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CAPITAL STRUCTURE ADJUSTMENT IN LATIN AMERICAN FIRMS: AN EMPIRICAL TEST BASED ON THE ERROR CORRECTION MODEL

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dc.creatorEDINSON EDGARDO CORNEJO SAAVEDRA
dc.date2023
dc.date.accessioned2025-01-10T15:48:43Z
dc.date.available2025-01-10T15:48:43Z
dc.date.issued2023
dc.description.abstractTHE OBJECTIVE OF THIS ARTICLE IS TO ANALYZE THE CAPITAL STRUCTURE ADJUSTMENT OF LATIN AMERICAN FIRMS THROUGH THE PECKING ORDER AND TRADE-OFF THEORIES USING A SAMPLE OF 975 NON-FINANCIAL FIRMS FOR THE PERIOD 2000-2017. THE RESULTS SUPPORT THE EXISTENCE OF A TARGET CAPITAL STRUCTURE. ADJUSTMENT SPEEDS RANGED BETWEEN 48.9% AND 74.3% AND GENERATE A RAPID CONVERGENCE OF LEVERAGE TOWARDS ITS TARGET LEVEL. FINANCIAL DEFICITS EXPLAINED LESS THAN HALF OF THE CHANGES IN DEBT, WHICH CONTRADICTS THE PECKING ORDER THEORY. THE RESULTS OF THE ERROR CORRECTION MODEL INDICATED THAT COMPANIES DYNAMICALLY DEVIATE FROM THEIR LONG-TERM CAPITAL STRUCTURE. THE CONVERGENCE SPEEDS IN THE PARTIAL ADJUSTMENT MODEL INCREASED UP TO 69.5% AND 91.7% WITH THE ERROR CORRECTION METHOD. THESE RESULTS ARE RELEVANT FOR FIRMS AND INVESTORS.
dc.formatapplication/pdf
dc.identifier.doi10.18046/j.estger.2023.166.5432
dc.identifier.issn2665-6744
dc.identifier.issn0123-5923
dc.identifier.urihttps://repositorio.ubiobio.cl/handle/123456789/13763
dc.languagespa
dc.publisherESTUDIOS GERENCIALES
dc.relation.uri10.18046/j.estger.2023.166.5432
dc.rightsPUBLICADA
dc.subjecttrade-off
dc.subjectpecking order
dc.subjectleverage
dc.subjectcapital structure
dc.subjectadjustment
dc.titleCAPITAL STRUCTURE ADJUSTMENT IN LATIN AMERICAN FIRMS: AN EMPIRICAL TEST BASED ON THE ERROR CORRECTION MODEL
dc.typeARTÍCULO
dspace.entity.typePublication
ubb.EstadoPUBLICADA
ubb.Otra ReparticionDEPARTAMENTO DE GESTION EMPRESARIAL
ubb.SedeCHILLÁN
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