Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/emerald-publishing/the-determinants-of-capital-structure-in-peru-9qDQMnd0Bu
References (68)
-
10.1111/j.1755-053X.2009.01026.x
-
Matjaž Črnigoj, Dusan Mramor (2009)
Determinants of Capital Structure in Emerging European Economies: Evidence from Slovenian FirmsEmerging Markets Finance and Trade, 45
-
Robert Chirinko, Anuja Singha (2000)
Testing static tradeoff against pecking order models of capital structure: a critical commentJournal of Financial Economics, 58
-
Mark Leary, Michael Roberts (2008)
The Pecking Order, Debt Capacity, and Information AsymmetryCorporate Finance: Valuation
-
R. Godoy, J. Alberto (2007)
Estructura financiera y factores determinantes de la estructura de capital de las pymes del sector de confecciones del Valle del cauca en el período 2000-2004, 20
-
L. Bulan, Zhipeng Yan (2010)
Firm Maturity and the Pecking Order TheoryERN: Firm Behavior (IO: Empirical) (Topic)
-
A. Miguel, Julio Pindado (2001)
Determinants of capital structure: new evidence from Spanish panel dataJournal of Corporate Finance, 7
-
10.2139/ssrn.20611
-
Ghassan Omet (2017)
РАЗДЕЛ 2 КОРПОРАТИВНАЯ СОБСТВЕННОСТЬ SECTION 2 CORPORATE OWNERSHIP OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE : EVIDENCE FROM THE JORDANIAN CAPITAL MARKET ( 1995-2003 ) -
10.1093/rfs/15.1.1
-
M. Lasfer (1995)
Agency costs, taxes and debt: The UK evidenceEuropean Financial Management, 1
-
Mark Leary, Michael Roberts (2004)
Do Firms Rebalance Their Capital Structures?Utah Winter Finance Conference
-
Michael Jensen, W. Meckling (1976)
Harvard Business School; SSRN; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI); Harvard University - Accounting & Control UnitLSN: Law & Finance: Empirical (Topic)
-
N. Michaelas, F. Chittenden, P. Poutziouris (1999)
Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel DataSmall Business Economics, 12
-
10.1016/0304-405X(76)90026-X
-
Abe Jong, R. Kabir, T. Nguyen (2007)
Capital Structure Around the World: The Roles of Firm- and Country-Specific DeterminantsCorporate Finance: Capital Structure & Payout Policies
-
K. Mazur (2007)
The Determinants of Capital Structure Choice: Evidence from Polish CompaniesInternational Advances in Economic Research, 13
-
F. Chittenden, G. Hall, P. Hutchinson (1996)
Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigationSmall Business Economics, 8
-
(2002)
Testing Trade-Off and Pecking Order Predictions About Dividends and Debt -
S. Bhaduri (2002)
Determinants of capital structure choice: a study of the Indian corporate sectorApplied Financial Economics, 12
-
Merton Miller (1977)
DEBT AND TAXESJournal of Finance, 32
-
P. Marsh (1982)
The Choice Between Equity and Debt: An Empirical StudyJournal of Finance, 37
-
S. Titman, R. Wessels (1988)
The Determinants of Capital Structure ChoiceJournal of Finance, 43
-
Chenchuramaiah Bathala, Kenneth Moon, R. Rao (1994)
Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency PerspectiveFinancial Management, 23
-
Clifford Thies, Mark Klock (1992)
DETERMINANTS OF CAPITAL STRUCTUREReview of Financial Economics, 1
-
Murray Frank, V. Goyal (2007)
Capital Structure Decisions: Which Factors are Reliably Important?Corporate Finance: Capital Structure & Payout Policies eJournal
-
R. Castanias (1983)
Bankruptcy Risk and Optimal Capital StructureJournal of Finance, 38
-
J. Baskin (1989)
An Empirical Investigation of the Pecking Order HypothesisFinancial Management, 18
-
M. Stohs, D. Mauer (1996)
The Determinants of Corporate Debt Maturity StructureThe Journal of Business, 69
-
10.1146/annurev-financial-102710-144821
-
A. Kraus, R. Litzenberger (1973)
A State-Preference Model of Optimal Financial LeverageJournal of Finance, 28
-
Yupana Wiwattanakantang (1999)
An empirical study on the determinants of the capital structure of Thai firmsPacific-basin Finance Journal, 7
-
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
-
W. Kester (1986)
Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing CorporationsFinancial Management, 15
-
Jaime Zender, M. Lemmon (2002)
Debt Capacity and Tests of Capital Structure TheoriesJournal of Financial and Quantitative Analysis, 45
-
S. Bhattacharya (1988)
Corporate Finance and the Legacy of Miller and ModiglianiJournal of Economic Perspectives, 2
-
R. Salawu, A. Agboola (2008)
The Determinants of Capital Structure of Large Non-Financial Listed Firms in NigeriaMicroeconomics: Intertemporal Choice & Growth eJournal
-
F. Modigliani (1963)
CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION, 53
-
S. Barton, Ned Hill, S. Sundaram (1989)
An Empirical Test of Stakeholder Theory Predictions of Capital StructureFinancial Management, 18
-
H. Kim, A. Heshmati, Dany Aoun (2006)
Dynamics of Capital Structure: The Case of Korean Listed Manufacturing CompaniesAsian Economic Journal, 20
-
10.1016/0304-405X(84)90023-0
-
R. Rajan, Luigi Zingales (1994)
What Do We Know About Capital Structure? Some Evidence from International DataNBER Working Paper Series
-
D. Vasiliou, N. Daskalakis (2007)
Institutional Characteristics and Capital Structure - A Cross-National ComparisonInternational Finance
-
Jian Chen, Roger Strange (2005)
The Determinants of Capital Structure: Evidence from Chinese Listed CompaniesEconomic Change and Restructuring, 38
-
10.2307/2326770
-
H. DeAngelo, Ronald Masulis (1980)
Optimal Capital Structure Under Corporate and Personal TaxationERN: Personal Income & Other Non-Business Taxes & Subsidies (Topic)
-
10.5354/0719-0816.2005.56455
-
H. Leland., David Pyle. (1977)
INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATIONJournal of Finance, 32
-
10.1016/j.jfineco.2009.10.009
-
Lakshmi Shyam-Sunder, S. Myers (1999)
Testing static tradeoff against pecking order models of capital structure 1 This paper has benefitedJournal of Financial Economics
-
N. Wijst, R. Thurik (1993)
Determinants of small firm debt ratios: An analysis of retail panel dataSmall Business Economics, 5
-
10.1111/j.1540-6261.2005.00811.x
-
Merton Miller (1958)
The Cost of Capital, Corporation Finance and the Theory of InvestmentThe American Economic Review, 48
-
R. Brealey, M. Stewart, Franklin Allen (2006)
Principios de finanzas corporativas -
(1984)
Corporate financing and investment decisions when firms have information that investors do not have -
10.1016/j.jbankfin.2007.12.034
-
10.22495/cocv3i4p8
-
R. Gordon, Young Lee (2007)
Interest Rates, Taxes and Corporate Financial PoliciesNational Tax Journal, 60
-
John Wald (1999)
HOW FIRM CHARACTERISTICS AFFECT CAPITAL STRUCTURE: AN INTERNATIONAL COMPARISONJournal of Financial Research, 22
-
Samuel Huang, F. Song (2002)
The Determinants of Capital Structure: Evidence from ChinaEmerging Markets: Finance
-
S. Ross (1988)
Comment on the Modigliani-Miller PropositionsJournal of Economic Perspectives, 2
-
M. Bradley, G. Jarrell, E. Kim (1984)
ON THE EXISTENCE OF AN OPTIMAL CAPITAL STRUCTURE: THEORY AND EVIDENCEJournal of Finance, 39
-
Attaullah Shah, S. Khan (2007)
Determinants of Capital Structure: Evidence from Pakistani Panel DataEmerging Markets: Economics
-
10.1016/j.jfineco.2005.10.007
-
A. Bevan, J. Danbolt (2000)
Capital structure and its determinants in the UK - a decompositional analysisApplied Financial Economics, 12
-
Michael Barclay, Clifford Smith, R. Watts (1995)
THE DETERMINANTS OF CORPORATE LEVERAGE AND DIVIDEND POLICIESJournal of Applied Corporate Finance, 7
-
S. Prowse (1990)
Institutional investment patterns and corporate financial behavior in the United States and JapanJournal of Financial Economics, 27
-
S. Ross (1977)
The determination of financial structure: the incentive-signalling approachThe Bell Journal of Economics, 8
- Publisher
- Emerald Publishing
- Copyright
- Copyright © Emerald Group Publishing Limited
- ISSN
- 1012-8255
- DOI
- 10.1108/ARLA-01-2014-0007
- Publisher site
- See Article on Publisher Site
Abstract
PurposeThe purpose of this paper is to determine the factors that influence in the capital structure of non‐financial companies listed in the Stock Exchange of Lima.Design/methodology/approachTo achieve this goal, the authors used the panel data model with random effects. The study of the capital structure has focussed on the Trade‐off Theory which states that firms finance their investments for tax benefits, while the Pecking Order Theory states that companies have an order of priority on obtaining funding.FindingsThe results obtained confirm that profitability, size, collateral value of assets (CVA) and non‐debt tax shields (NDTS) are the factors that determine the level of long‐term debt of these Peruvian companies.Practical implicationsThe results obtained confirm that profitability, size, CVA and NDTS are the factors that determine the level of long‐term debt of these Peruvian companies.Originality/valueThis paper is a first contribution on the determinants of the level of indebtedness of the companies in Peru. There is an extensive literature on the determinants of capital structure, but it is the first work done for the business sector in Peru.
Journal
Academia Revista Latinoamericana de Administración – Emerald Publishing
Published: Nov 3, 2014