Capital structure management differences in Latin American and US firms after 2008 crisis

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dc.contributor.authorRodrigues, Santiago Valcacer
dc.contributor.authorde Moura, Heber José
dc.contributor.authorSantos, David Ferreira Lopes [UNESP]
dc.contributor.authorSobreiro, Vinicius Amorim
dc.contributor.institutionUniversity of Fortaleza
dc.contributor.institutionUniversidade de Brasília (UnB)
dc.contributor.institutionUniversidade Estadual Paulista (Unesp)
dc.date.accessioned2019-10-06T16:50:45Z
dc.date.available2019-10-06T16:50:45Z
dc.date.issued2017-01-01
dc.description.abstractPurpose – 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.en
dc.description.affiliationDepartment of Management University of Fortaleza
dc.description.affiliationDepartment of Management Universidade de Brasilia
dc.description.affiliationDepartment of Economics Administration and Education São Paulo State University (UNESP)
dc.description.affiliationUnespDepartment of Economics Administration and Education São Paulo State University (UNESP)
dc.format.extent51-74
dc.identifierhttp://dx.doi.org/10.1108/JEFAS-01-2017-0008
dc.identifier.citationJournal of Economics, Finance and Administrative Science, v. 22, n. 42, p. 51-74, 2017.
dc.identifier.doi10.1108/JEFAS-01-2017-0008
dc.identifier.issn2218-0648
dc.identifier.issn2077-1886
dc.identifier.scopus2-s2.0-85047460264
dc.identifier.urihttp://hdl.handle.net/11449/189742
dc.language.isoeng
dc.relation.ispartofJournal of Economics, Finance and Administrative Science
dc.rights.accessRightsAcesso aberto
dc.sourceScopus
dc.subjectIndebtedness
dc.subjectInformation asymmetry
dc.subjectPecking order
dc.subjectPooled regression
dc.subjectTrade-off
dc.titleCapital structure management differences in Latin American and US firms after 2008 crisisen
dc.typeArtigo

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