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Determinantes de la estructura de financiación. Evidencia empírica para Chile

Listed author(s):
  • Maquieira V., Carlos

    (Universidad de Chile)

  • Olavarrieta S., Sergio

    (Universidad de Chile)

  • Zutta G., Pablo

This paper studies the determinants of the capital structure for a sample of 113 firms that are listed in the Santiago Stock Exchange (Chile) in the period 1990-1998. The major difference between this and previous studies is the statistical method to analyze the data. Using LISREL (Linear Structural Relations), we find that tangibility of assets is significantly and positively related to the financial leverage and companies with higher level of profitability have more debt. On the other hand, if we use OLS we find that the leverage is significantly related to tangibility, profitability, regulation and quality of the firm. We find less significant results related to growth opportunities, size and industrial classification. This paper shows that measurement errors are important when we have to choose proxies to capture the variables that determine the financial leverage.// El artículo analiza los determinantes de la estructura de capital para una muestra de 113 empresas registradas en la Bolsa de Comercio de Santiago de Chile. El período de estudio comprende de 1990 a 1998. A diferencia de trabajos anteriores para el caso de Chile, se utiliza Lisrel (Linear Structural Relations) para analizar los determinantes y se encuentran diferencias importantes al momento de comparar los resultados obtenidos por mínimos cuadrados ordinarios (MCO). En el primer caso sólo la rentabilidad y la tangibilidad de los activos surgen como variables significativas, esto es, cuanto mayor rentabilidad de la empresa menor endeudamiento y cuanto mayor proporción de activos colaterales (tangibilidad) mayor endeudamiento. Finalmente, al usar MCO se encuentra fuerte apoyo a los siguientes determinantes: tangibilidad, rentabilidad, regulación y calidad y un apoyo menos significativo al crecimiento, tamaño y clasificación industrial. Por lo tanto los errores de medición pueden ser importantes al estimar modelos, es decir los indicadores pueden no capturar bien o completamente el constructor de interés.

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Article provided by Fondo de Cultura Económica in its journal El Trimestre Económico.

Volume (Year): LXXIV (1) (2007)
Issue (Month): 293 (enero-marzo)
Pages: 161-193

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Handle: RePEc:elt:journl:v:74:y:2007:i:293:p:161-193
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