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Influence of Institutional Investors in the Decisions of Capital Structure of the Company. Evidence for an Emerging Market

Authordc.contributor.authorAraya Sepúlveda, Felipe 
Authordc.contributor.authorJara Bertín, Mauricio 
Authordc.contributor.authorMaquieira Villanueva, Carlos 
Authordc.contributor.authorSan Martín Mosqueira, Pablo 
Cita de ítemdc.identifier.citationTrimestre Económico. Volumen: 82 Número: 2 Páginas: 279-311 Apr-Jun 2015en_US
General notedc.descriptionArtículo de publicación ISIen_US
General notedc.descriptionSin acceso a texto completo
Abstractdc.description.abstractThis paper studies the influence of the AFPs, as major institutional investor, on the capital structure decision of the Chilean firm. These investors may influence the capital structure decision, through different avenues; monitoring the firm's managers and transferring useful information to the capital market. The study considers a sample of 109 Chilean public companies in the period 2009-2011. The APPs not only participate in the stock market but also in the bond market and therefore our results are new and relevant to explain how AFPs influence the capital structure decision. We find a positive relation between the participation of AFPs in the ownership structure of the firm and the leverage and it is also positively related to the public leverage.en_US
Publisherdc.publisherFondo de Cultura Económicaen_US
Keywordsdc.subjectBusiness Groupsen_US
Keywordsdc.subjectCorporate Governanceen_US
Keywordsdc.subjectDiversification Discounten_US
Keywordsdc.subjectAgency Costsen_US
Keywordsdc.subjectPublic Debten_US
Keywordsdc.subjectBank Debten_US
Títulodc.titleInfluence of Institutional Investors in the Decisions of Capital Structure of the Company. Evidence for an Emerging Marketen_US
Document typedc.typeArtículo de revistaen_US

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