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Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms/Efectos de la propiedad extranjera y Normas Internacionales de Informacion Financiera sobre la madurez de la deuda en firmas chilenas/Efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro no vencimento da divida em empresas chilenas

Estudios gerenciales, 2019-10, Vol.35 (153), p.416 [Peer Reviewed Journal]

COPYRIGHT 2019 Universidad ICESI ;ISSN: 0123-5923 ;DOI: 10.18046/j.estger.2019.153.3374

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  • Title:
    Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms/Efectos de la propiedad extranjera y Normas Internacionales de Informacion Financiera sobre la madurez de la deuda en firmas chilenas/Efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro no vencimento da divida em empresas chilenas
  • Author: Muñoz-Mendoza, Jorge A ; Sepúlveda-Yelpo, Sandra M ; Veloso-Ramos, Carmen L ; Delgado-Fuentealba, Carlos L
  • Subjects: Finance ; Financial statements ; Foreign investments ; Foreign ownership ; Small and medium sized companies
  • Is Part Of: Estudios gerenciales, 2019-10, Vol.35 (153), p.416
  • Description: The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on debt maturity in Chilean companies. The study uses a fractional response model (FRM) on 20,586 companies. The results show foreign ownership has a negative and non-linear effect. Foreign ownership in Chilean firms is a substitute control means in relation to long-term debt. IFRS reduces maturity in large companies and extends them in small and medium enterprises (SMEs). These results suggest it is more important for large firms to control agency conflicts, while it is more important for SMEs to reduce information asymmetry.
  • Publisher: Universidad ICESI
  • Language: Spanish
  • Identifier: ISSN: 0123-5923
    DOI: 10.18046/j.estger.2019.153.3374
  • Source: Open Access: DOAJ Directory of Open Access Journals
    AUTh Library subscriptions: ProQuest Central
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