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Non-linear Effects of Ownership Structure, Growth Opportunities and Leverage on Debt Maturity in Chilean Firms

Revista mexicana de economía y finanzas = Mexican journal of economics and finance : REMEF, 2019, Vol.14 (1), p.21-40 [Peer Reviewed Journal]

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  • Title:
    Non-linear Effects of Ownership Structure, Growth Opportunities and Leverage on Debt Maturity in Chilean Firms
  • Author: Muñoz Mendoza, Jorge A. ; Sepúlveda Yelpo, Sandra M. ; Veloso Ramos, Carmen L.
  • Subjects: Business, Finance ; Debt maturity ; Economics ; G31 ; G32 ; G34 ; Growth opportunities ; Leverage ; madurez ; Managerial ownership ; oportunidades de crecimiento ; propiedad estatal ; propiedad gerencial ; State ownership
  • Is Part Of: Revista mexicana de economía y finanzas = Mexican journal of economics and finance : REMEF, 2019, Vol.14 (1), p.21-40
  • Description: Abstract In this article we analyze the non-linear effect of ownership structure, growth, and indebtedness opportunities on the debt maturity of Chilean companies. A sample of 20,586 companies extracted from the Longitudinal Business Survey was used and a Tobit Regression Model was applied. The results showed that ownership concentration reduced debt maturity. Managerial ownership had a positive and non-linear effect on debt terms, where managerial entrenchment promoted long-term debt for low managerial ownership levels. State ownership had a positive impact on debt maturity. Growth opportunities had a negative impact, while leverage had a positive impact, although their effects are not persistent and depend on the level of these attributes. This study is a pioneer in the use of a wide sample of companies and will allow investors to make better investment decisions since they will be able to identify companies according to these attributes and mitigate the wealth expropriation risk.
  • Publisher: Instituto Mexicano de Ejecutivos de Finanzas, A. C
  • Language: English;Portuguese
  • Identifier: ISSN: 1665-5346
    ISSN: 2448-6795
    EISSN: 2448-6795
    DOI: 10.21919/remef.v14i1.357
  • Source: SciELO
    Dialnet
    DOAJ Directory of Open Access Journals
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