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  4. Capital structure and performance in Latin American companies
 
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Capital structure and performance in Latin American companies
Dr. Gallegos-Mardones, Juan 
Facultad de Ciencias Económicas y Administrativas 
Ruiz Cuneo, Luis
10.1080/1331677X.2019.1697720
Routledge
2020
The purpose of this study is to explain the financial performance of companies in Latin America through the lens of capital structure and ownership structure. We perform a quantitative analysis of companies in Brazil, Chile, Mexico, and Peru using a panel data method. To avoid endogeneity problems, instrumental variables, generalised method of moments models, and panels with random effects are employed. The data cover the period 2000 to 2015. We find a positive relationship between financial performance, growth, and size of the company. However, there are mixed results for short- and long-term financial leverage, as well as for company liquidity. With respect to the ownership structure of Chilean companies, a positive effect is observed for the first major shareholder with financial performance. In general, our results are in line with those of previous studies. However, the existence of mixed results between companies and countries makes for an interesting and novel conclusion.
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Financial performance
Capital structure
Ownership structure
Latin America
Economía y negocios
Historial de mejoras
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