Abstract

FIIRST, Clóvis; CHAVES CUNHA, Leila  and  DA SILVA, Tarcísio Pedro. Capital Structure from the Perspective of Pecking Order Theory and Information Asymmetry in Brazilian, Chilean and Mexican Companies from 1999 to 2013. Cuad. Contab. [online]. 2017, vol.18, n.46, pp.164-187. ISSN 0123-1472.  https://doi.org/10.11144/javeriana.cc18-46.ecpt.

The objective of this paper is to identify the capital structure of publicly traded companies in Brazil, Chile and Mexico, from the perspective of the Pecking Order Theory and the Information Asymmetry perspective, from 1999 to 2013. The objectives of the research are characterized as descriptive, since they regard documentary procedures and how to approach the quantitative problem. For the data treatment, linear correlation techniques and multiple linear regressions are used, with panel data. The sample is made up of 40 Brazilian companies, 39 Chilean companies and 23 Mexican companies, with 1530 observations. The determinants presenting meaningful results for the capital structure of companies are evidenced according to indicators of the level of accounting and financial indebtedness. Results show that Brazilian companies had a greater fluctuation and increase in total accounting indebtedness for the studied period (1999-2013), followed by those from Chile and Mexico; however, the profitability of Brazilian, Chilean and Mexican companies decreases over time. It is concluded that the capital structure of the Brazilian, Chilean and Mexican companies in this 15-year time span is mainly explained by the Pecking Order Theory, but also by the Information Asymmetry, with less emphasis on the former. It is suggested to compare these results with the use of dynamic panel methodologies for future research.

Keywords : Capital structure; Pecking Order Theory; Information Asymmetry.

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