Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/179785
Authors: 
Valcacer Rodrigues, Santiago
José de Moura, Heber
Lopes Santos, David Ferreira
Amorim Sobreiro, Vinicius
Year of Publication: 
2017
Citation: 
[Journal:] Journal of Economics, Finance and Administrative Science [ISSN:] 2218-0648 [Volume:] 22 [Year:] 2017 [Issue:] 42 [Pages:] 51-74
Abstract: 
Purpose – This paper aims to analyse the capital structure determining factors of Latin American and US corporations after the crisis of 2008, as a means of comparing theoretical assumptions and empirical results in markets of different efficiency levels. Design/methodology/approach – The study sample comprises 1,091 companies belonging to the six largest economies in Latin America plus the USA, in the years 2009 to 2013. The authors performed a regression with data from a balanced overview, which were obtained by using the criterion of minimum weighted square. Findings – The results demonstrated differences in determining factors of capital structure between companies from Latin America and from the USA. The pecking order theory was mostly observed in Latin American companies and the trade-off theory greater was closely aligned with US firms. Originality/value – This research brings new contributions to the issue, once the differences and determinative of the debt profile in companies from different economic contexts are compared.
Subjects: 
Information asymmetry
Trade-off
Indebtedness
Pecking order
Pooled regression
JEL: 
F34
F65
G32
O16
P34
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/4.0/
Document Type: 
Article
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