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Decisiones Financieras En La Empresa Chilena: Una Mirada A Través De Las Oportunidades De Crecimiento

Author

Listed:
  • PABLO DE ANDRÉS ALONSO

    () (Universidad de Valladolid, Departamento de Economía y Administración de Empresas)

  • PABLO SAN MARTÍN MOSQUEIRA

    (Universidad de Valladolid y Universidad Austral de Chile.)

  • PAOLO SAONA HOFFMANN

    (Universidad de Valladolid y Universidad Austral de Chile.)

Abstract

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.

Suggested Citation

  • Pablo De Andrés Alonso & Pablo San Martín Mosqueira & Paolo Saona Hoffmann, 2004. "Decisiones Financieras En La Empresa Chilena: Una Mirada A Través De Las Oportunidades De Crecimiento," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 7(1), pages 3-34.
  • Handle: RePEc:pch:abante:v:7:y:2004:i:1:p:3-34
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    More about this item

    Keywords

    Capital Structure; Ownership; Growth Opportunities; Panel Data; Chile;

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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