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Influencia de los inversionistas institucionales en las decisiones de estructura de capital de la empresa. Evidencia para un mercado emergente

Author

Listed:
  • Araya, Felipe

    (Universidad de Chile)

  • Jara, Mauricio

    (Universidad de Chile)

  • Maquieira, Carlos

    (Universidad de Tarapacá)

  • San Martín, Pablo

    (Universidad Católica de la Santísima Concepción)

Abstract

This 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 AFPs 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.// Este artículo analiza empíricamente la influencia de las Administradoras de Fondos de Pensión (AFP) como principales accionistas institucionales, sobre las decisiones de estructura de capital de la empresa chilena. Estos inversionistas pueden influir en la estructura de capital mediante distintos papeles como los de monitoreo a la gestión y de recopilación y transferencia de información al mercado. El análisis es desarrollado durante el periodo 2009-2011 para una muestra de 109 empresas chilenas que cotizan en la bolsa. Las AFP no sólo participan en el mercado accionario sino que también compiten por la deuda pública, por lo que nuestros resultados son relevantes al indicar la positiva influencia de este tipo de inversionistas en la contratación y emisión de deuda, particularmente la pública

Suggested Citation

  • Araya, Felipe & Jara, Mauricio & Maquieira, Carlos & San Martín, Pablo, 2015. "Influencia de los inversionistas institucionales en las decisiones de estructura de capital de la empresa. Evidencia para un mercado emergente," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(326), pages .279-311, abril-jun.
    • Handle: RePEc:elt:journl:v:82:y:2015:i:326:p:279-311
    DOI: http://dx.doi.org/10.20430/ete.v82i326.166
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    Cited by:

    1. Jara, Mauricio & López-Iturriaga, Félix & San Martín, Pablo & Saona, Paolo & Tenderini, Giannina, 2019. "Chilean pension fund managers and corporate governance: The impact on corporate debt," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 321-337.
    2. San Martín, Pablo & Saona, Paolo, 2017. "Capital structure in the Chilean corporate sector: Revisiting the stylized facts," Research in International Business and Finance, Elsevier, vol. 40(C), pages 163-174.

    More about this item

    Keywords

    inversionista institucional; estructura de capital; mercado emergente;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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