ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA
Autor(a) principal: | |
---|---|
Data de Publicação: | 2009 |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746 |
Resumo: | The aim of this paper is to investigate the choice between debt and equity simultaneously with the decision between short- and long-term debt for a large sample of emerging markets from Latin America. In order to do this, we test a model (BARCLAY; MARX; SMITH JR., 2003) of joint capital structure and debt maturity determination for a sample of 986 firms from Latin America in the period 1990-2002, employing the Generalized Method of Moments on a system of equations. The empirical results support three main findings. First, capital structure and debt maturity are financial policy complements in Latin America. Second, there is a substantial dynamic component in the determination of debt maturity that has been neglected by previous research. Finally, firms face moderate adjustment costs towards their optimal maturity. Results are robust to variation in sample composition in terms or countries, industries, and years. |
id |
MACKENZIE_6273cc0b168a537f03fdea4ca95d570f |
---|---|
oai_identifier_str |
oai:ojs.editorarevistas.mackenzie.br:article/746 |
network_acronym_str |
MACKENZIE |
network_name_str |
RAM. Revista de Administração Mackenzie |
repository_id_str |
|
spelling |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICAAre leverage and debt maturity complements or substitutes? Evidence from Latin AmericaCapital structureDebt maturityTrade-offDynamic panel data analysisLatin America.Estrutura de CapitalMaturidade da DívidaTrade-OffAnálise Dinâmica de Dados em PainelAmérica LatinaThe aim of this paper is to investigate the choice between debt and equity simultaneously with the decision between short- and long-term debt for a large sample of emerging markets from Latin America. In order to do this, we test a model (BARCLAY; MARX; SMITH JR., 2003) of joint capital structure and debt maturity determination for a sample of 986 firms from Latin America in the period 1990-2002, employing the Generalized Method of Moments on a system of equations. The empirical results support three main findings. First, capital structure and debt maturity are financial policy complements in Latin America. Second, there is a substantial dynamic component in the determination of debt maturity that has been neglected by previous research. Finally, firms face moderate adjustment costs towards their optimal maturity. Results are robust to variation in sample composition in terms or countries, industries, and years.O objetivo desse artigo é investigar a decisão entre dívida e capital próprio simultaneamente com a decisão entre endividamento de curto e longo prazo para uma grande amostra de mercados emergentes da América Latina. Para tanto, testa-se um modelo (BARCLAY; MARX; SMITH Jr., 2003) de determinação conjunta da estrutura de capital e da maturidade do endividamento para uma amostra de 986 empresas da América Latina no período 1990-2002, empregando-se o Método dos Momentos Generalizados num sistema de equações. Os resultados empíricos apóiam três resultados principais. Primeiro, o grau de endividamento e a sua maturidade são políticas financeiras complementares na América Latina. Segundo, há um componente dinâmico substancial na determinação da maturidade do endividamento que tem sido negligenciado por pesquisas anteriores. Finalmente, as empresas enfrentam moderados custos de ajuste em direção à sua maturidade ótima de endividamento. Os resultados são robustos à variação na composição da amostra em termos de países, setores e anos. Editora Mackenzie2009-10-23info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/octet-streamhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/746Revista de Administração Mackenzie; Vol. 10 No. 6 (2009): Thematic Special Editon - Golden Jubilee of Modigliani & MillerRevista de Administração Mackenzie; Vol. 10 Núm. 6 (2009): Edición Especial Temática – Jubileo de Oro de Modigliani & MillerRevista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 6 (2009): Edição Especial Temática - Jubileu de Ouro de Modigliani & Miller1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEengporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/1573https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7834https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7835https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7836https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7837https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7838https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7839https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7840https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7841https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7842https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7843https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7934Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessSoares Terra, Paulo Renato2011-01-18T14:34:32Zoai:ojs.editorarevistas.mackenzie.br:article/746Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:36.747402RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA Are leverage and debt maturity complements or substitutes? Evidence from Latin America |
title |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
spellingShingle |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA Soares Terra, Paulo Renato Capital structure Debt maturity Trade-off Dynamic panel data analysis Latin America. Estrutura de Capital Maturidade da Dívida Trade-Off Análise Dinâmica de Dados em Painel América Latina |
title_short |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
title_full |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
title_fullStr |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
title_full_unstemmed |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
title_sort |
ARE LEVERAGE AND DEBT MATURITY COMPLEMENTS OR SUBSTITUTES? EVIDENCE FROM LATIN AMERICA |
author |
Soares Terra, Paulo Renato |
author_facet |
Soares Terra, Paulo Renato |
author_role |
author |
dc.contributor.author.fl_str_mv |
Soares Terra, Paulo Renato |
dc.subject.por.fl_str_mv |
Capital structure Debt maturity Trade-off Dynamic panel data analysis Latin America. Estrutura de Capital Maturidade da Dívida Trade-Off Análise Dinâmica de Dados em Painel América Latina |
topic |
Capital structure Debt maturity Trade-off Dynamic panel data analysis Latin America. Estrutura de Capital Maturidade da Dívida Trade-Off Análise Dinâmica de Dados em Painel América Latina |
description |
The aim of this paper is to investigate the choice between debt and equity simultaneously with the decision between short- and long-term debt for a large sample of emerging markets from Latin America. In order to do this, we test a model (BARCLAY; MARX; SMITH JR., 2003) of joint capital structure and debt maturity determination for a sample of 986 firms from Latin America in the period 1990-2002, employing the Generalized Method of Moments on a system of equations. The empirical results support three main findings. First, capital structure and debt maturity are financial policy complements in Latin America. Second, there is a substantial dynamic component in the determination of debt maturity that has been neglected by previous research. Finally, firms face moderate adjustment costs towards their optimal maturity. Results are robust to variation in sample composition in terms or countries, industries, and years. |
publishDate |
2009 |
dc.date.none.fl_str_mv |
2009-10-23 |
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://editorarevistas.mackenzie.br/index.php/RAM/article/view/746 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/1573 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7834 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7835 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7836 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7837 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7838 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7839 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7840 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7841 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7842 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7843 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/746/7934 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2015 Revista de Administração Mackenzie |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/octet-stream |
dc.publisher.none.fl_str_mv |
Editora Mackenzie |
publisher.none.fl_str_mv |
Editora Mackenzie |
dc.source.none.fl_str_mv |
Revista de Administração Mackenzie; Vol. 10 No. 6 (2009): Thematic Special Editon - Golden Jubilee of Modigliani & Miller Revista de Administração Mackenzie; Vol. 10 Núm. 6 (2009): Edición Especial Temática – Jubileo de Oro de Modigliani & Miller Revista de Administração Mackenzie (Mackenzie Management Review); v. 10 n. 6 (2009): Edição Especial Temática - Jubileu de Ouro de Modigliani & Miller 1678-6971 1518-6776 reponame:RAM. Revista de Administração Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
instname_str |
Universidade Presbiteriana Mackenzie (MACKENZIE) |
instacron_str |
MACKENZIE |
institution |
MACKENZIE |
reponame_str |
RAM. Revista de Administração Mackenzie |
collection |
RAM. Revista de Administração Mackenzie |
repository.name.fl_str_mv |
RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE) |
repository.mail.fl_str_mv |
revista.adm@mackenzie.br |
_version_ |
1796794716894789632 |