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Estructura De Propiedad Y Oportunidades De Crecimiento Como Determinantes Del Endeudamiento De Las Empresas Chilenas

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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.)

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.

Suggested Citation

  • Valentín Azofra Palenzuea & Paolo Saona Hoffmann & Eleuterio Vallelado González, 2004. "Estructura De Propiedad Y Oportunidades De Crecimiento Como Determinantes Del Endeudamiento De Las Empresas Chilenas," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 7(2), pages 105-145.
    • Handle: RePEc:pch:abante:v:7:y:2004:i:2:p:105-145
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    More about this item

    Keywords

    Pecking Order Theory; Ownership Structure; Growth Opportunities; Institutional Environment; Agency Problems; Chile;
    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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