Background: The aim of this article is to provide an empirical examination of the determinants of debt maturity over a one year term for Chile. The debt to be considered is that issued as fixed income by Chilean companies listed on the Santiago Stock Exchange. This research is conducted within a theoretical framework of agency costs, tax hypothesis, and debt signaling hypothesis. Methods: To carry out the analysis, we will employ a panel of data based on annual financial information for the period between 2002 and 2012 obtained from Bloomberg. With this, we perform a pooled regression, a model with fixed-effects, and another with random-effects. Results: After analyzing a sample of 434 observations for 50 companies with 52.8% of their debt having a maturity greater than one year, an asset maturity of 29.26 years, and an effective tax rate of 18.2%, we find the following results.The ratio between the market value and the book value is statistically significant and has the expected negative sign. We find that both size and regulation are statistically significant and have a positive sign. The results obtained for the tax variable indicate that it is not statistically significant, which is consistent with international evidence. Furthermore, the estimated coefficient for the maturity of assets is not statistically significant, which contradicts some of the ideas proposed by Myers (1977 EL TRIMESTRE ECONÓMICO, vol. LXXXIV (2), núm. 334, abril-junio de 2017, pp. 411-425 EL TRIMESTRE ECONÓMICO 334 412The quality variable is statistically significant at the 5 percent level of significance in all of the regressions; however, it does not have the expected negative sign. Finally, most of the results are consistent with the international evidence; hence, the determinants of debt maturity in Chile are similar to those found in other countries, such as the US, the UK and Spain. Conclusions: Large firms (and/or those whose size is regulated) with low growth opportunities have a greater proportion of their debt with a maturity of more than one year. The evidence also suggests that firms exposed to high information asymmetries issue proportionally more short-term than long-term debt. Meanwhile, we found no conclusive evidence that firms seek to match the maturity of their assets with that of their debt, or that they seek to issue debt with a maturity of more than one year in order to take advantage of tax benefits. Key words: debt maturity, information asymmetry, panel data. JEL Classification:C2, C23, G3, G32. RESUMENAntecedentes: El objetivo de este artículo es proveer un análisis empírico de los determinantes de la madurez de la deuda con plazo mayor a un año. La deuda analizada es aquella emitida como renta fija por empresas chilenas cotizadas en la Bolsa de Valores de Santiago, en Chile. La investigación se contextualiza en el marco de la teoría de costos de agencia, hipótesis fiscal y señalización por medio de la emisión de deuda. Métodos: Para llevar a cabo el análisis utilizaremos un panel de datos construid...
This article aims to measure the impact on CODELCO debt financial spreads as a result of the changes in various factors, mainly resulting from the fall in copper prices. In this sense, the article addresses a public policy issue in todays Chile, because of the low copper prices, that have reduced the company's contributions to the treasury. The analysis is performed with a sample of data that is quarterly arranged and range from 2003 to 2015, and the goal is to measure the debt spread determinants from a credit risk perspective. As expected, the relationship between the average maturity of the bonds and the spread is inverse, the probability of "default" and the bond spread relate positively and the price of copper is related negatively with the bond spread. Contrary to what is expected risk classification is not statistically significant and the cash to total assets is positively related with the bond spread JEL Classification: G38. Key Words: Bond Spread, State owned Enterprise, Copper Price, Credit Risk, UnderCapitalization.Determinantes del spread de los bonos corporativos de compañías estatales. El caso de CODELCO. ResumenEste artículo busca medir el impacto en el spread de la deuda financiera de CODELCO como resultado del cambio en varios factores, especialmente la caída del precio del cobre. En este sentido, el artículo aborda un asunto relacionado a las políticas públicas de Chile, ya que la baja en el precio del cobre ha reducido la contribución de la compañía al estado. El análisis es llevado a cabo con una muestra de datos trimestral que comprende un periodo entre 2003 y 2015, y el objetivo es medir los determinantes del spread desde la perspectiva del riesgo de crédito. Como se esperaba la relación entre la madurez promedio de los bonos y el spread es inversa, la probabilidad de default y el spread se relacionan positivamente y el precio del cobre se relaciona negativamente con el spread. Contrario a lo esperado, la clasificación de riesgo no es estadísticamente significativa y la razón entre caja y activos totales se relaciona positivamente con el spread de los bonos.
Within the context of an exploration of the recent financial geographies literature, which laments the lack of attention paid to the dynamics and impacts of financial globalisation in Latin America and the global South, this paper examines the links between exclusion from formal financial services provision for low-income sectors across Latin America and the unstable nature of regional financial services architecture and economies. The paper examines a range of issues, including control of the financial services infrastructure by foreign corporations, the role of regional elites and (as importantly) the decision making processes of the poor themselves. This contextual analysis is employed to investigate the premise that the future sustainability of Latin American economies and societies more than ever depends on what efforts are made to develop the extension of financial services provision for the excluded and in so doing broaden the complexity, increase the heterogeneity and enhance the stability of the region's economies. To this end, the paper outlines the technical and non-technical barriers to banking the unbanked in the region within the context of an engagement with the dynamics of the radical changes in the international financial services sector that have impacted upon the region over recent years.
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