Determinants of the capital structure of companies listed on the Argentina Stock Exchange: an empirical análisis of the period 2007 to 2016
DOI:
https://doi.org/10.23925/cafi.v3i2.48226Abstract
The study investigated Argentine companies to find out the determinants of the capital structure in relation to Trade-Off and Pecking Order Theories. With a quantitative approach, bibliographic, documentary, exploratory and explanatory research was used. The period was from 2007 to 2016 analyzing financial reports of 103 Argentine companies, extracted from the Economática database. The statistical tools were: descriptive analysis; Pearson's correlation; VIF; panel data regression (F from Chow; Hausman; LM from Breusch-Pagan). It is clear that Argentine companies have higher total, short-term and costly short-term debt. They have high averages in tangibility, return on assets, income tax, tax savings and profit volatility. Short-term debt in Argentine companies was highlighted with explanatory powers 80.2%. Current liquidity was highlighted, being significant in all indebtedness. Tangibility was not significant in long-term indebtedness and in the short and long-term costs of Argentine companies. In future research, other debt variables and their determinants are suggested, in addition to the speed of debt adjustment.
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