Group affiliation and ownership concentration as determinants of capital structure decisions: contextualizing the facts for an emerging economy

dc.creatorSaona, Pablo
dc.creatorSan Martín, Pablo
dc.creatorJara Bertín, Mauricio
dc.date2020-04-29T12:44:06Z
dc.date2020-04-29T12:44:06Z
dc.date2018
dc.date.accessioned2022-10-18T12:06:31Z
dc.date.available2022-10-18T12:06:31Z
dc.identifierEmerging Markets Finance and Trade, Volumen 54, Issue 14, 2018, Pages 3312-3329
dc.identifier15580938
dc.identifier1540496X
dc.identifierhttp://repositoriodigital.ucsc.cl/handle/25022009/1437
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/4441093
dc.descriptionArtículo de publicación SCOPUS
dc.descriptionThis study considers the firm’s affiliation with business groups and the ownership structure as determinants of leverage decisions in Chilean firms. The major findings show that group-affiliated firms take advantage of internal capital markets and transactions with related parties (e.g., low transference price or loans at competitive interest rates) that reduces the demand for external debt. Majority shareholders in affiliated firms behave as controllers of managers, on the one hand, and avoid the supervisory role of debt, on the other hand. In stand-alone firms, supervision led by majority shareholders is complemented by the monitoring role of debt through higher levels of leverage. We conclude that further developments in capital structure theories adjusted to the particularities of the different institutional contexts are needed
dc.languageen
dc.publisherEmerging Markets Finance and Trade
dc.sourcehttps://doi.org/10.1080/1540496X.2017.1392850
dc.subjectBusiness groups
dc.subjectCapital structure
dc.subjectChilean firms
dc.subjectOwnership concentration
dc.subjectPanel data
dc.titleGroup affiliation and ownership concentration as determinants of capital structure decisions: contextualizing the facts for an emerging economy
dc.typeArtículos de revistas


Este ítem pertenece a la siguiente institución