Maturidade do endividamento, desenvolvimento financeiro e instituições legais: análise multinível em empresas latino-americanas
Carregando...
Data
2015-09-01
Autores
Orientador(res)
Métricas
Título da Revista
ISSN da Revista
Título de Volume
Resumo
This research investigates the influence of different factor groups in corporate debt maturity in Latin America. We used the Hierarchical Linear Model, which allows nesting variables at different levels. Throughout the study, we performed a factor analysis in order to measure the level of financial development and institutional quality in the countries of our sample. The results suggest that variations over time and between firms are the major sources of variations in corporate debt maturity. Moreover, the size and the liquidity of the firm, the real interest rate and the financial development of the country stand out as factors that significantly influence corporate debt maturity. Finally, financial development and institutional quality factors indirectly affect the corporate debt maturity through the firm size variable.
Descrição
Palavras-chave
Corporate debt maturity Financial development Legal institutions Hierarchical linear model Latin America Maturidade do endividamento Desenvolvimento financeiro Instituições legais Modelo linear hierárquico América Latina Madurez de la deuda corporativa Desarrollo financiero Instituciones jurídicas Modelo lineal jerárquico América Latina