INFLUENCE OF INSTITUTIONAL INVESTORS IN THE DECISIONS OF CAPITAL STRUCTURE OF THE COMPANY Evidence for an emerging market

被引：0

作者：

Sepulveda, Felipe Araya ^{[1
]}

Bertin, Mauricio Jara ^{[2
]}

Villanueva, Carlos Maquieira ^{[3
]}

Mosqueira, Pablo San Martin ^{[4
]}

机构：

[1] Univ Chile, Fac Econ & Negocios, Santiago, Chile

[2] Univ Chile, Fac Econ & Negocios, Dept Adm, Santiago, Chile

[3] Univ Tarapaca, Escuela Univ Ingn Ind Informat & Sistemas, Area Ingn Ind, Tarapaca, Chile

[4] Univ Catolica Santisima Concepcion, Fac Ciencias Econ & Adm, Concepcion, Chile

来源：

TRIMESTRE ECONOMICO | 2015年 / 82卷 / 326期

关键词：

BUSINESS GROUPS; CORPORATE GOVERNANCE; AGENCY COSTS; PUBLIC DEBT; OWNERSHIP; INFORMATION; FIRM; FINANCE; DETERMINANTS; PRIVATE;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the influence of the AFPs, as major institutional investor, on the capital structure decision of the Chilean firm. These investors may influence the capital structure decision, through different avenues; monitoring the firm's managers and transferring useful information to the capital market. The study considers a sample of 109 Chilean public companies in the period 2009-2011. The APPs not only participate in the stock market but also in the bond market and therefore our results are new and relevant to explain how AFPs influence the capital structure decision. We find a positive relation between the participation of AFPs in the ownership structure of the firm and the leverage and it is also positively related to the public leverage.

引用

页码：279 / 311

页数：33

共 50 条

[21] Editorial to the Special Issue on Emerging Market Finance and Institutional Investors
Frommel, Michael
FINANCE A UVER-CZECH JOURNAL OF ECONOMICS AND FINANCE, 2016, 66 (05): : 372 - 373
[22] Emerging equity market in India - Role of foreign institutional investors
Samal, KC
ECONOMIC AND POLITICAL WEEKLY, 1997, 32 (42) : 2729 - 2732
[23] Exploring market overreaction, investors' sentiments and investment decisions in an emerging stock market
Parveen, Shagufta
Satti, Zoya Wajid
Subhan, Qazi Abdul
Jamil, Sana
BORSA ISTANBUL REVIEW, 2020, 20 (03) : 224 - 235
[24] The Effect of Capital Structure on Corporate Performance: Panel Empirical Evidence of an Emerging Capital Market
Essel, Ronald Ebenezer
JOURNAL OF AFRICAN BUSINESS, 2024, 25 (02) : 224 - 263
[25] The Impacts of Political Events on Foreign Institutional Investors and Stock Returns: Emerging Market Evidence from Taiwan
Chen, Dar-Hsin
Bin, Feng-Shun
Chen, Chun-Da
INTERNATIONAL JOURNAL OF BUSINESS, 2005, 10 (02): : 165 - 188
[26] The Importance of Selected Aspects of a Company's Reputation for Individual Stock Market Investors-Evidence from Polish Capital Market
Nawrocki, Tomasz L.
Szwajca, Danuta
SUSTAINABILITY, 2022, 14 (15)
[27] Capital Structure and Value of Advertising Expenditures: Evidence from an Emerging Market
Pashayev, Zakir
Farooq, Omar
INTERNATIONAL ADVANCES IN ECONOMIC RESEARCH, 2019, 25 (04) : 461 - 468
[28] Capital Structure and Value of Advertising Expenditures: Evidence from an Emerging Market
Zakir Pashayev
Omar Farooq
International Advances in Economic Research, 2019, 25 : 461 - 468
[29] Nonlinear relationship between institutional investors' ownership and capital structure: evidence from Iranian firms
Ashrafi, Majid
INTERNATIONAL JOURNAL OF MANAGERIAL AND FINANCIAL ACCOUNTING, 2019, 11 (01) : 1 - 19
[30] Sectoral analysis of capital structure adjustment: evidence from emerging market
Hegde, Apoorva Arunachal
Panda, Ajaya Kumar
Masuna, Venkateshwarlu
JOURNAL OF ADVANCES IN MANAGEMENT RESEARCH, 2023, 20 (05) : 801 - 820

← 1 2 3 4 5 →