Ownership Structure and Growth Opportunities as Determinants of Bank Debt: Evidence from Chilean Companies

Paolo Saona Hoffmann · Eleuterio Vallelado González

11 citations0/0 files storedManagement Research The Journal of the Iberoamerican Academy of Management

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Corporate Finance and Governance Banking stability, regulation, efficiency Working Capital and Financial Performance

Abstract

Our aim is to analyze the type of lender and the debt maturity of Chilean firms as a function of their ownership structure and their growth opportunities. We perform the empirical analysis using an unbalanced panel data of 169 firms from 1990 to 2001. Our results show that Chilean firms with growth opportunities, ownership concentration, and a need for external funds issue short‐term bank debt to finance their new investments. This financing source is an efficient mechanism in Chile to alleviate agency and asymmetric information problems. The Chilean institutional environment influences firms’ decisions on banking debt.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1970The Market for "Lemons": Quality Uncertainty and the Market Mechanism 1998Initial conditions and moment restrictions in dynamic panel data models 1984Corporate financing and investment decisions when firms have information that investors do not have 1998Law and Finance 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 2021Econometric Analysis of Panel Data

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