Nivel de apalancamiento y estabilidad financiera empresarial: el caso de firmas de Colombia y Argentina
This paper aims to explain the effect of financial instability on the capital structure of firms in two emerging markets: Colombia and Argentina. For the analysis, the study uses an unbalanced panel dataset with 167 companies, with quarterly data between 2005 and 2015, and regressions with the rando...
- Autores:
-
Gil-León, José Mauricio
Rosso-Murillo, John William
Ocampo-Rodríguez, Juan Diego
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 2018
- Institución:
- Universidad Católica de Colombia
- Repositorio:
- RIUCaC - Repositorio U. Católica
- Idioma:
- spa
- OAI Identifier:
- oai:repository.ucatolica.edu.co:10983/22804
- Acceso en línea:
- https://hdl.handle.net/10983/22804
- Palabra clave:
- CRISIS FINANCIERA
ESTABILIDAD FINANCIERA
ESTRUCTURA DE CAPITAL
NIVEL DE APALANCAMIENTO
- Rights
- openAccess
- License
- Derechos Reservados - Universidad Católica de Colombia, 2018
| Summary: | This paper aims to explain the effect of financial instability on the capital structure of firms in two emerging markets: Colombia and Argentina. For the analysis, the study uses an unbalanced panel dataset with 167 companies, with quarterly data between 2005 and 2015, and regressions with the random-effects method. The results show that lower liquidity level and losses during two or more consecutive quarters increase the level of leverage in companies; therefore, signs of financial insolvency lead firms to become over-indebted and to reproduce the same conditions that lead to the emergence of a financial crisis |
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