The determinants of capital structure in Latin America: new evidence using firm and country variables
Autor(a) principal: | |
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Data de Publicação: | 2019 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/26131 |
Resumo: | The literature on capital structure determinants is diverse and extensive, so contributing to the field with both new variables (i.e. that were not used before), while applying it to a geography that is not as studied as the United States and Europe, served as a starting point for this article. The region of choice has many specificities, especially at the institutional and macroeconomy level. Results show that the coefficients signs of Profitability and Tangibility are the same as the rest of the world, but with a higher magnitude. An ambiguity before, inflation is mostly a negative contribution to leverage. Also, the more developed the financial environment, the higher the leverage. |
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Coelho, Matheus da SilvaEscolas::EESPSilva, André de CastroDemirci, IremFernandes, Marcelo2019-02-25T14:01:12Z2019-02-25T14:01:12Z2019-01-25http://hdl.handle.net/10438/26131The literature on capital structure determinants is diverse and extensive, so contributing to the field with both new variables (i.e. that were not used before), while applying it to a geography that is not as studied as the United States and Europe, served as a starting point for this article. The region of choice has many specificities, especially at the institutional and macroeconomy level. Results show that the coefficients signs of Profitability and Tangibility are the same as the rest of the world, but with a higher magnitude. An ambiguity before, inflation is mostly a negative contribution to leverage. Also, the more developed the financial environment, the higher the leverage.A literatura sobre estrutura de capital é diversa e extensa, portanto contribuir para este campo do conhecimento através de novas variáveis (i.e. que não foram utilizadas anteriormente), aplicando a uma geografia que não fosse tão estudada, tais como os Estados Unidos da América e Europa, serviu de motivação inicial para este artigo. A região em questão tem várias especificidades, nomeadamente nos níveis institucional e macroeconômico. Os resultados demonstram que os sinais dos coeficientes das variáveis Lucro e Tangibilidade são os mesmos do que no resto do mundo, porém com uma maior magnitude. Apesar de ambíguo anteriormente, é possível afirmar que a inflação é geralmente um contributo negativo para a alavancagem. Além disso, quanto mais desenvolvido for o ambiente financeiro, maior será a alavancagem.engCapital structureLeverageCountry factorsLatin AmericaEstrutura de capitalAlavancagemFator-paísAmérica LatinaEconomiaTeoria do controleAdministração financeiraCapital (Economia)The determinants of capital structure in Latin America: new evidence using firm and country variablesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTEXTFGV - CS in Latam - Matheus Coelho.pdf.txtFGV - CS in Latam - Matheus Coelho.pdf.txtExtracted texttext/plain64571https://repositorio.fgv.br/bitstreams/2fa84551-3b88-4ae0-b16b-2886aa091f5e/downloadc601de360e9dbc1900d356bceaedc32bMD55ORIGINALFGV - CS in Latam - Matheus Coelho.pdfFGV - CS in Latam - Matheus 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dc.title.eng.fl_str_mv |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
title |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
spellingShingle |
The determinants of capital structure in Latin America: new evidence using firm and country variables Coelho, Matheus da Silva Capital structure Leverage Country factors Latin America Estrutura de capital Alavancagem Fator-país América Latina Economia Teoria do controle Administração financeira Capital (Economia) |
title_short |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
title_full |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
title_fullStr |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
title_full_unstemmed |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
title_sort |
The determinants of capital structure in Latin America: new evidence using firm and country variables |
author |
Coelho, Matheus da Silva |
author_facet |
Coelho, Matheus da Silva |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.member.none.fl_str_mv |
Silva, André de Castro Demirci, Irem |
dc.contributor.author.fl_str_mv |
Coelho, Matheus da Silva |
dc.contributor.advisor1.fl_str_mv |
Fernandes, Marcelo |
contributor_str_mv |
Fernandes, Marcelo |
dc.subject.eng.fl_str_mv |
Capital structure Leverage Country factors Latin America |
topic |
Capital structure Leverage Country factors Latin America Estrutura de capital Alavancagem Fator-país América Latina Economia Teoria do controle Administração financeira Capital (Economia) |
dc.subject.por.fl_str_mv |
Estrutura de capital Alavancagem Fator-país América Latina |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Teoria do controle Administração financeira Capital (Economia) |
description |
The literature on capital structure determinants is diverse and extensive, so contributing to the field with both new variables (i.e. that were not used before), while applying it to a geography that is not as studied as the United States and Europe, served as a starting point for this article. The region of choice has many specificities, especially at the institutional and macroeconomy level. Results show that the coefficients signs of Profitability and Tangibility are the same as the rest of the world, but with a higher magnitude. An ambiguity before, inflation is mostly a negative contribution to leverage. Also, the more developed the financial environment, the higher the leverage. |
publishDate |
2019 |
dc.date.accessioned.fl_str_mv |
2019-02-25T14:01:12Z |
dc.date.available.fl_str_mv |
2019-02-25T14:01:12Z |
dc.date.issued.fl_str_mv |
2019-01-25 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/26131 |
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http://hdl.handle.net/10438/26131 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
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