Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage
We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownershi...
- Autores:
-
Muñoz Mendoza, Jorge A.
Sepúlveda Yelpo, Sandra M.
Veloso Ramos, Carmen L.
- Tipo de recurso:
- Fecha de publicación:
- 2020
- Institución:
- Universidad EAFIT
- Repositorio:
- Repositorio EAFIT
- Idioma:
- eng
- OAI Identifier:
- oai:repository.eafit.edu.co:10784/17634
- Acceso en línea:
- http://hdl.handle.net/10784/17634
- Palabra clave:
- Abnormal returns
Debt
Capital structure
Wealth expropriation
Retornos anormales
Deuda
Estructura de capital
Expropiación de riqueza
- Rights
- License
- Copyright © 2020 Jorge A. Muñoz Mendoza, Sandra M. Sepúlveda Yelpo, Carmen L. Veloso Ramos
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees2020-02-282020-09-04T16:41:25Z2020-02-282020-09-04T16:41:25Z1657-4206http://hdl.handle.net/10784/17634We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect.En este artículo analizamos los efectos de la estructura de propiedad, estructura de capital y las oportunidades de crecimiento sobre la reacción del precio de las acciones cuando las empresas emiten deuda o capital. Nuestros resultados, basados en la metodología de análisis de eventos y regresiones IV sobre una muestra de 70 empresas chilenas, indican que la propiedad de los accionistas controladores tiene un efecto negativo en la reacción del precio de las acciones cuando las empresas emiten deuda y positivo cuando emiten acciones. Este resultado indica que las emisiones de deuda son un sustituto del control mayoritario de los accionistas y las emisiones de capital se asocian con un mayor desempeño corporativo. Las emisiones de capital son un medio para expropiar riqueza de los accionistas no controladores. Las oportunidades de deuda y crecimiento tienen un efecto no lineal.application/pdfengUniversidad EAFIThttps://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6352https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6352Copyright © 2020 Jorge A. Muñoz Mendoza, Sandra M. Sepúlveda Yelpo, Carmen L. Veloso RamosAcceso abiertohttp://purl.org/coar/access_right/c_abf2Ecos de Economía, Vol. 23, Núm. 49 (2019)Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverageReacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leveragearticleinfo:eu-repo/semantics/articlepublishedVersioninfo:eu-repo/semantics/publishedVersionArtículohttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Abnormal returnsDebtCapital structureWealth expropriationRetornos anormalesDeudaEstructura de capitalExpropiación de riquezaMuñoz Mendoza, Jorge A.5b5cf96f-65ec-4296-8a08-bfdd2da8a3e0-1Sepúlveda Yelpo, Sandra M.e45c973d-812a-4d5e-931a-7a895da80f20-1Veloso Ramos, Carmen L.79a359af-4953-41d9-84c1-a510611e9dcf-1Universidad de ConcepciónEcos de economía23497194THUMBNAILminaitura-ecos_Mesa de trabajo 1.jpgminaitura-ecos_Mesa de trabajo 1.jpgimage/jpeg251248https://repository.eafit.edu.co/bitstreams/03a83b9b-9d9d-4d78-b4f0-803de522f19d/download9b15d674b076c1793a0bc25cebb1bcefMD51ORIGINAL6352-Article Text-21791-1-10-20200528.pdf6352-Article Text-21791-1-10-20200528.pdfTexto completo PDFapplication/pdf384842https://repository.eafit.edu.co/bitstreams/666f9057-62cf-49c7-b04b-e93e15aaddad/download00c699d034251317f9018cb62b6c176bMD52articulo.htmlarticulo.htmlTexto completo HTMLtext/html378https://repository.eafit.edu.co/bitstreams/ca2fc31a-b72f-4595-bcef-0ae0024e4aef/download87ad28a1e5649b5aad1308a78e8b99a7MD5310784/17634oai:repository.eafit.edu.co:10784/176342024-12-04 11:48:11.585open.accesshttps://repository.eafit.edu.coRepositorio Institucional Universidad EAFITrepositorio@eafit.edu.co |
| dc.title.eng.fl_str_mv |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| dc.title.spa.fl_str_mv |
Reacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leverage |
| title |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| spellingShingle |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage Abnormal returns Debt Capital structure Wealth expropriation Retornos anormales Deuda Estructura de capital Expropiación de riqueza |
| title_short |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| title_full |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| title_fullStr |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| title_full_unstemmed |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| title_sort |
Stock price reactions to capital structure changes in Chilean firms: Examining the effects of ownership structure, growth opportunities and leverage |
| dc.creator.fl_str_mv |
Muñoz Mendoza, Jorge A. Sepúlveda Yelpo, Sandra M. Veloso Ramos, Carmen L. |
| dc.contributor.author.spa.fl_str_mv |
Muñoz Mendoza, Jorge A. Sepúlveda Yelpo, Sandra M. Veloso Ramos, Carmen L. |
| dc.contributor.affiliation.spa.fl_str_mv |
Universidad de Concepción |
| dc.subject.keyword.eng.fl_str_mv |
Abnormal returns Debt Capital structure Wealth expropriation |
| topic |
Abnormal returns Debt Capital structure Wealth expropriation Retornos anormales Deuda Estructura de capital Expropiación de riqueza |
| dc.subject.keyword.spa.fl_str_mv |
Retornos anormales Deuda Estructura de capital Expropiación de riqueza |
| description |
We analyzed the effects of ownership structure, capital structure and growth opportunities on stock price reactions when companies issued debt or equity. Our results, based on event study methodology and IV regressions from a sample of 70 Chilean firms, indicate that controlling shareholder ownership has a negative effect on stock price reactions for debt issuances and a positive effect for equity issuance. These results indicate that debt issuances are a substitute for majority shareholder monitoring, and that equity issuances are associated with superior corporate performance. Equity issuances are a means for expropriating wealth from non-controlling shareholders. Debt and growth opportunities have a non-linear effect. |
| publishDate |
2020 |
| dc.date.available.none.fl_str_mv |
2020-09-04T16:41:25Z |
| dc.date.issued.none.fl_str_mv |
2020-02-28 |
| dc.date.accessioned.none.fl_str_mv |
2020-09-04T16:41:25Z |
| dc.date.none.fl_str_mv |
2020-02-28 |
| dc.type.eng.fl_str_mv |
article info:eu-repo/semantics/article publishedVersion info:eu-repo/semantics/publishedVersion |
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http://purl.org/coar/version/c_970fb48d4fbd8a85 |
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http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 |
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Artículo |
| status_str |
publishedVersion |
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1657-4206 |
| dc.identifier.uri.none.fl_str_mv |
http://hdl.handle.net/10784/17634 |
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1657-4206 |
| url |
http://hdl.handle.net/10784/17634 |
| dc.language.iso.none.fl_str_mv |
eng |
| language |
eng |
| dc.relation.isversionof.none.fl_str_mv |
https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6352 |
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https://publicaciones.eafit.edu.co/index.php/ecos-economia/article/view/6352 |
| dc.rights.eng.fl_str_mv |
Copyright © 2020 Jorge A. Muñoz Mendoza, Sandra M. Sepúlveda Yelpo, Carmen L. Veloso Ramos |
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http://purl.org/coar/access_right/c_abf2 |
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Acceso abierto |
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Copyright © 2020 Jorge A. Muñoz Mendoza, Sandra M. Sepúlveda Yelpo, Carmen L. Veloso Ramos Acceso abierto http://purl.org/coar/access_right/c_abf2 |
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application/pdf |
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Medellín de: Lat: 06 15 00 N degrees minutes Lat: 6.2500 decimal degrees Long: 075 36 00 W degrees minutes Long: -75.6000 decimal degrees |
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Universidad EAFIT |
| dc.source.spa.fl_str_mv |
Ecos de Economía, Vol. 23, Núm. 49 (2019) |
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