scholarly journals Liquidity Risk and Capital Structure of Companies in Latin America

2021 ◽  
Vol 8 (2) ◽  
pp. 22-37
Author(s):  
Francisco Javier Vásquez Tejos ◽  
Prosper Lamothe Fernández ◽  
Hernan Pape Larre
Keyword(s):  
Latin America ◽  
Panel Data ◽  
Capital Structure ◽  
Latin American ◽  
Liquidity Risk ◽  
Risk Indices ◽  
The Relationship ◽  
The Capital Structure

Objective. To explore the relationship between liquidity risk and the capital structure of Latin American companies. Methodology. With a sample of 135 companies (Brazil, Chile and Mexico), panel data were used to analyze various models that considered, among other variables, six liquidity risk indices, two of which included a new factor: the free-float. The study period covers from 2010 to 2019. Results. The level of indebtedness and capital risk in Latin America companies present a mixed relationship (direct and inverse). Conclusions. Latin American companies have their own characteristics for decision-makingabout capital structure.

scholarly journals MACROECONOMIC VARIABLES AND CAPITAL STRUCTURE: PUBLIC FINANCE AND INSURANCE IN LATIN AMERICA AND ASIA

2021 ◽  
Vol 9 (2) ◽  
pp. 133-142
Author(s):  
Caio Augusto Franco Lucas ◽  
Rafael Martins Noriller ◽  
Rosemar José Hall ◽  
Maria Aparecida Farias de Souza Nogueira ◽  
Ducineli Regis Botelho
Keyword(s):  
Public Finance ◽  
Latin America ◽  
Exchange Rate ◽  
Interest Rate ◽  
Capital Structure ◽  
Insurance Companies ◽  
Panel Analysis ◽  
Macroeconomic Variables ◽  
The Relationship ◽  
The Capital Structure

This article analyzes the relationship between macroeconomic variables and the capital structure of public finance and insurance companies in Latin America and Asia. The variables used were: Gross Domestic Product (GDP), Exchange Rate (ER), Interest Rate (%Δ IR), and Capital Structure (CS). Data were analyzed annually from 2010 to 2018 by static panel analysis and multiple regression using the Newey-West estimator. Interest rate and exchange rate were negatively correlated with CS. However, GDP was not significantly correlated with CS at 10% probability. It is concluded that macroeconomics interferes with the capital structure of financial institutions in Latin America and Asia.

scholarly journals Rating de Crédito e Estrutura de Capital: Evidências da América Latina

2013 ◽  
Vol 11 (3) ◽  
pp. 311 ◽  
Author(s):  
Dany Rogers ◽  
Wesley Mendes-da-Silva ◽  
Henrique Dantas Neder ◽  
Pablo Rogers Silva
Keyword(s):  
Latin America ◽  
Panel Data ◽  
Capital Structure ◽  
Credit Rating ◽  
Market Timing ◽  
Informational Content ◽  
America Latina ◽  
The Impact ◽  
The Capital Structure

This paper aims to analyze the impact of reclassifications trends in credit rating decisions in capital structure of listed non-financial companies in Latin America. To verify both the existence of this association were employed data belonging to all non-financial companies listed in Latin America, possessing ratings issued by the three major international ratings agencies international (i.e. Standard & Poor's, Moody's and Fitch) in January, 2010. When considering data for the period 2001-2010, through analysis of panel data, the main results suggest that the reclassifications of ratings seem have no informational content to the capital structure decisions of firms. However, some results indicate that companies classified in the worst levels of risk, and which are on the verge of the rating reclassifications, tend to use more debt than other companies, suggesting the existence of market timing.

scholarly journals KARAKTERISTIK PERUSAHAAN DAN STRUKTUR MODAL USAHA KECIL DAN MENENGAH DI INDONESIA: ANALISIS DATA PANEL

2021 ◽  
Vol 11 (1) ◽  
pp. 64
Author(s):  
Rachmaniar Myrianda Dwiputri ◽  
Najmudin Najmudin
Keyword(s):  
Data Analysis ◽  
Panel Data ◽  
Capital Structure ◽  
Panel Data Analysis ◽  
Fixed Effect ◽  
Current Ratio ◽  
Tangible Assets ◽  
The Relationship ◽  
The Capital Structure

The purpose of this paper is to determine the firm’s characteristics and capital structure of SMEs registered in Indonesia. This study use panel data analysis for twenty-five firms over three years (2016-2018). The samples of this study were 25 Indonesian SMEs registered in the Pefindo25 index. The capital structure determinants are expressed as a function of size, tangible assets, current ratio, return on asset, and growth. This study used a pooled fixed effect to estimate the relationship between the variables. The result shows that the capital structure of registered SMEs in Indonesia is negatively affected by size, current ratio, return on asset, and growth. Registered SMEs in Indonesia have a capital structure that is in line with POT predictions.

Determinants Of Capital Structure For Multinational And Domestic Companies In India: Panel Data Regression Model

2019 ◽  
Vol 118 (7) ◽  
pp. 147-154
Author(s):  
K. Maheswari ◽  
Dr. J. Gayathri ◽  
Dr. M. Babu ◽  
Dr.G. Indhumathi
Keyword(s):  
Panel Data ◽  
Capital Structure ◽  
Regression Model ◽  
Business Risk ◽  
Return On Assets ◽  
Panel Data Regression ◽  
Data Regression ◽  
Return On Capital ◽  
Domestic Companies ◽  
The Capital Structure

The capital structure refers to the components of capital needed to establish and expand its business activities. The study was made with an objective to examine the determinants of capital structure of multinational and domestic companies listed in S&P BSE automobile sector. The study concluded that there is significant impact on capital structure determinants such as size, business risk, non debt shield tax, return on assets, tangibility, profit, return on capital employed and liquidity on the capital structure of multinational and domestic companies of Indian Automobile Sector.  

Capitalism and the State in Latin America

2020 ◽  
Author(s):  
Esteban Torres ◽  
Carina Borrastero
Keyword(s):  
Social Sciences ◽  
Latin America ◽  
Social Inequality ◽  
Latin American ◽  
The State ◽  
American Sociology ◽  
The 1950S ◽  
The Relationship

This article analyzes how the research on the relation between capitalism and the state in Latin America has developed from the 1950s up to the present. It starts from the premise that knowledge of this relation in sociology and other social sciences in Latin America has been taking shape through the disputes that have opposed three intellectual standpoints: autonomist, denialist, and North-centric. It analyzes how these standpoints envision the relationship between economy and politics and how they conceptualize three regionally and globally growing trends: the concentration of power, social inequality, and environmental depletion. It concludes with a series of challenges aimed at restoring the theoretical and political potency of the autonomist program in Latin American sociology.

scholarly journals The Influence of Government Effectiveness and Corruption on the High Levels of Homicide in Latin America

2021 ◽  
Vol 10 (5) ◽  
pp. 172
Author(s):  
Spencer P. Chainey ◽  
Gonzalo Croci ◽  
Laura Juliana Rodriguez Forero
Keyword(s):  
Economic Development ◽  
Latin America ◽  
Latin American ◽  
International Variation ◽  
Government Effectiveness ◽  
Latin American Region ◽  
Socio Economic Development ◽  
Structural Variables ◽  
The Relationship ◽  
Latin America Region

Most research that has examined the international variation in homicide levels has focused on structural variables, with the suggestion that socio-economic development operates as a cure for violence. In Latin America, development has occurred, but high homicide levels remain, suggesting the involvement of other influencing factors. We posit that government effectiveness and corruption control may contribute to explaining the variation in homicide levels, and in particular in the Latin America region. Our results show that social and economic structural variables are useful but are not conclusive in explaining the variation in homicide levels and that the relationship between homicide, government effectiveness, and corruption control was significant and highly pronounced for countries in the Latin American region. The findings highlight the importance of supporting institutions in improving their effectiveness in Latin America so that reductions in homicide (and improvements in citizen security in general) can be achieved.

scholarly journals Taming the Tiger: Voting Rights and Political Instability in Latin America

2004 ◽  
Vol 46 (2) ◽  
pp. 29-58 ◽  
Author(s):  
Josep M. Colomer
Keyword(s):  
Latin America ◽  
Latin American ◽  
Empirical Data ◽  
Formal Model ◽  
Political Instability ◽  
Voting Rights ◽  
Historical Survey ◽  
Electoral Rules ◽  
The Relationship ◽  
Different Levels

AbstractThis article discusses the relationship between certain institutional regulations of voting rights and elections, different levels of electoral participation, and the degree of political instability in several Latin American political experiences. A formal model specifies the hypotheses that sudden enlargements of the electorate may provoke high levels of political instability, especially under plurality and other restrictive electoral rules, while gradual enlargements of the electorate may prevent much electoral and political innovation and help stability. Empirical data illustrate these hypotheses. A historical survey identifies different patterns of political instability and stability in different countries and periods, which can be compared with the adoption of different voting rights regulations and electoral rules either encouraging or depressing turnout.

“Borderland” as a way of preserving and asserting identity. The historical experience of the Native American cultures of Latin America in a universal context

2021 ◽  
pp. 83
Author(s):  
Yakov Shemyakin
Keyword(s):  
Latin America ◽  
Native American ◽  
Latin American ◽  
Historical Experience ◽  
Cultural System ◽  
Relationship Of ◽  
The Relationship ◽  
Linguistic Reality

The article substantiates the thesis that modern Native American cultures of Latin America reveal all the main features of "borderland" as a special state of the socio-cultural system (the dominant of diversity while preserving the unity sui generis, embodied in the very process of interaction of heterogeneous traditions, structuring linguistic reality in accordance with this dominant, the predominance of localism in the framework of the relationship between the universal and local dimensions of the life of Latin American societies, the key role of archaism in the system of interaction with the heritage of the 1st "axial time», first of all, with Christianity, and with the realities of the "second axial time" - the era of modernization. The author concludes that modern Indian cultures are isomorphic in their structure to the "borderline" Latin American civilization, considered as a "coalition of cultures" (K. Levi-Strauss), which differ significantly from each other, but are united at the deepest level by an extremely contradictory relationship of its participants.

scholarly journals Economic sanctions and human rights: an analysis of competing enforcement strategies in Latin America

2014 ◽  
Vol 57 (1) ◽  
pp. 197-215 ◽  
Author(s):  
Cristiane de Andrade Lucena Carneiro
Keyword(s):  
Human Rights ◽  
Latin America ◽  
Latin American ◽  
Economic Sanctions ◽  
Deterrent Effect ◽  
Rights Protection ◽  
Protection Of Human Rights ◽  
Political Terror ◽  
Using Data ◽  
The Relationship

This article addresses the consequences of economic sanctions for the protection of human rights in Latin America. The literature on sanctions and compliance informs three hypotheses, which investigate the relationship between sanctions and the level of rights protection in two groups of countries: those that were targeted by sanctions and those that were not. Using data from the Political Terror Scale (PTS) and from Freedom House, I find empirical evidence that sanctions do improve the level of protection in countries that were not targeted. This finding can be explained by the deterrent effect attributed to sanctions by the compliance literature, broadly interpreted. The presence of economic sanctions in a given year increases the probability of observing better human rights practices by almost 50%. These results hold for the 12 Latin American countries that were not subject to economic sanctions for the period 1976-2004.

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