Estrutura de capital na perspectiva da teoria Pecking Order e Assimetria da Informação nas empresas brasileiras, chilenas e mexicanas no período de 1999 a 2013

Fiirst, Clóvis; Cunha, Leila Chaves; Silva, Tarcísio Pedro da

doi:10.11144/javeriana.cc18-46.ecpt

Cited by 3 publications

(3 citation statements)

References 26 publications

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“…Research carried out by Bastos et al (2009), Espinosa et al (2012), Rodrigues et al (2017), Fiirst et al (2017) and Rodrigues and Santos (2018) analyzed the behavior of the capital structure of companies in Latin American countries (Brazil, Argentina, Chile, Mexico, Colombia and Peru), whose analysis periods for each study were from 1998 to 2013, rescuing the POT and TOT.…”

Section: Literature Reviewmentioning

confidence: 99%

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Capital structure, stock exchanges in Chile: 2007 to 2016

Henrique

Silva

Saporito

2021

JEFAS

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PurposeThe article consists of analyzing the behavior of the determinants of the capital structure of Chilean companies between 2007 and 2016. The objective of this study was achieved through a typology of research based on bibliographic, documentary, exploratory and explanatory, considering annual financial reports from Economática in the chosen period.Design/methodology/approachAs this is a research study with a quantitative approach, the statistical tools used were descriptive analysis, Pearson correlation, variance inflation factor (VIF) and panel regression.FindingsThe results show that Chilean companies (240) have higher and costly long-term debt. These companies have high averages in current liquidity, return to shareholders, growth in sales and assets and market-to-book (MTB). Long-term debt was highlighted with an explanatory power of 85%. Current liquidity was highlighted as being significant in most of the indebtedness proposed in the survey, failing to register brands like this in expensive short-term and long-term indebtedness. It is noticed that flip flops companies are more prone to the pecking order theory (POT). The gap occupied by this study is linked to research involving South American countries, especially the Chilean market, and the determinants of the capital structure.Originality/valueAs future research, it is suggested to include other types of variables related to indebtedness and the same action for its determinants, in addition to the speed technique of adjusting corporate debts.

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Section: Literature Reviewmentioning

confidence: 99%

“…Studies such as Bastos et al (2009), Espinosa et al (2012), Rodrigues et al (2017), Fiirst et al (2017) and Rodrigues and Santos (2018) analyzed Latin American countries, in particular the behavior of the capital structure of Chilean companies.…”

Section: Literature Reviewmentioning

confidence: 99%

Capital structure, stock exchanges in Chile: 2007 to 2016

Henrique

Silva

Saporito

2021

JEFAS

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“…Estudos demonstram a preferência da utilização da teoria da Pecking Order na realidade das empresas brasileiras em detrimento às outras teorias de estrutura de capital como por exemplo a Trade-off 1 (Douglas Dias Correa, Basso, & Nakamura, 2013;Fiirst, Cunha, & da Silva, 2017;Medeiros & Daher, 2005).…”

Section: Pecking Orderunclassified

Os efeitos do capital do giro de empresas multinacionais em períodos de crise no desempenho: um recorte regional

Júnior¹

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This study aimed to understand the impact of working capital management and internationalization on performance of Brazilian companies in periods of crisis. The subject proved to be relevant considering the crisis that the country went through between 2015 and 2016 and which according to economic data, has not been overcome yet. To this end, the sample was composed of 723 listed companies in B3, and the hypotheses were tested using econometric models with fixed effects using panel data regression. The findings showed that in case of interaction of working capital and internationalization, there are two optimal points to be pursued by management to achieve maximum performance in period of crisis. However, when analyzing results of the robustness tests, it appears that when performing the procedure of centralization of the variables, the interaction of working capital with internationalization loses its significance. As limitations, we consider the short period of analysis and the beginning restricted to 2010 due to the lack of data. As implications for future research, it is suggested analyzing and verifying whether internationalized companies from developed countries have the same relation with performance found in Brazilian companies in period of crisis. The theoretical gap found was that, previous studies have not considered the combined effects of internationalization as a driver and the crisis as a performance reducer in organizations.

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Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana

Lizarazo

Vargas

García

2022

Finanz. polit. econ

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El propósito de este estudio es verificar si los gerentes de los sectores agropecuario, transporte y almacenamiento, turismo y alimentación de Colombia siguen una jerarquía de preferencias o Pecking Order al definir la estructura de capital de sus empresas. Mediante Bloomberg y EMIS se obtienen estados financieros de 1548 firmas entre 2017 y 2020 y se construyen tres modelos de análisis de datos de panel con efectos fijos, uno por sector. Se evidencia una relación negativa entre rentabilidad y utilidades acumuladas con el nivel de endeudamiento en los sectores agropecuario y turismo y alimentación. También se encuentra que el nivel de endeudamiento del sector turismo y alimentación aumentó con la crisis económica generada por el COVID-19, mientras el del sector agropecuario disminuyó. Se concluye que en estos sí existe una jerarquía de preferencias, no así en el sector transporte y almacenamiento, donde se observa únicamente una relación negativa con la rentabilidad.

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Estrutura de capital na perspectiva da teoria Pecking Order e Assimetria da Informação nas empresas brasileiras, chilenas e mexicanas no período de 1999 a 2013

Cited by 3 publications

References 26 publications

Capital structure, stock exchanges in Chile: 2007 to 2016

Capital structure, stock exchanges in Chile: 2007 to 2016

Os efeitos do capital do giro de empresas multinacionais em períodos de crise no desempenho: um recorte regional

Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana

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