La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina

Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no pro...

Full description

Autores:: Vásquez-Tejos, Francisco Javier
Pape-Larre, Hernan

Tipo de recurso:: Article of investigation

Fecha de publicación:: 2021

Institución:: Universidad Católica de Colombia

Repositorio:: RIUCaC - Repositorio U. Católica

Idioma:: eng

id	UCATOLICA2_76cf3d3a24d6c5d9ae734c038d3d3089
oai_identifier_str	oai:repository.ucatolica.edu.co:10983/29447
network_acronym_str	UCATOLICA2
network_name_str	RIUCaC - Repositorio U. Católica
repository_id_str
dc.title.spa.fl_str_mv	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
dc.title.translated.eng.fl_str_mv	Market Timing and Pecking Order Theory in Latin America
title	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
spellingShingle	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
title_short	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_fullStr	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full_unstemmed	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_sort	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
dc.creator.fl_str_mv	Vásquez-Tejos, Francisco Javier Pape-Larre, Hernan
dc.contributor.author.spa.fl_str_mv	Vásquez-Tejos, Francisco Javier Pape-Larre, Hernan
dc.subject.eng.fl_str_mv	Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile
topic	Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
dc.subject.spa.fl_str_mv	Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
description	Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas.
publishDate	2021
dc.date.accessioned.none.fl_str_mv	2021-09-08 00:00:00 2023-01-23T16:16:06Z
dc.date.available.none.fl_str_mv	2021-09-08 00:00:00 2023-01-23T16:16:06Z
dc.date.issued.none.fl_str_mv	2021-09-08
dc.type.spa.fl_str_mv	Artículo de revista
dc.type.coar.eng.fl_str_mv	http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.coarversion.eng.fl_str_mv	http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.content.eng.fl_str_mv	Text
dc.type.driver.eng.fl_str_mv	info:eu-repo/semantics/article
dc.type.local.eng.fl_str_mv	Journal article
dc.type.redcol.eng.fl_str_mv	http://purl.org/redcol/resource_type/ART
dc.type.version.eng.fl_str_mv	info:eu-repo/semantics/publishedVersion
format	http://purl.org/coar/resource_type/c_2df8fbb1
status_str	publishedVersion
dc.identifier.doi.none.fl_str_mv	10.14718/revfinanzpolitecon.v13.n2.2021.4
dc.identifier.eissn.none.fl_str_mv	2011-7663
dc.identifier.issn.none.fl_str_mv	2248-6046
dc.identifier.uri.none.fl_str_mv	https://hdl.handle.net/10983/29447
dc.identifier.url.none.fl_str_mv	https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4
identifier_str_mv	10.14718/revfinanzpolitecon.v13.n2.2021.4 2011-7663 2248-6046
url	https://hdl.handle.net/10983/29447 https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4
dc.language.iso.eng.fl_str_mv	eng
language	eng
dc.relation.bitstream.none.fl_str_mv	https://revfinypolecon.ucatolica.edu.co/article/download/3674/4013 https://revfinypolecon.ucatolica.edu.co/article/download/3674/3918 https://revfinypolecon.ucatolica.edu.co/article/download/3674/4248
dc.relation.citationedition.spa.fl_str_mv	Núm. 2 , Año 2021 : Vol. 13 Núm. 2 (2021)
dc.relation.citationendpage.none.fl_str_mv	370
dc.relation.citationissue.spa.fl_str_mv	2
dc.relation.citationstartpage.none.fl_str_mv	345
dc.relation.citationvolume.spa.fl_str_mv	13
dc.relation.ispartofjournal.spa.fl_str_mv	Revista Finanzas y Política Económica
dc.relation.references.eng.fl_str_mv	Adair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon french SMEs (2002-2010). Cogent Economics and Finance, 3(1), 1-12. https://doi.org/10.1080/23322039.2015.1006477 Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098 Almahadin, H. A., & Oroud, Y. S. (2020). Capital Structure-Firm Value Nexus: Moderating Role of Profitability. Revista Finanzas y Política Económica, 11(2), 375-386. https://doi.org/10.14718/revfinanzpolitecon.2019.11.2.9 Alti, A. (2006). How Persistent Is the Impact of Market Timing on Capital Structure ? Journal of Finance, 51(4), 1681-1710. https://doi.org/10.1111/j.1540-6261.2006.00886.x Arosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005 Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320 Chen, D. H., Chen, C. Da, Chen, J., & Huang, Y. F. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance, 27, 1-13. https://doi.org/10.1016/j.iref.2012.09.011 Chen, J. J. (2004). Determinants of Capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5 Chirinko, R. S., & Singha, A. R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58(3), 417-425. https://doi.org/10.1016/S0304-405X(00)00078-7 Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159 Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.x Ebaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385 ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001 Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-x Espinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363 Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003 Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0 Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA. Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08 Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152 Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6 Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18. Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946 Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3 Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499 Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007 Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720 Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343 Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297. Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443. Myers, S. C. (1977). Determinants of corporate Borrowing. Journal of FinancialEconomics, (5), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0 Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, (39), 575-592. https://doi.org/10.2307/2327916 Myers, S. C., & Majluf, N. (1984). Corporate Financing and Invesment Decisions when Firms Have Information that Investors. Journal of Financial Economics, (13), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 San Martín, P., & Saona, P. (2017). Capital structure in the Chilean corporate sector: Revisiting the stylized facts. Research in International Business and Finance, 40, 163-174. https://doi.org/10.1016/j.ribaf.2017.01.004 Setyawan, I. R. (2015). An Empirical Study on Market Timing Theory of Capital Structure. Management Science Letters, 4(2), 2863-2868. https://doi.org/10.5267/j.msl.2012.09.025 Shyam-Sunder, L., & Stewart C. Myers. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8 Yang, B. (2013). Dynamic capital structure with heterogeneous beliefs and market timing. Journal of Corporate Finance, 22(1), 254-277. https://doi.org/10.1016/j.jcorpfin.2013.05.003 Zavertiaeva, M., & Nechaeva, I. (2017). Impact of Market Timing on the Capital Structure of Russian Companies. Journal of Economics and Business, 92, 10-28. https://doi.org/10.1016/j.jeconbus.2017.04.001 Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory? Quarterly Review of Economics https://doi.org/10.2139/ssrn.2747749
dc.rights.eng.fl_str_mv	Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021
dc.rights.accessrights.eng.fl_str_mv	info:eu-repo/semantics/openAccess
dc.rights.coar.eng.fl_str_mv	http://purl.org/coar/access_right/c_abf2
dc.rights.uri.eng.fl_str_mv	https://creativecommons.org/licenses/by-nc-sa/4.0
rights_invalid_str_mv	Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021 http://purl.org/coar/access_right/c_abf2 https://creativecommons.org/licenses/by-nc-sa/4.0
eu_rights_str_mv	openAccess
dc.format.mimetype.eng.fl_str_mv	text/html application/pdf text/xml
dc.publisher.spa.fl_str_mv	Universidad Católica de Colombia
dc.source.eng.fl_str_mv	https://revfinypolecon.ucatolica.edu.co/article/view/3674
institution	Universidad Católica de Colombia
bitstream.url.fl_str_mv	https://repository.ucatolica.edu.co/bitstreams/3cd10ab7-116e-43e0-b018-3fde55ae6049/download
bitstream.checksum.fl_str_mv	62a06c408cbd60049d88b32bdbff8daa
bitstream.checksumAlgorithm.fl_str_mv	MD5
repository.name.fl_str_mv	Repositorio Institucional Universidad Católica de Colombia - RIUCaC
repository.mail.fl_str_mv	bdigital@metabiblioteca.com
_version_	1812183431507869696
spelling	Vásquez-Tejos, Francisco Javier1147a12b-e01f-40c3-ae7b-0a865f409bd9Pape-Larre, Hernan8ca7dc98-43f6-4218-8463-bec9aeef589b2021-09-08 00:00:002023-01-23T16:16:06Z2021-09-08 00:00:002023-01-23T16:16:06Z2021-09-08Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas.This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.text/htmlapplication/pdftext/xml10.14718/revfinanzpolitecon.v13.n2.2021.42011-76632248-6046https://hdl.handle.net/10983/29447https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4engUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/3674/4013https://revfinypolecon.ucatolica.edu.co/article/download/3674/3918https://revfinypolecon.ucatolica.edu.co/article/download/3674/4248Núm. 2 , Año 2021 : Vol. 13 Núm. 2 (2021)370234513Revista Finanzas y Política EconómicaAdair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon french SMEs (2002-2010). Cogent Economics and Finance, 3(1), 1-12. https://doi.org/10.1080/23322039.2015.1006477Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098Almahadin, H. A., & Oroud, Y. S. (2020). Capital Structure-Firm Value Nexus: Moderating Role of Profitability. Revista Finanzas y Política Económica, 11(2), 375-386. https://doi.org/10.14718/revfinanzpolitecon.2019.11.2.9Alti, A. (2006). How Persistent Is the Impact of Market Timing on Capital Structure ? Journal of Finance, 51(4), 1681-1710. https://doi.org/10.1111/j.1540-6261.2006.00886.xArosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320Chen, D. H., Chen, C. Da, Chen, J., & Huang, Y. F. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance, 27, 1-13. https://doi.org/10.1016/j.iref.2012.09.011Chen, J. J. (2004). Determinants of Capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5Chirinko, R. S., & Singha, A. R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58(3), 417-425. https://doi.org/10.1016/S0304-405X(00)00078-7Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.xEbaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-xEspinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA.Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18.Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.xModigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297.Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443.Myers, S. C. (1977). Determinants of corporate Borrowing. Journal of FinancialEconomics, (5), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, (39), 575-592. https://doi.org/10.2307/2327916Myers, S. C., & Majluf, N. (1984). Corporate Financing and Invesment Decisions when Firms Have Information that Investors. Journal of Financial Economics, (13), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0San Martín, P., & Saona, P. (2017). Capital structure in the Chilean corporate sector: Revisiting the stylized facts. Research in International Business and Finance, 40, 163-174. https://doi.org/10.1016/j.ribaf.2017.01.004Setyawan, I. R. (2015). An Empirical Study on Market Timing Theory of Capital Structure. Management Science Letters, 4(2), 2863-2868. https://doi.org/10.5267/j.msl.2012.09.025Shyam-Sunder, L., & Stewart C. Myers. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8Yang, B. (2013). Dynamic capital structure with heterogeneous beliefs and market timing. Journal of Corporate Finance, 22(1), 254-277. https://doi.org/10.1016/j.jcorpfin.2013.05.003Zavertiaeva, M., & Nechaeva, I. (2017). Impact of Market Timing on the Capital Structure of Russian Companies. Journal of Economics and Business, 92, 10-28. https://doi.org/10.1016/j.jeconbus.2017.04.001Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory? Quarterly Review of Economics https://doi.org/10.2139/ssrn.2747749Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.https://creativecommons.org/licenses/by-nc-sa/4.0https://revfinypolecon.ucatolica.edu.co/article/view/3674Capital structureMarket timing theoryPecking order theoryLatin americaMexicoPerúBrasilChileEstructura de capitalTeoría de sincronización de mercadoTeoría de orden jerárquicoLatinoaméricaBrasilChileMéxicoPerúLa Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca LatinaMarket Timing and Pecking Order Theory in Latin AmericaArtículo de revistahttp://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Textinfo:eu-repo/semantics/articleJournal articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionPublicationOREORE.xmltext/xml2628https://repository.ucatolica.edu.co/bitstreams/3cd10ab7-116e-43e0-b018-3fde55ae6049/download62a06c408cbd60049d88b32bdbff8daaMD5110983/29447oai:repository.ucatolica.edu.co:10983/294472023-06-16 12:22:03.444https://creativecommons.org/licenses/by-nc-sa/4.0Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina

Publicaciones similares