<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232019000400416</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2019.153.3374</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms]]></article-title>
<article-title xml:lang="es"><![CDATA[Efectos de la propiedad extranjera y Normas Internacionales de Información Financiera sobre la madurez de la deuda en firmas chilenas]]></article-title>
<article-title xml:lang="pt"><![CDATA[Efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro no vencimento da dívida em empresas chilenas]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Muñoz-Mendoza]]></surname>
<given-names><![CDATA[Jorge A.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sepúlveda-Yelpo]]></surname>
<given-names><![CDATA[Sandra M.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Veloso-Ramos]]></surname>
<given-names><![CDATA[Carmen L.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Delgado-Fuentealba]]></surname>
<given-names><![CDATA[Carlos L.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Ángeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Ángeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Ángeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad de Concepción Escuela de Administración y Negocios ]]></institution>
<addr-line><![CDATA[Chillán ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2019</year>
</pub-date>
<volume>35</volume>
<numero>153</numero>
<fpage>416</fpage>
<lpage>428</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232019000400416&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232019000400416&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232019000400416&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on debt maturity in Chilean companies. The study uses a fractional response model (FRM) on 20,586 companies. The results show foreign ownership has a negative and non-linear effect. Foreign ownership in Chilean firms is a substitute control means in relation to long-term debt. IFRS reduces maturity in large companies and extends them in small and medium enterprises (SMEs). These results suggest it is more important for large firms to control agency conflicts, while it is more important for SMEs to reduce information asymmetry. JEL classification: G30, G23, G34.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo de este artículo es determinar los efectos de la propiedad extranjera y de las Normas Internacionales de Información Financiera (NIIF) sobre la madurez de la deuda en las empresas chilenas. En el estudio se utiliza un modelo de respuesta fraccional (MRF) sobre 20.586 empresas. Los resultados demuestran que la propiedad extranjera tiene un efecto negativo y no lineal, transformándose en un medio de control sustituto en relación con la deuda de largo plazo. Las NIIF reducen la madurez en empresas grandes y la extiende en las pequeñas y medianas empresas (Pymes). Estos resultados sugieren que para las firmas grandes es más importante controlar conflictos de agencia, mientras que para las Pymes es más importante reducir las asimetrías de información.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo O objetivo deste artigo é determinar os efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro (IFRS) no vencimento da dívida em empresas chilenas. O estudo utiliza um Modelo de Resposta Fracionária (MRF) em 20.586 empresas. Os resultados mostram que a propriedade estrangeira tem efeito negativo e não linear, tornando-se um meio de controle substituto em relação à dívida de longo prazo. O IFRS reduz a maturidade em grandes empresas e as estende em Pequenas e Médias Empresas (PMEs). Esses resultados sugerem que, para grandes empresas, é mais importante controlar conflitos entre agências, enquanto para as PMEs é mais importante reduzir as assimetrias de informações.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[maturity]]></kwd>
<kwd lng="en"><![CDATA[foreign ownership]]></kwd>
<kwd lng="en"><![CDATA[firm quality]]></kwd>
<kwd lng="es"><![CDATA[madurez]]></kwd>
<kwd lng="es"><![CDATA[propiedad extranjera]]></kwd>
<kwd lng="es"><![CDATA[calidad crediticia]]></kwd>
<kwd lng="pt"><![CDATA[maturidade]]></kwd>
<kwd lng="pt"><![CDATA[propriedade estrangeira]]></kwd>
<kwd lng="pt"><![CDATA[qualidade de crédito]]></kwd>
</kwd-group>
</article-meta>
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