Decisiones Financieras En La Empresa Chilena: Una Mirada A Través De Las Oportunidades De Crecimiento
The aim of the paper is to analyze the Chilean firms’ financial decisions on market value. The economic environment considers both the absence and existence of growth opportunities for a panel of 180 quoted Chilean companies during the period 1990 - 2001. Our results support the disciplinary view of debt in absence of profitable growth opportunities (overinvestment problem) and their investment inhibit effect in the contrary case (underinvestment and asset substitution problems). Furthermore, we find a positive and non-lineal relationship between ownership structure and the firm value for the case of low growth opportunities firms.
Volume (Year): 7 (2004)
Issue (Month): 1 ()
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