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Factores determinantes del endeudamiento bancario en la empresa no financiera chilena

Author

Listed:
  • Jara, Mauricio

    (Universidad Católica de la Santísima Concepción, Chile)

  • Sánchez, Sebastián.

    (Universidad Católica de la Santísima Concepción, Chile)

Abstract

This paper is concerned with the ownership structure of corporate debt from Chilean firms. Specifically, we examine the relation between specific firm factors and bank debt use for a sample of 168 listed Chilean firms between 1997 and 2008. More exactly, it is found that bank loans are related positively to growth opportunities, collaterals and the risk of the projects, and negatively related to firm size and the quality of projects. We find also that the positive incidence of growth opportunities becomes negative in large firms.// El objetivo de este artículo es constatar si la elección de recurrir a la banca como fuente de financiación viene determinada por las oportunidades de crecimiento, tamaño de la empresa, calidad de los proyectos, la calidad de las garantías prendarias y el riesgo de la empresa. Hemos utilizado una muestra de 168 empresas chilenas cotizadas en la Bolsa durante el periodo 1997-2008, que nos ha servido para examinar la relación entre factores específicos de las empresas y el endeudamiento bancario. Nuestros resultados evidencian que las oportunidades de crecimiento tienen una influencia positiva en el endeudamiento bancario, que se torna negativa ante la existencia de empresas de mayor tamaño con oportunidades de inversión. Además, el tamaño de la empresa y la calidad de los proyectos en curso se relacionan negativamente, mientras que la calidad de las garantías prendarias y el riesgo de la empresa tienen una incidencia positiva en el endeudamiento bancario

Suggested Citation

  • Jara, Mauricio & Sánchez, Sebastián., 2012. "Factores determinantes del endeudamiento bancario en la empresa no financiera chilena," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(313), pages 53-84, enero-mar.
    • Handle: RePEc:elt:journl:v:79:y:2012:i:313:p:53-84
    DOI: http://dx.doi.org/10.20430/ete.v79i313.55
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    Cited by:

    1. Jara, Mauricio & López-Iturriaga, Félix & San Martín, Pablo & Saona, Paolo & Tenderini, Giannina, 2019. "Chilean pension fund managers and corporate governance: The impact on corporate debt," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 321-337.

    More about this item

    Keywords

    Deuda pública; deuda bancaria; oportunidad de crecimiento; tamaño empresarial;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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