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Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors

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  • Paolo Saona

    (Saint Louis University)

  • Pablo San Martín

    (Universidad Católica de la Santísima Concepción)

Abstract

This study analyses the impact of firm-level variables as well as country-level institutional factors on firm value in the Latin American region. The theoretical framework used to develop the research hypotheses has followed a corporate governance approach. The sample includes public firms from Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the 1997–2013 period. The main findings indicate that ownership concentration, capital structure, and dividend policy are significant drivers of the market value of the firm. The results from determinants at the country-level show that legal enforcement and regulatory systems positively impact the market value of the firm, whilst the findings show unexpected results concerning the development of the financial system.

Suggested Citation

  • Paolo Saona & Pablo San Martín, 2018. "Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors," Review of Managerial Science, Springer, vol. 12(1), pages 65-112, January.
    • Handle: RePEc:spr:rvmgts:v:12:y:2018:i:1:d:10.1007_s11846-016-0213-0
    DOI: 10.1007/s11846-016-0213-0
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    More about this item

    Keywords

    Corporate governance; Firm value; Emerging markets; LATAM;
    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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