Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital

El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la  estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 em...

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Autores:
Panosso, Oderson
Moreno-de Lima, Gleice Carvalho
Da Silva, Tarcisio Pedro
Castro-de Carvalho, Luciano
Tipo de recurso:
Article of investigation
Fecha de publicación:
2022
Institución:
Universidad Católica de Colombia
Repositorio:
RIUCaC - Repositorio U. Católica
Idioma:
eng
OAI Identifier:
oai:repository.ucatolica.edu.co:10983/29488
Acceso en línea:
https://hdl.handle.net/10983/29488
https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8
Palabra clave:
national culture
capital structure
performance
corporate finance
governance
Cultura nacional
Estructura del capital
rendimiento
finanzas corporativas
gobierno corporativo
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openAccess
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dc.title.spa.fl_str_mv Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
dc.title.translated.eng.fl_str_mv Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance
title Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
spellingShingle Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
national culture
capital structure
performance
corporate finance
governance
Cultura nacional
Estructura del capital
rendimiento
finanzas corporativas
gobierno corporativo
title_short Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
title_full Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
title_fullStr Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
title_full_unstemmed Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
title_sort Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
dc.creator.fl_str_mv Panosso, Oderson
Moreno-de Lima, Gleice Carvalho
Da Silva, Tarcisio Pedro
Castro-de Carvalho, Luciano
dc.contributor.author.spa.fl_str_mv Panosso, Oderson
Moreno-de Lima, Gleice Carvalho
Da Silva, Tarcisio Pedro
Castro-de Carvalho, Luciano
dc.subject.eng.fl_str_mv national culture
capital structure
performance
corporate finance
governance
topic national culture
capital structure
performance
corporate finance
governance
Cultura nacional
Estructura del capital
rendimiento
finanzas corporativas
gobierno corporativo
dc.subject.spa.fl_str_mv Cultura nacional
Estructura del capital
rendimiento
finanzas corporativas
gobierno corporativo
description El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la  estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de las empresas, probando que la cultura influye en la relación entre estructura y rendimiento. Finalmente, se examinaron por separados los mercados emergentes y desarrollados, y se demostró que en los  mercados emergentes la relación de la estructura con el rendimiento respecto a la moderación cultural se vio menos afectada por la cultura nacional (individualismo y aversión a la incertidumbre) que en los países desarrollados.
publishDate 2022
dc.date.accessioned.none.fl_str_mv 2022-06-29 00:00:00
2023-01-23T16:16:33Z
dc.date.available.none.fl_str_mv 2022-06-29 00:00:00
2023-01-23T16:16:33Z
dc.date.issued.none.fl_str_mv 2022-06-29
dc.type.spa.fl_str_mv Artículo de revista
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dc.relation.references.eng.fl_str_mv Antonczyk, R. C., & Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151. https://doi.org/10.1016/j.ribaf.2013.06.005
Baker, M., Ruback, R. S., & Wurgler, J. (2007). Behavioral corporate finance. In E.B. Eckbo (Ed.), Handbook of empirical corporate finance (pp. 145-186). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50018-4
Bastos, D. D., & Nakamura, W. T. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50).
Bastos, D. D., Nakamura, W. T., & Cruz, L. B. (2009). Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais. RAM. Revista de Administração Mackenzie, 10(6), 47-77. https://doi.org/10.1590/S1678-69712009000600005
Berger, A. N., & Di Patti, E. B. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065-1102. https://doi.org/10.1016/j.jbankfin.2005.05.015
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spelling Panosso, Oderson3fc5f150-67e7-4798-b688-f65c4f24d43b300Moreno-de Lima, Gleice Carvalho a24172a2-8687-4eec-ab25-88221c485d38Da Silva, Tarcisio Pedro755a706e-ad67-4192-9198-c2771c7e1813Castro-de Carvalho, Luciano952d2893-8d12-4bcd-bfc7-b9687b0593912022-06-29 00:00:002023-01-23T16:16:33Z2022-06-29 00:00:002023-01-23T16:16:33Z2022-06-29El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la  estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de las empresas, probando que la cultura influye en la relación entre estructura y rendimiento. Finalmente, se examinaron por separados los mercados emergentes y desarrollados, y se demostró que en los  mercados emergentes la relación de la estructura con el rendimiento respecto a la moderación cultural se vio menos afectada por la cultura nacional (individualismo y aversión a la incertidumbre) que en los países desarrollados.The purpose of this study was to analyze the influence of two dimensions of national culture (individualism and uncertainty avoidance) in the relationship between the choice of capital structure formation and the performance of companies in the G20 countries from 2013 to 2018, all in the industrial segment. The companies that made up the sample totaled 3,431, all in the G20 countries, with a total of 14,743 observations. The analyses were performed by means of econometric structural equations. The results showed a significant and positive relationship between the capital structure and the performance of companies. Also, the capital structure variable and the cultural dimensions of individualism and uncertainty avoidance were positively and statistically significant in the performance of  companies, proving that culture has an influence on the relationship between structure and performance. Finally, emerging and developed markets were checked separately, demonstrating that in emerging markets the relationship of structure with performance to culture moderation was less affected by national culture (individualism and uncertainty avoidance) than in the developed countries.text/htmlapplication/pdftext/xml10.14718/revfinanzpolitecon.v14.n2.2022.82011-76632248-6046https://hdl.handle.net/10983/29488https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8engUniversidad Católica de Colombiahttps://revfinypolecon.ucatolica.edu.co/article/download/4515/4370https://revfinypolecon.ucatolica.edu.co/article/download/4515/4324https://revfinypolecon.ucatolica.edu.co/article/download/4515/4392Núm. 2 , Año 2022 : Vol. 14 Núm. 2 (2022)539251314Revista Finanzas y Política EconómicaAntonczyk, R. C., & Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151. https://doi.org/10.1016/j.ribaf.2013.06.005Baker, M., Ruback, R. S., & Wurgler, J. (2007). Behavioral corporate finance. In E.B. Eckbo (Ed.), Handbook of empirical corporate finance (pp. 145-186). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50018-4Bastos, D. D., & Nakamura, W. T. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50).Bastos, D. D., Nakamura, W. T., & Cruz, L. B. (2009). Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais. RAM. Revista de Administração Mackenzie, 10(6), 47-77. https://doi.org/10.1590/S1678-69712009000600005Berger, A. N., & Di Patti, E. B. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. 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John Wiley & Sons. https://doi.org/10.1002/9781444301489Oderson Panosso, Gleice Carvalho de Lima, Tarcisio Pedro da Silva, Luciano Castro de Carvalho - 2022info: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/4515national culturecapital structureperformancecorporate financegovernanceCultura nacionalEstructura del capitalrendimientofinanzas corporativasgobierno corporativoCultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capitalCulture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and PerformanceArtículo 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/xml2893https://repository.ucatolica.edu.co/bitstreams/fffab023-c3dd-4c9e-86c8-65158d319120/download21da54c84c02ca38537988bce10523e4MD5110983/29488oai:repository.ucatolica.edu.co:10983/294882023-03-24 14:34:01.356https://creativecommons.org/licenses/by-nc-sa/4.0Oderson Panosso, Gleice Carvalho de Lima, Tarcisio Pedro da Silva, Luciano Castro de Carvalho - 2022https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

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