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Vásquez Tejos , F. J., & Pape Larre , H. (2021). Teoría de la sincronización del mercado y el orden jerárquico en América Latina . Revista Finanzas y Política Económica, 13(2). Recuperado a partir de https://revfinypolecon.ucatolica.edu.co/article/view/3674

Resumen

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.

Licencia

Derechos de autor 2021 Francisco Javier Vásquez Tejos, Hernan Pape Larre

Creative Commons License
Esta obra está bajo licencia internacional Creative Commons Reconocimiento-NoComercial-CompartirIgual 4.0.

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