Biblioteca Digital de VanguardiaDeterminants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007
This paper examines a number of reasons and arguments about the relative importance of many factors in the leverage decisions of publicly traded Peruvian non-financial firms from 2001 to 2007. In addition, the study uses a database of 710 non-financial firms from 2005 to 2007 to validate the preview...
| Autores principales: | , |
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| Formato: | info:eu-repo/semantics/article |
| Lenguaje: | Español |
| Publicado: |
Universidad del Pacífico
2009
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| Acceso en línea: | https://revistas.up.edu.pe/index.php/apuntes/article/view/586 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52917 |
| _version_ | 1782335353364938752 |
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| author | Chávez V., Diana Vargas R., Karla |
| author_facet | Chávez V., Diana Vargas R., Karla |
| author_sort | Chávez V., Diana |
| collection | Repositorio |
| description | This paper examines a number of reasons and arguments about the relative importance of many factors in the leverage decisions of publicly traded Peruvian non-financial firms from 2001 to 2007. In addition, the study uses a database of 710 non-financial firms from 2005 to 2007 to validate the preview results. This last database represents a commercial debtors’ portfolio for the entire bank system.The underlying assumption is the favorable economic context that has taken place in Peru. Moreover, since 1990 there has been a commercial and financial liberalization as well as a deepening of the financial markets. Castillo, Montoro and Tuesta (2006) verify an important change in the Peruvian economic framework. Therefore, the investigation of the leverage decisions’ determinants turns necessary in this new context.Finally, we identify that the most influential factors for those Peruvian companies, who traded in the Bolsa de Valores de Lima (BVL), are size (-), profits (-), cost of debt (-), maturity (-), stock control (-) and risk (-). |
| format | info:eu-repo/semantics/article |
| id | clacso-CLACSO52917 |
| institution | CLACSO, Repositorio Digital |
| language | Español |
| publishDate | 2009 |
| publisher | Universidad del Pacífico |
| record_format | greenstone |
| spelling | clacso-CLACSO529172022-03-17T18:48:05Z Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 Determinantes del nivel de endeudamiento de las empresas peruanas listadas: evidencia empírica para el período 2001-2007 Chávez V., Diana Vargas R., Karla This paper examines a number of reasons and arguments about the relative importance of many factors in the leverage decisions of publicly traded Peruvian non-financial firms from 2001 to 2007. In addition, the study uses a database of 710 non-financial firms from 2005 to 2007 to validate the preview results. This last database represents a commercial debtors’ portfolio for the entire bank system.The underlying assumption is the favorable economic context that has taken place in Peru. Moreover, since 1990 there has been a commercial and financial liberalization as well as a deepening of the financial markets. Castillo, Montoro and Tuesta (2006) verify an important change in the Peruvian economic framework. Therefore, the investigation of the leverage decisions’ determinants turns necessary in this new context.Finally, we identify that the most influential factors for those Peruvian companies, who traded in the Bolsa de Valores de Lima (BVL), are size (-), profits (-), cost of debt (-), maturity (-), stock control (-) and risk (-). El presente trabajo pretende examinar una serie de argumentos y razones acerca de cuáles son los determinantes que guían las decisiones de endeudamiento para el caso de las empresas peruanas. De esta manera, la investigación ha tomado como objeto de estudio las empresas no financieras que cotizan en la Bolsa de Valores de Lima para el período 2001-2007. Adicionalmente, se emplea una base de datos que comprende los estados financieros anuales de 710 empresas no financieras para el período 2005-2007. Esta última muestra representa una cartera de deudores comerciales para el total de bancos del sistema financiero.Cabe mencionar que el período bajo análisis denota un contexto económico favorable. En particular, a partir de la década de 1990 se observa una mayor apertura comercial y financiera, así como una mayor profundización de los mercados financieros. En este sentido, Castillo, Montoro y Tuesta (2006) verifican un cambio importante en la estructura de la economía peruana. Por consiguiente, se torna necesaria la investigación de los determinantes de endeudamiento de las empresas peruanas en este nuevo contexto.Por último, se identifica al tamaño (-), rentabilidad (-), costo de la deuda (-), madurez (-), control accionario (-) y riesgo (-) como aquellos factores que influyen en las decisiones de endeudamiento de las empresas peruanas que cotizan en la Bolsa de Valores de Lima (BVL). 2009-03-21 2022-03-17T18:48:05Z 2022-03-17T18:48:05Z info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion https://revistas.up.edu.pe/index.php/apuntes/article/view/586 10.21678/apuntes.64.586 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52917 spa https://revistas.up.edu.pe/index.php/apuntes/article/view/586/588 Derechos de autor 2017 Apuntes http://creativecommons.org/licenses/by/4.0 application/pdf Universidad del Pacífico Apuntes. Social Sciences Journal; Apuntes 64; 105-127 Apuntes. Revista de ciencias sociales; Apuntes 64; 105-127 2223-1757 0252-1865 |
| spellingShingle | Chávez V., Diana Vargas R., Karla Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title | Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title_full | Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title_fullStr | Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title_full_unstemmed | Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title_short | Determinants of the level of indebtedness of Peruvian companies listed: empirical evidence for the period 2001-2007 |
| title_sort | determinants of the level of indebtedness of peruvian companies listed: empirical evidence for the period 2001-2007 |
| url | https://revistas.up.edu.pe/index.php/apuntes/article/view/586 http://biblioteca-repositorio.clacso.edu.ar/handle/CLACSO/52917 |