Resumen

MAQUIEIRA V., Carlos; OLAVARRIETA S., Sergio  y  ZUTTA G., Pablo. Determinantes de la estructura de financiación. Evidencia empírica para Chile. El trimestre econ [online]. 2007, vol.74, n.293, pp.161-193.  Epub 20-Nov-2020. ISSN 2448-718X.

This paper studies the determinants of the capital structure for a sample of 113 firms that are listed in the Santiago Stock Exchange (Chile) in the period 1990-1998. The major difference between this and previous studies is the statistical method to analyze the data. Using LISREL (Linear Structural Relations), we find that tangibility of assets is significantly and positively related to the financial leverage and companies with higher level of profitability have more debt. On the other hand, if we use OLS we find that the leverage is significantly related to tangibility, profitability, regulation and quality of the firm. We find less significant results related to growth opportunities, size and industrial classification. This paper shows that measurement errors are important when we have to choose proxies to capture the variables that determine the financial leverage.

Palabras llave : estructura de financiación; estructura de capital; endeudamiento.