Capital structure management differences in Latin American and US firms after 2008 crisis
Purpose - This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach - The study samp...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
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Emerald Publishing
2017-06-01
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| Series: | Journal of Economics Finance and Administrative Science |
| Subjects: | |
| Online Access: | https://www.emeraldinsight.com/doi/pdfplus/10.1108/JEFAS-01-2017-0008 |
| _version_ | 1811213398383263744 |
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| author | Santiago Valcacer Rodrigues Heber José de Moura David Ferreira Lopes Santos Vinicius Amorim Sobreiro |
| author_facet | Santiago Valcacer Rodrigues Heber José de Moura David Ferreira Lopes Santos Vinicius Amorim Sobreiro |
| author_sort | Santiago Valcacer Rodrigues |
| collection | DOAJ |
| description | Purpose - This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach - The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square. Findings - The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms. Originality/value - This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared. |
| first_indexed | 2024-04-12T05:46:00Z |
| format | Article |
| id | doaj.art-26020433b0974c20a8d90a89e919817a |
| institution | Directory Open Access Journal |
| issn | 2077-1886 |
| language | English |
| last_indexed | 2024-04-12T05:46:00Z |
| publishDate | 2017-06-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | Journal of Economics Finance and Administrative Science |
| spelling | doaj.art-26020433b0974c20a8d90a89e919817a2022-12-22T03:45:27ZengEmerald PublishingJournal of Economics Finance and Administrative Science2077-18862017-06-012242517410.1108/JEFAS-01-2017-0008594111Capital structure management differences in Latin American and US firms after 2008 crisisSantiago Valcacer Rodrigues0Heber José de Moura1David Ferreira Lopes Santos2Vinicius Amorim Sobreiro3Department of Management, University of Fortaleza, Fortaleza, BrazilDepartment of Management, Universidade de Brasilia, Brasilia, BrazilDepartment of Economics, Administration and Education, São Paulo State University (UNESP), Jaboticabal, BrazilDepartment of Management, Universidade de Brasilia, Brasilia, BrazilPurpose - This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach - The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square. Findings - The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms. Originality/value - This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared.https://www.emeraldinsight.com/doi/pdfplus/10.1108/JEFAS-01-2017-0008Information asymmetryTrade-offIndebtednessPecking orderPooled regression |
| spellingShingle | Santiago Valcacer Rodrigues Heber José de Moura David Ferreira Lopes Santos Vinicius Amorim Sobreiro Capital structure management differences in Latin American and US firms after 2008 crisis Journal of Economics Finance and Administrative Science Information asymmetry Trade-off Indebtedness Pecking order Pooled regression |
| title | Capital structure management differences in Latin American and US firms after 2008 crisis |
| title_full | Capital structure management differences in Latin American and US firms after 2008 crisis |
| title_fullStr | Capital structure management differences in Latin American and US firms after 2008 crisis |
| title_full_unstemmed | Capital structure management differences in Latin American and US firms after 2008 crisis |
| title_short | Capital structure management differences in Latin American and US firms after 2008 crisis |
| title_sort | capital structure management differences in latin american and us firms after 2008 crisis |
| topic | Information asymmetry Trade-off Indebtedness Pecking order Pooled regression |
| url | https://www.emeraldinsight.com/doi/pdfplus/10.1108/JEFAS-01-2017-0008 |
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