OWNERSHIP STRUCTURE AND GROWTH OPPORTUNITIES AS DETERMINANTS OF BANK DEBT Evidence from Chilean Companies

被引：3
作者：
Hoffmann, Paolo Saona [1 ]
Gonzalez, Eleuterio Vallelado [2 ]
机构：
[1] Univ Valladolid, Finance & Accounting Dept, Valladolid, Spain
[2] Univ Valladolid, Financial Econ, Valladolid, Spain
来源：
MANAGEMENT RESEARCH-THE JOURNAL OF THE IBEROAMERICAN ACADEMY OF MANAGEMENT | 2005年 / 3卷 / 02期
关键词：
Lending; Debt; Chile; Ownership structure; Growth;
D O I：
10.1108/15365430580001317
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
摘要：
Our aim is to analyze the type of lender and the debt maturity of Chilean firms as a function of their ownership structure and their growth opportunities. We perform the empirical analysis using an unbalanced panel data of 169 firms from 1990 to 2001. Our results show that Chilean firms with growth opportunities, ownership concentration, and a need for external funds issue short-term bank debt to finance their new investments. This financing source is an efficient mechanism in Chile to alleviate agency and asymmetric information problems. The Chilean institutional environment influences firms' decisions on banking debt.
引用
收藏
页码：121 / 136
页数：16
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