077reponame:Revista Contabilidade & Finanças (Online)instname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/rcf/article/view/34292/37024Copyright (c) 2018 Revista Contabilidade & Finançasinfo:eu-repo/semantics/openAccessBastos, Douglas DiasNakamura, Wilson Toshiro2012-07-21T18:28:13Zoai:revistas.usp.br:article/34292Revistahttp://www.revistas.usp.br/rcf/indexPUBhttps://old.scielo.br/oai/scielo-oai.phprecont@usp.br||recont@usp.br1808-057X1519-7077opendoar:2012-07-21T18:28:13Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006
title Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
spellingShingle Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
Bastos, Douglas Dias
Estrutura de capital
Dados em painel
América Latina
Capital structure
Panel data
Latin America
title_short Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
title_full Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
title_fullStr Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
title_full_unstemmed Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
title_sort Determinants of the capital structure of publicly-traded companies in Brazil, Mexico and Chile in the period 2001-2006
author Bastos, Douglas Dias
author_facet Bastos, Douglas Dias
Nakamura, Wilson Toshiro
author_role author
author2 Nakamura, Wilson Toshiro
author2_role author
dc.contributor.author.fl_str_mv Bastos, Douglas Dias
Nakamura, Wilson Toshiro
dc.subject.por.fl_str_mv Estrutura de capital
Dados em painel
América Latina
Capital structure
Panel data
Latin America
topic Estrutura de capital
Dados em painel
América Latina
Capital structure
Panel data
Latin America
description The present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specific factors of the firm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term financial-debt ratio), it was evidenced that the specific factors of the firm: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off, Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly influences the capital structure.
publishDate 2009
dc.date.none.fl_str_mv 2009-08-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.usp.br/rcf/article/view/34292
10.1590/S1519-70772009000200006
url https://www.revistas.usp.br/rcf/article/view/34292
identifier_str_mv 10.1590/S1519-70772009000200006
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://www.revistas.usp.br/rcf/article/view/34292/37024
dc.rights.driver.fl_str_mv Copyright (c) 2018 Revista Contabilidade & Finanças
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Revista Contabilidade & Finanças
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária
publisher.none.fl_str_mv Universidade de São Paulo. Faculdade de Economia, Administração, Contabilidade e Atuária
dc.source.none.fl_str_mv Revista Contabilidade & Finanças; v. 20 n. 50 (2009); 75-94
Revista Contabilidade & Finanças; Vol. 20 No. 50 (2009); 75-94
Revista Contabilidade & Finanças; Vol. 20 Núm. 50 (2009); 75-94
1808-057X
1519-7077
reponame:Revista Contabilidade & Finanças (Online)
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Revista Contabilidade & Finanças (Online)
collection Revista Contabilidade & Finanças (Online)
repository.name.fl_str_mv Revista Contabilidade & Finanças (Online) - Universidade de São Paulo (USP)
repository.mail.fl_str_mv recont@usp.br||recont@usp.br
_version_ 1787713776316841984

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