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首页> 外文期刊>Journal of Business Research >Ownership and capital structure in Latin America
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Ownership and capital structure in Latin America

机译：拉丁美洲的所有权和资本结构

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This study evaluates the capital-structure determinants of Latin American firms using a comprehensive sample covering seven countries. Firms in the region have debt levels similar to those of U.S. firms, which is puzzling, given that Latin American firms experience relatively lower tax benefits and higher bankruptcy costs. This study argues that ownership-concentrated firms avoid issuing equity because they do not want to share control rights. Latin American firms have high ownership concentration, which creates an ideal setting to study how ownership concentration explains firms' capital structure. Consistent with the control argument, this study finds a positive relation between leverage and ownership concentration, when losing control becomes an issue. Also, the study shows a positive relation between leverage and growth. In addition, the study reports that other determinants that do not proxy for control rights are consistent with previous findings. Firms that are larger, have more tangible assets, and are less profitable are also more leveraged.
机译：这项研究使用涵盖七个国家的综合样本评估了拉丁美洲公司的资本结构决定因素。考虑到拉丁美洲公司的税收优惠相对较低且破产成本较高，该地区的公司债务水平与美国公司的债务水平相似，这令人困惑。这项研究认为，所有权集中的公司避免发行股票，因为它们不想共享控制权。拉丁美洲公司的所有权集中度很高，这为研究所有权集中度如何解释公司的资本结构提供了理想的环境。与控制论证一致，当失去控制成为一个问题时，本研究发现杠杆与所有权集中之间存在正相关关系。此外，该研究还显示了杠杆与增长之间的正相关关系。此外，该研究报告称，其他不代表控制权的决定因素与先前的发现一致。规模较大，有形资产更多，利润较低的公司也将获得更大的杠杆。

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