The determinants of capital structure in Latin America: new evidence using firm and country variables
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2019-01-25
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Fernandes, Marcelo
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The literature on capital structure determinants is diverse and extensive, so contributing to the field with both new variables (i.e. that were not used before), while applying it to a geography that is not as studied as the United States and Europe, served as a starting point for this article. The region of choice has many specificities, especially at the institutional and macroeconomy level. Results show that the coefficients signs of Profitability and Tangibility are the same as the rest of the world, but with a higher magnitude. An ambiguity before, inflation is mostly a negative contribution to leverage. Also, the more developed the financial environment, the higher the leverage.