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  • 标题:Country Factors and Dynamic Capital Structure in Latin American Firms
  • 本地全文:下载
  • 作者:Leonel Rodrigues Bogéa Sobrinho ; Hsia Hua Sheng ; Mayra Ivanoff Lora
  • 期刊名称:Brazilian Review of Finance
  • 印刷版ISSN:1984-5146
  • 出版年度:2012
  • 卷号:10
  • 期号:2
  • 页码:267-284
  • 语种:English
  • 出版社:Link to the Brazilian Society of Finance
  • 摘要:We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary by country, local idiosyncrasies are key determinants of firms’ leverage among Brazilian, Chilean and Mexican firms, and that factors other than firm-specific characteristics influence the financing decision processes of Latin American managers
  • 其他摘要:We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary by country, local idiosyncrasies are key determinants of firms’ leverage among Brazilian, Chilean and Mexican firms, and that factors other than firm-specific characteristics influence the financing decision processes of Latin American managers
  • 关键词:capital structure;adjustment costs;dynamic models;country-specific factors;firm-specific factors;estrutura de capital;custos de ajustamento;modelos dinâmicos;fatores específicos de país;fatores específicos de empresa
  • 其他关键词:Corporate Finance; Financial Market; Multinational Finance;capital structure; adjustment costs; dynamic models; country-specific factors; firm-specific factors;C33; C34; C41; G32
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