Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies

The objective of this research was to examine the influence of macroeconomic and institutional factors when determining the capital structure of Latin American companies from 2009 to 2014, and also analyze if the significance of these factors to explain the capital structure of the companies is chan...

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Autores principales:	Cláudio Bernardo, Tatiana Albanez, José Roberto Securato
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2018
Materias:	capital structure macroeconomic factors institutional factors hierarchical linear models financing decisions Business HF5001-6182
Acceso en línea:	https://doaj.org/article/1ab05e4d75eb4ee9adad2dc5465156e7
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id	oai:doaj.org-article:1ab05e4d75eb4ee9adad2dc5465156e7
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spelling	oai:doaj.org-article:1ab05e4d75eb4ee9adad2dc5465156e72021-11-11T15:48:07ZMacroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies1807-734X10.15728/bbr.2018.15.2.4https://doaj.org/article/1ab05e4d75eb4ee9adad2dc5465156e72018-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123056168004https://doaj.org/toc/1807-734XThe objective of this research was to examine the influence of macroeconomic and institutional factors when determining the capital structure of Latin American companies from 2009 to 2014, and also analyze if the significance of these factors to explain the capital structure of the companies is changed taking into account the financing composition. We used hierarchical linear modeling to process data. The main results pointed that, both the representative variables of characteristics of the firm and representative variables of countries are important determinants of the capital structure of the companies. However the variables of the firm explain a much higher percentage of variance of leverage. Thus, we emphasize that there is still much to be done in order to analyze the effects of macroeconomic and institutional factors. We expect that this study has created contributions to the national literature, by using a theoretical and also econometric approach that has not been much explored so far. As well as for market agents to examine the determinants of capital structure, considering the institutional aspects.Cláudio BernardoTatiana AlbanezJosé Roberto SecuratoFUCAPE Business Schoolarticlecapital structuremacroeconomic factorsinstitutional factorshierarchical linear modelsfinancing decisionsBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 15, Iss 2, Pp 152-174 (2018)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	capital structure macroeconomic factors institutional factors hierarchical linear models financing decisions Business HF5001-6182
spellingShingle	capital structure macroeconomic factors institutional factors hierarchical linear models financing decisions Business HF5001-6182 Cláudio Bernardo Tatiana Albanez José Roberto Securato Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
description	The objective of this research was to examine the influence of macroeconomic and institutional factors when determining the capital structure of Latin American companies from 2009 to 2014, and also analyze if the significance of these factors to explain the capital structure of the companies is changed taking into account the financing composition. We used hierarchical linear modeling to process data. The main results pointed that, both the representative variables of characteristics of the firm and representative variables of countries are important determinants of the capital structure of the companies. However the variables of the firm explain a much higher percentage of variance of leverage. Thus, we emphasize that there is still much to be done in order to analyze the effects of macroeconomic and institutional factors. We expect that this study has created contributions to the national literature, by using a theoretical and also econometric approach that has not been much explored so far. As well as for market agents to examine the determinants of capital structure, considering the institutional aspects.
format	article
author	Cláudio Bernardo Tatiana Albanez José Roberto Securato
author_facet	Cláudio Bernardo Tatiana Albanez José Roberto Securato
author_sort	Cláudio Bernardo
title	Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
title_short	Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
title_full	Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
title_fullStr	Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
title_full_unstemmed	Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies
title_sort	macroeconomic and institutional factors, debt composition and capital structure of latin american companies
publisher	FUCAPE Business School
publishDate	2018
url	https://doaj.org/article/1ab05e4d75eb4ee9adad2dc5465156e7
work_keys_str_mv	AT claudiobernardo macroeconomicandinstitutionalfactorsdebtcompositionandcapitalstructureoflatinamericancompanies AT tatianaalbanez macroeconomicandinstitutionalfactorsdebtcompositionandcapitalstructureoflatinamericancompanies AT joserobertosecurato macroeconomicandinstitutionalfactorsdebtcompositionandcapitalstructureoflatinamericancompanies
_version_	1718433877603647488

Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies

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