<?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>S0123-59232023000100050</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2023.166.5432</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Capital structure adjustment in Latin American firms: An empirical test based on the Error Correction Model]]></article-title>
<article-title xml:lang="es"><![CDATA[Ajuste de la estructura de capital en las empresas latinoamericanas: una prueba empírica basada en el modelo de corrección de errores]]></article-title>
<article-title xml:lang="pt"><![CDATA[Ajuste da estrutura de capital em empresas latino-americanas: um teste empírico baseado no modelo de correção de erros]]></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[Delgado Fuentealba]]></surname>
<given-names><![CDATA[Carlos L.]]></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[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[Cornejo Saavedra]]></surname>
<given-names><![CDATA[Edinson E.]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Erices Olivera]]></surname>
<given-names><![CDATA[Diego A.]]></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 Angeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Concepción Escuela de Administración y Negocios ]]></institution>
<addr-line><![CDATA[Chillán ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Angeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Angeles ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af5">
<institution><![CDATA[,Universidad del Bío-Bío Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Chillán ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af6">
<institution><![CDATA[,Universidad de Concepción Departamento de Gestión Empresarial ]]></institution>
<addr-line><![CDATA[Los Angeles ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2023</year>
</pub-date>
<volume>39</volume>
<numero>166</numero>
<fpage>50</fpage>
<lpage>66</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232023000100050&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232023000100050&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232023000100050&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 analyze the capital structure adjustment of Latin American firms through the pecking order and trade-off theories using a sample of 975 non-financial firms for the period 2000-2017. The results support the existence of a target capital structure. Adjustment speeds ranged between 48.9% and 74.3% and generate a rapid convergence of leverage towards its target level. Financial deficits explained less than half of the changes in debt, which contradicts the pecking order theory. The results of the error correction model indicated that companies dynamically deviate from their long-term capital structure. The convergence speeds in the partial adjustment model increased up to 69.5% and 91.7% with the error correction method. These results are relevant for firms and investors. JEL classification: G31; G32; G34.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este articulo analiza el ajuste de la estructura de capital a traves de las teorias de Pecking Order y Trade-off utilizando 975 empresas latinoamericanas no financieras para el periodo 2000-2017. Los resultados respaldan la existencia de una estructura de capital objetivo. Las velocidades de ajuste oscilaron entre 48,9% y 74,3%, y generaron una rapida convergencia hacia su nivel objetivo. Los deficits financieros explicaron menos de la mitad de los cambios en la deuda, lo que contradice la teoria de financiacion jerarquizada. Los resultados del modelo de correccion de errores indicaron que las empresas se desvian dinamicamente de su estructura de capital de largo plazo, en cuyo caso las velocidades de convergencia aumentaron entre 69,5% y 91,7%. Estos resultados son relevantes para empresas e inversores.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Este artigo analisa o ajuste da estrutura de capital por meio das teorias Pecking Order e Trade-off utilizando 975 empresas nao financeiras latino-americanas para o periodo 2000-2017. Os resultados suportam a existencia de uma estrutura de capital alvo. As velocidades de ajuste variaram de 48,9% a 74,3%, gerando rapida convergencia para o seu nivel alvo. Os deficits de financiamento explicaram menos da metade das variacoes da divida, contrariando a teoria de Pecking Order. Os resultados do modelo de correcao de erros indicaram que as empresas se desviam dinamicamente de sua estrutura de capital de longo prazo, caso em que as velocidades de convergencia aumentaram entre 69,5% e 91,7%. Esses resultados sao relevantes para empresas e investidores.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[pecking order]]></kwd>
<kwd lng="en"><![CDATA[trade-off]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[adjustment]]></kwd>
<kwd lng="en"><![CDATA[leverage]]></kwd>
<kwd lng="es"><![CDATA[pecking order]]></kwd>
<kwd lng="es"><![CDATA[trade-off]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[ajuste]]></kwd>
<kwd lng="es"><![CDATA[apalancamiento]]></kwd>
<kwd lng="en"><![CDATA[pecking order]]></kwd>
<kwd lng="en"><![CDATA[trade-off]]></kwd>
<kwd lng="en"><![CDATA[estrutura de capital]]></kwd>
<kwd lng="en"><![CDATA[ajuste]]></kwd>
<kwd lng="en"><![CDATA[alavancagem]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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