Cómo citar
Vásquez Tejos, F. J., & Pape Larre, H. (2021). La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina. Revista Finanzas Y Política Económica, 13(2), 345–370. https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4
Licencia

Esta revista está autorizada por una licencia de atribución Creative Commons (CC BY-NC-SA 4.0) Attribution-Non Commercial 4.0 International. Para las licencias CC, el principio es el de la libertad creativa. Este sistema complementa el derecho de autor sin oponerse a este, conscientes de su importancia en nuestra cultura. El contenido de los artículos es responsabilidad de cada autor y no compromete, de ninguna manera, a la revista o a la institución. Se permite la divulgación y reproducción de títulos, resúmenes y contenido total, con fines académicos, científicos, culturales, siempre y cuando, se cite la respectiva fuente. Esta obra no puede ser utilizada con fines comerciales.

Licencia de Creative Commons

La revista no cobra a los autores por la presentación o la publicación de sus artículos

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.

Palabras clave:

Citas

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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: 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 DOI: https://doi.org/10.2139/ssrn.2747749

Descargas

Los datos de descargas todavía no están disponibles.

Citado por

Sistema OJS 3 - Metabiblioteca |