Determinantes Nacionais e Setoriais da Estrutura de Capital na América Latina
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 Powe...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
2014-09-01
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| Series: | RAC: Revista de Administração Contemporânea |
| Subjects: | |
| Online Access: | http://www.anpad.org.br/periodicos/arq_pdf/a_1501.pdf |
| Summary: | 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. |
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| ISSN: | 1415-6555 1982-7849 |