<?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>2248-6046</journal-id>
<journal-title><![CDATA[Revista Finanzas y Política Económica]]></journal-title>
<abbrev-journal-title><![CDATA[Finanz. polit. econ.]]></abbrev-journal-title>
<issn>2248-6046</issn>
<publisher>
<publisher-name><![CDATA[Universidad Católica de Colombia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2248-60462018000200309</article-id>
<article-id pub-id-type="doi">10.14718/revfinanzpolitecon.2018.10.2.4</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Nivel de apalancamiento y estabilidad financiera empresarial: el caso de firmas de Colombia y Argentina]]></article-title>
<article-title xml:lang="en"><![CDATA[Level of leverage and business financial stability: Case of firms from Colombia and Argentina]]></article-title>
<article-title xml:lang="pt"><![CDATA[Coeficiente de alavancagem e estabilidade financeira empresarial: o caso de firmas da Colômbia e da Argentina]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Gil-León]]></surname>
<given-names><![CDATA[José Mauricio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rosso-Murillo]]></surname>
<given-names><![CDATA[John William]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ocampo-Rodríguez]]></surname>
<given-names><![CDATA[Juan Diego]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Pedagógica y Tecnológica de Colombia (UPTC)  ]]></institution>
<addr-line><![CDATA[Tunja ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Pedagógica y Tecnológica de Colombia (UPTC)  ]]></institution>
<addr-line><![CDATA[Tunja ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,aff3  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>10</volume>
<numero>2</numero>
<fpage>309</fpage>
<lpage>325</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S2248-60462018000200309&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S2248-60462018000200309&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S2248-60462018000200309&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo busca explicar el efecto de la inestabilidad financiera en las firmas y su estructura de capital, en dos mercados emergentes: Colombia y Argentina. Para el análisis se construye un panel desbalanceado con 167 empresas, con datos trimestrales entre 2005 y 2015, y se realizan regresiones con el método de efectos aleatorios. Los resultados evidencian que el menor nivel de liquidez y las pérdidas durante dos o más trimestres consecutivos elevan el nivel de apalancamiento de las empresas; por tanto, síntomas de insolvencia financiera conducen a que las firmas se sobreendeuden y propaguen las condiciones que lleven a la aparición de una crisis financiera. JEL: G31, G01, C23.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This paper aims to explain the effect of financial instability on the capital structure of firms in two emerging markets: Colombia and Argentina. For the analysis, the study uses an unbalanced panel dataset with 167 companies, with quarterly data between 2005 and 2015, and regressions with the random-effects method. The results show that lower liquidity level and losses during two or more consecutive quarters increase the level of leverage in companies; therefore, signs of financial insolvency lead firms to become over-indebted and to reproduce the same conditions that lead to the emergence of a financial crisis.]]></p></abstract>
<abstract abstract-type="short" xml:lang="pt"><p><![CDATA[RESUMO Este artigo pretende explicar o efeito da instabilidade financeira nas firmas e sua estrutura de capital, em dois mercados emergentes: o da Colômbia e o da Argentina. Para a análise, constrói-se um painel desbalanceado com 167 empresas, com dados trimestrais entre 2005 e 2015, e realizam-se regressões com o método de efeitos aleatórios. Os resultados demonstram que o menor grau de liquidez e de perdas durante dois ou mais trimestres consecutivos elevam o coeficiente de alavancagem das empresas; portanto, sintomas de insolvência financeira conduzem as firmas a se sobre-endividarem e propagarem as condições que levam ao surgimento de uma crise financeira.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[crisis financiera]]></kwd>
<kwd lng="es"><![CDATA[estabilidad financiera]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[nivel de apalancamiento.]]></kwd>
<kwd lng="en"><![CDATA[financial crisis]]></kwd>
<kwd lng="en"><![CDATA[financial stability]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[level of leverage]]></kwd>
<kwd lng="pt"><![CDATA[crise financeira]]></kwd>
<kwd lng="pt"><![CDATA[estabilidade financeira]]></kwd>
<kwd lng="pt"><![CDATA[estrutura de capital]]></kwd>
<kwd lng="pt"><![CDATA[coeficiente da alavancagem]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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