ESTRUCTURA DE PROPIEDAD Y OPORTUNIDADES DE CRECIMIENTO COMO DETERMINANTES DEL ENDEUDAMIENTO DE LAS EMPRESAS CHILENAS

Valentín Azofra Palenzuea, Paolo Saona Hoffmann and Eleuterio Vallelado González ()
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Valentín Azofra Palenzuea: Universidad de Valladolid, Departamento de Economía Financiera y Contabilidad.
Paolo Saona Hoffmann: Universidad de Valladolid, Departamento de Economía Financiera y Contabilidad y Universidad Austral de Chile, Facultad de Ciencias Económicas y Administrativas.
Eleuterio Vallelado González: Universidad de Valladolid, Departamento de Economía Financiera y Contabilidad.

Abante, 2004, vol. 7, issue 2, 105-145

Abstract: Our aim is to test if the leverage and the debt maturity of Chilean firms quoted in the stock market are related with their growth opportunities, their ownership structure and the environment in which they operate. We perform an empirical analysis over an unbalanced panel of 169 Chilean firms for the period 1990-2001. Chilean firms growth opportunities are financed with long term debt. However, when firms need external funds they finance their growth opportunities with short term debt. The high ownership concentration, characteristic of Chilean firms, along with the presence of growth opportunities favours debt financing. The largest firms and the more needed of external financing prefer longer maturities for their debt. Finally, our results indicate that the presence of internal capital markets within a group influences firms financing decisions, particularly in those firms within the group with financing deficit. Pecking order theory offers partial explanations of Chilean firms financing decisions.

Keywords: Pecking Order Theory; Ownership Structure; Growth Opportunities; Institutional Environment; Agency Problems; Chile (search for similar items in EconPapers)
JEL-codes: G32 (search for similar items in EconPapers)
Date: 2004
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