Ownership and capital structure in Latin America

Journal of Business Research

Volumn 63, Issue 3, 2010, Pages 248-254

  Céspedes, Jacelly ^a   González, Maximiliano ^b   Molina, Carlos A ^a  

^a Instituto de Estudios Superiores de Administracion   (Venezuela)

^b UNIVERSIDAD DE LOS ANDES   (Colombia)

Author keywords

Capital structure; Emerging markets; Latin America; Ownership control

Indexed keywords

EID: 76549134741     PISSN: 01482963     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusres.2009.03.010     Document Type: Article

References (32)

1. Booth L., Aivazian V., Demirguc-Kunt A., and Maksimovic V. Capital structure in developing countries. J Finance 56 (2001) 87-130
2. Bradley M., Jarrell G., and Kim E. On the existence of an optimal capital structure: theory and evidence. J Finance 39 (1984) 857-878
3. Chong, A., López-de-Silanes, F., Corporate governance in Latin America. Inter-America Development Bank 2007, Working Paper #591.
4. De Angelo H., and Masulis R. Optimal capital structure under corporate and personal taxation. J Financ Econ 8 (1980) 3-29
5. Diamond D. Financial intermediation and delegated monitoring. Rev Financ Stud 51 (1984) 393-414
6. Du J., and Dai Y. Ultimate corporate ownership structures and capital structures: evidence from East Asian economies. Corporate Governance An International Review 13 (2005) 60-71
7. Fama E. Agency problems and the theory of the firm. J Polit Econ 88 (1980) 288-307
8. Fama E., and Jensen M. Separation of ownership and control. J Law Econ 26 (1983) 301-325
9. Flannery M., and Rangan K. Partial adjustment toward target capital structures. J Financ Econ 79 (2006) 469-506
10. Graham J.R. Debt and the marginal tax rate. J Financ Econ 41 (1996) 41-73
11. Graham J.R. Proxies for the corporate marginal tax rate. J Financ Econ 42 (1996) 187-221
12. Graham J.R. How big are the tax benefits of debt?. J Finance 55 (2000) 1901-1941
13. Hadi S. Identifying multiple outliers in multivariate data. J R Stat Soc Ser B 54 (1992) 761-771
14. Hadi S. A modification of a method for the detection of outliers in multivariate samples. J R Stat Soc Ser B 56 (1994) 393-396
15. Hovakimian A. Are observed capital structures determined by equity market timing?. J Financ Quant Anal 41 (2006) 221-243
16. Jensen M. Agency costs of free cash flow, corporate finance, and takeovers. Am Econ Rev 76 (1986) 323-329
17. Jensen M., and Meckling W. Theory of the firm: managerial behavior, agency cost and capital structure. J Financ Econ 3 (1976) 305-360
18. Johnston D. White paper on corporate governance in Latin America (2004), OECD, Paris, France
19. Kale J., Noe T., and Ramirez G. The effect of business risk on corporate capital structure: Theory and evidence. J Finance 46 (1992) 1693-1715
20. La Porta R., Lopez-de-Silanes F., Shleifer A., and Vishny R. Legal determinants of external finance. J Finance 52 (1997) 1131-1150
21. La Porta R., Lopez-de-Silanes F., Shleifer A., and Vishny R. Agency Problems and Dividend Policies around the World. J Finance 55 (2000) 1-33
22. La Porta R., Lopez-de-Silanes F., Shleifer A., and Vishny R. Law and Finance. J Polit Econ 106 (1998) 1113-1155
23. Lefort F., and Urzua F. Board independence, firm performance and ownership concentration: Evidence from Chile. J Bus Res 61 (2008) 615-622
24. Leland H., and Pyle D. Information asymmetries, financial structure, and financial intermediation. J Finance 32 (1977) 371-387
25. Molina C. Are firms underleveraged? An examination of the effect of leverage on default probabilities. J Finance 60 (2005) 1427-1460
26. Morck R., Shleifer A., and Vishny R. Management ownership and market valuation: an empirical analysis. J Financ Econ 20 (1988) 293-315
27. Myers S. Determinants of corporate borrowing. J Financ Econ 5 (1977) 147-175
28. Myers S., and Majluf N. Corporate financing and investment decisions when firms have information investors do not have. J Financ Econ 13 (1984) 187-221
29. Rajan R., and Zingales L. What do we know about capital structure? Some evidence from international data. J Finance 50 (1995) 1421-1460
30. Silva F., Majluf N., and Paredes D. Family ties, interlocking directors and performance of business groups in emerging countries: the case of Chile. J Bus Res 59 (2006) 315-321
31. Titman S., and Wessels R. The determinants of capital structure choice. J Finance 43 (1988) 1-19
32. Young C., and Tsai L. The sensitivity of compensation to social capital: family CEOs vs. non family CEOs in the family business groups. J Bus Res 61 (2008) 363-374