Comparative analysis of capital structures in Latin America companies
Palabras clave:
Financial structure, capital structure, financing decisions, determinants of indebtedness
Resumen
This article aims to provide a comparative analysis of the capital structure of large companies in the manufacturing sector of Colombia and Ecuador regarding company size, guarantees or tangibility, cost of debt, growth opportunities, reputation, and liquidity as determinant variables. Based on a sample of 509 manufacturing companies in Colombia and Ecuador, a panel data model was applied to estimate the determinants of the indebtedness of companies in this sector. The findings expose that in Colombia, the variables that influence the total indebtedness of companies are ROA, tangibility, and liquidity. In Ecuador, variables that influence the analysis of the total indebtedness of companies are ROA, size, tangibility, and liquidity. The Pecking Order Theory explains these results. This study contributes to understanding the determinants of companies’ financing types in Colombia and Ecuador, acknowledging that there are substantial differences between the economies of the two countries explained above, all by dollarization and the family structure of most companies in Ecuador and by more significant development in the Colombian stock market.
Citas
Acaravci, S. (2014). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial, 5(1), 158–171. https://www.econjournals.com/index.php/ijefi/article/view/1039
Acedo, M., Alútiz, A., y Ruiz, F. (2012). Factores determinantes de la estructura de capital de las empresas españolas. Tribuna de Economía, 868(1), 155–171. https://dialnet.unirioja.es/servlet/articulo?codigo=4125413
Arellano, M. (1987). Computing Robust Standard Errors for Within-Groups Estimators, Oxford Bulletin of Economics and Statistics, 49(4), 431–34. https://doi.org/10.1111/j.1468-0084.1987.mp49004006.x
Arévalo, G., Zambrano, S., & Vázquez, Á. (2022). Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana. Revista Finanzas y Política Económica, 14(1), 99-129. https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.5
Awan, A., & Amin, M. (2014). Determinants of capital structure. European Journal of Accounting Auditing and Finance Research, 2(9), 22-41. http://www.eajournals.org/wp-content/uploads/Determinants-of-Capital-Structure.pdf
Banco Central del Ecuador (2022). Cuentas nacionales trimestrales. Retrieved from https://contenido.bce.fin.ec/documentos/PublicacionesNotas/Catalogo/CuentasNacionales/Indices/c122032023.htm
Besley, S., & Brigham, E. (2016). Fundamentos de Administración Financiera. Decimocuarta Ediciones. Cengage Learning Editores.
Boateng, P., Ahamed, B., Soku, M., Addo, S. & Tetteh, L. (2022). Influencing factors that determine capital structure decisions: A review from the past to present, Cogent Business & Management, 9(1), https://doi.org/10.1080/23311975.2022.2152647
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structure in Developing Countries. The Journal of Finance, 56(1) 87-130. https://doi.org/10.1111/0022-1082.00320
Bradley, M., Jarrell, G. A., & Kim, H. (1984). On the existence of an optimal capital structure: theory and evidence. The Journal of Finance American Finance Association, 39(3), 857–878. https://doi.org/10.2307/2327950
Chen, Z., Li, Y., Lin, Y. & Pan, J. (2023). Business environment and corporate financing decisions: From the perspective of dynamic adjustment of capital structure. Finance Research Letters, 58 (Part B). 104461. https://doi.org/10.1016/j.frl.2023.104461
Departamento Administrativo Nacional de Estadística. (2022). Cuentas nacionales trimestrales. DANE - Históricos Producto Interno Bruto -PIB-..https://www.dane.gov.co/files/investigaciones/fichas/cuentas-nacionales/DSO-CSM-MET-001-V1.pdf
Díaz-Rivera, E. (2024). “Capital structure in Latin America: institutional and macroeconomic effects,” Academia Revista Latinoamericana de Administración, 37(3),463-482. https://doi.org/10.1108/ARLA-09-2022-0169
Duran, M. M., & Stephen, S. A. (2020). Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis. Research in International Business and Finance, 54, 101288. https://doi.org/10.1016/j.ribaf.2020.101288
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321-331. https://doi.org/10.1108/03074350710739605
Fernández, H., & Murillo, S. (2014). Un análisis con datos de panel de los factores explicativos del nivel de endeudamiento de las empresas colombianas en la Universidad de Medellín. En F. Isaza (Ed.), Finanzas, modelación y estrategias (p. 57). Sello Editorial.
Greene, W. H. (2000). Econometric analysis. (4th ed.). Prentice Hall.
Gujarati, D., & Porter, D. (2010). Econometría. (5ta. Ed.). McGraw-Hill/Interamericana.
Gutiérrez Ponce, H., Morán Montalvo, C., & Posas Murillo, R. (2019). Determinantes de la estructura de capital: un estudio empírico del sector manufacturero en Ecuador. Contaduría y administración, 64(2). https://doi.org/10.22201/fca.24488410e.2018.1848
Hernández, G., & Ríos, H. (2012). Determinantes de la estructura financiera en la industria manufacturera: la industria de alimentos. Análisis Económico, 27(65), 101-121. https://www.redalyc.org/pdf/413/41324594006.pdf
Huang, S., & Song, F. (2006). The Determinants of Capital Structure: Evidence from China. China Economic Review, 17(1), 14-36. https://dx.doi.org/10.2139/ssrn.320088
Jardim, J., Nakamura, W., & de Azevedo, P. (2023). O nível de concentração de capital influencia a estrutura de capital das empresas brasileiras? Revista De Gestão E Secretariado (Management and Administrative Professional Review), 14(4), 5866–5888. https://doi.org/10.7769/gesec.v14i4.2026
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://doi.org/10.1017/cbo9780511609435.005
Khan, M., Shah, M., Haq, F., & Shah, S. (2014). Determinants of capital structure in non-financial companies of Pakistan. Journal of Poverty, Investment, and Development, 6, 20- 28. https://core.ac.uk/download/pdf/234695121.pdf
Kim, W. S., & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21(2), 131-144. https://doi.org/10.2307/2330733
Köksal, B., Orman, C. (2015). Determinants of capital structure: evidence from a major developing economy. Small Business Economics, 44, 255–282. https://doi.org/10.1007/s11187-014-9597-x
Kouki, M., & Said, H. (2012). Capital Structure Determinants: New Evidence from French Panel Data. International Journal of Business and Management, 7(1). http://dx.doi.org/10.5539/ijbm.v7n1p214
Laitón Ángel, S. Y., & López Lozano, J. (2018). State of the art on financial problems in pymes: a Latin American study. Revista escuela de administración de negocios, (85), 163-179. https://doi.org/10.21158/01208160.n85.2018.2056
Lee, C. W., & Dampha, M. (2023). Determinants of Optimal Debt Policy: Evidence from Indonesia and Taiwan. Review of Integrative Business and Economics Research, 12(4), 48-70. http://buscompress.com/uploads/3/4/9/8/34980536/riber_12-4_04_m22-612_48-70.pdf
Logreira Vargas, C. I., & Paredes Chacin, A. J. (2017). Financial structure of SMEs: guidelines for a public policy projection, Espacios, 38(57), 2. https://www.revistaespacios.com/a17v38n57/a17v38n57p02.pdf
Melgarejo, M., & Stephen, S. (2020). Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis. Research in International Business and Finance, 54, 101288. https://doi.org/10.1016/j.ribaf.2020.101288
Mochón, F. (2009). Economía, teoría y política. (6ta. Ed.). McGraw-Hill/Interamericana de España.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443. http://www.jstor.org/stable/1809167
Muñoz, J., Delgado, C, Veloso, C, Sepúlveda, S., Cornejo, E., & Erices, D. (2023). Capital structure adjustment in Latin American firms: An empirical test based on the Error Correction Model. Estudios Gerenciales, 39(166), 50-66. https://doi.org/10.18046/j.estger.2023.166.5432
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Padilla Ospina, A., Rivera Godoy, J., & Ospina Holguin, J. (2015). Determinantes de la estructura de capital de las mipymes del sector real participantes del Premio Innova 2007-2011. Revista Finanzas y Política Económica, 7(2), 359-380. https://revfinypolecon.ucatolica.edu.co/article/view/284/2179
Paredes, A., Ángeles, G., & Flores, M. (2016). Determinants of leverage in mining companies, empirical evidence for Latin American countries. Contaduría y Administración, 61(1), 26-40. https://doi.org/10.1016/j.cya.2015.09.010
Pinos-Luzuriaga, L. G., Proaño-Rivera, W. B., Tonon-Ordóñez, L. B., & Mejía-Matute, S. R. (2021). Análisis con datos de panel de los factores determinantes del nivel de endeudamiento de las grandes empresas ecuatorianas del sector manufacturero. Uda Akadem, (7), 60-95. https://revistas.uazuay.edu.ec/index.php/udaakadem/article/view/370
Saeedi, A., & Mahmoodi, I. (2009). The Determinants of Capital Structure: Evidence from an Emerging Market. Recent Advances in Business Administration, 17(1/2), 13–18. https://doi.org/10.1108/10569210710774730
Serrasqueiro, Z., & Caetano, A. (2015). Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466. https://doi.org/10.3846/16111699.2012.744344
Serrasqueiro, Z., Matias, F., & Salsa, L. (2016). Determinants of capital structure: New evidence from Portuguese small firms. Dos Algarves: A Multidisciplinary e-Journal, 28, 13- 28. http://dx.doi.org/10.18089/DAMeJ.2016.28.1.2
Sultan, A., & Adam, M. (2015). The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Iraq. European Journal of Accounting, Auditing and Finance Research, 3(2), 61–78. https://doi.org/10.37745/ejaafr.2013
Tenjo, F., López, E., & Zamudio, N. (2006). Determinantes de la estructura de capital de las empresas colombianas: 1996-2002. Coyuntura Económica, 16(1), 117-147. https://repository.fedesarrollo.org.co/handle/11445/948
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x
Tresierra, Á. (2008). Comportamiento de la estructura financiera en un grupo de empresas españolas previa a la participación del capital riesgo. Documentos de trabajo en finanzas de empresas, 2, 26. https://dialnet.unirioja.es/servlet/articulo?codigo=2688698
Tulcanaza Prieto, A. B., & Lee, Y. H. (2019). Internal and external determinants of capital structure in large Korean firms. Global Business & Finance Review (GBFR), 24(3), 79-96. https://doi.org/10.17549/gbfr.2019.24.3.79
Vásquez, F., & Lamothe, P. (2018). Determinantes de la Estructura de Capital en Empresas Iberoamericanas. Cuadernos de Economía y Administración, 5(12), 91-119. http://www.revistas.espol.edu.ec/index.php/compendium/article/view/371
Vásquez-Tejos, F. J., & Pape-Larre, H. M. (2021). Market Timing and Pecking Order Theory in Latin America. Revista Finanzas y Política Económica, 13(2), 345-370. https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4
Vo, X. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance, 40, 105–113. https://doi.org/10.1016/j.ribaf.2016.12.001
White, H. (1980). A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48(4), 817–838. https://doi.org/10.2307/1912934
Zuluaga, L. (2020). Determinantes de la estructura de capital de las empresas en Colombia. [Tesis para optar por el título de Magister en Finanzas corporativas] Colegio de Estudios Superiores de Administración. http://hdl.handle.net/10726/3963
Acedo, M., Alútiz, A., y Ruiz, F. (2012). Factores determinantes de la estructura de capital de las empresas españolas. Tribuna de Economía, 868(1), 155–171. https://dialnet.unirioja.es/servlet/articulo?codigo=4125413
Arellano, M. (1987). Computing Robust Standard Errors for Within-Groups Estimators, Oxford Bulletin of Economics and Statistics, 49(4), 431–34. https://doi.org/10.1111/j.1468-0084.1987.mp49004006.x
Arévalo, G., Zambrano, S., & Vázquez, Á. (2022). Teoría del Pecking Order para el análisis de la estructura de capital: aplicación en tres sectores de la economía colombiana. Revista Finanzas y Política Económica, 14(1), 99-129. https://doi.org/10.14718/revfinanzpolitecon.v14.n1.2022.5
Awan, A., & Amin, M. (2014). Determinants of capital structure. European Journal of Accounting Auditing and Finance Research, 2(9), 22-41. http://www.eajournals.org/wp-content/uploads/Determinants-of-Capital-Structure.pdf
Banco Central del Ecuador (2022). Cuentas nacionales trimestrales. Retrieved from https://contenido.bce.fin.ec/documentos/PublicacionesNotas/Catalogo/CuentasNacionales/Indices/c122032023.htm
Besley, S., & Brigham, E. (2016). Fundamentos de Administración Financiera. Decimocuarta Ediciones. Cengage Learning Editores.
Boateng, P., Ahamed, B., Soku, M., Addo, S. & Tetteh, L. (2022). Influencing factors that determine capital structure decisions: A review from the past to present, Cogent Business & Management, 9(1), https://doi.org/10.1080/23311975.2022.2152647
Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structure in Developing Countries. The Journal of Finance, 56(1) 87-130. https://doi.org/10.1111/0022-1082.00320
Bradley, M., Jarrell, G. A., & Kim, H. (1984). On the existence of an optimal capital structure: theory and evidence. The Journal of Finance American Finance Association, 39(3), 857–878. https://doi.org/10.2307/2327950
Chen, Z., Li, Y., Lin, Y. & Pan, J. (2023). Business environment and corporate financing decisions: From the perspective of dynamic adjustment of capital structure. Finance Research Letters, 58 (Part B). 104461. https://doi.org/10.1016/j.frl.2023.104461
Departamento Administrativo Nacional de Estadística. (2022). Cuentas nacionales trimestrales. DANE - Históricos Producto Interno Bruto -PIB-..https://www.dane.gov.co/files/investigaciones/fichas/cuentas-nacionales/DSO-CSM-MET-001-V1.pdf
Díaz-Rivera, E. (2024). “Capital structure in Latin America: institutional and macroeconomic effects,” Academia Revista Latinoamericana de Administración, 37(3),463-482. https://doi.org/10.1108/ARLA-09-2022-0169
Duran, M. M., & Stephen, S. A. (2020). Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis. Research in International Business and Finance, 54, 101288. https://doi.org/10.1016/j.ribaf.2020.101288
Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321-331. https://doi.org/10.1108/03074350710739605
Fernández, H., & Murillo, S. (2014). Un análisis con datos de panel de los factores explicativos del nivel de endeudamiento de las empresas colombianas en la Universidad de Medellín. En F. Isaza (Ed.), Finanzas, modelación y estrategias (p. 57). Sello Editorial.
Greene, W. H. (2000). Econometric analysis. (4th ed.). Prentice Hall.
Gujarati, D., & Porter, D. (2010). Econometría. (5ta. Ed.). McGraw-Hill/Interamericana.
Gutiérrez Ponce, H., Morán Montalvo, C., & Posas Murillo, R. (2019). Determinantes de la estructura de capital: un estudio empírico del sector manufacturero en Ecuador. Contaduría y administración, 64(2). https://doi.org/10.22201/fca.24488410e.2018.1848
Hernández, G., & Ríos, H. (2012). Determinantes de la estructura financiera en la industria manufacturera: la industria de alimentos. Análisis Económico, 27(65), 101-121. https://www.redalyc.org/pdf/413/41324594006.pdf
Huang, S., & Song, F. (2006). The Determinants of Capital Structure: Evidence from China. China Economic Review, 17(1), 14-36. https://dx.doi.org/10.2139/ssrn.320088
Jardim, J., Nakamura, W., & de Azevedo, P. (2023). O nível de concentração de capital influencia a estrutura de capital das empresas brasileiras? Revista De Gestão E Secretariado (Management and Administrative Professional Review), 14(4), 5866–5888. https://doi.org/10.7769/gesec.v14i4.2026
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323–329. https://doi.org/10.1017/cbo9780511609435.005
Khan, M., Shah, M., Haq, F., & Shah, S. (2014). Determinants of capital structure in non-financial companies of Pakistan. Journal of Poverty, Investment, and Development, 6, 20- 28. https://core.ac.uk/download/pdf/234695121.pdf
Kim, W. S., & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21(2), 131-144. https://doi.org/10.2307/2330733
Köksal, B., Orman, C. (2015). Determinants of capital structure: evidence from a major developing economy. Small Business Economics, 44, 255–282. https://doi.org/10.1007/s11187-014-9597-x
Kouki, M., & Said, H. (2012). Capital Structure Determinants: New Evidence from French Panel Data. International Journal of Business and Management, 7(1). http://dx.doi.org/10.5539/ijbm.v7n1p214
Laitón Ángel, S. Y., & López Lozano, J. (2018). State of the art on financial problems in pymes: a Latin American study. Revista escuela de administración de negocios, (85), 163-179. https://doi.org/10.21158/01208160.n85.2018.2056
Lee, C. W., & Dampha, M. (2023). Determinants of Optimal Debt Policy: Evidence from Indonesia and Taiwan. Review of Integrative Business and Economics Research, 12(4), 48-70. http://buscompress.com/uploads/3/4/9/8/34980536/riber_12-4_04_m22-612_48-70.pdf
Logreira Vargas, C. I., & Paredes Chacin, A. J. (2017). Financial structure of SMEs: guidelines for a public policy projection, Espacios, 38(57), 2. https://www.revistaespacios.com/a17v38n57/a17v38n57p02.pdf
Melgarejo, M., & Stephen, S. (2020). Internationalization and the capital structure of firms in emerging markets: Evidence from Latin America before and after the financial crisis. Research in International Business and Finance, 54, 101288. https://doi.org/10.1016/j.ribaf.2020.101288
Mochón, F. (2009). Economía, teoría y política. (6ta. Ed.). McGraw-Hill/Interamericana de España.
Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433–443. http://www.jstor.org/stable/1809167
Muñoz, J., Delgado, C, Veloso, C, Sepúlveda, S., Cornejo, E., & Erices, D. (2023). Capital structure adjustment in Latin American firms: An empirical test based on the Error Correction Model. Estudios Gerenciales, 39(166), 50-66. https://doi.org/10.18046/j.estger.2023.166.5432
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Padilla Ospina, A., Rivera Godoy, J., & Ospina Holguin, J. (2015). Determinantes de la estructura de capital de las mipymes del sector real participantes del Premio Innova 2007-2011. Revista Finanzas y Política Económica, 7(2), 359-380. https://revfinypolecon.ucatolica.edu.co/article/view/284/2179
Paredes, A., Ángeles, G., & Flores, M. (2016). Determinants of leverage in mining companies, empirical evidence for Latin American countries. Contaduría y Administración, 61(1), 26-40. https://doi.org/10.1016/j.cya.2015.09.010
Pinos-Luzuriaga, L. G., Proaño-Rivera, W. B., Tonon-Ordóñez, L. B., & Mejía-Matute, S. R. (2021). Análisis con datos de panel de los factores determinantes del nivel de endeudamiento de las grandes empresas ecuatorianas del sector manufacturero. Uda Akadem, (7), 60-95. https://revistas.uazuay.edu.ec/index.php/udaakadem/article/view/370
Saeedi, A., & Mahmoodi, I. (2009). The Determinants of Capital Structure: Evidence from an Emerging Market. Recent Advances in Business Administration, 17(1/2), 13–18. https://doi.org/10.1108/10569210710774730
Serrasqueiro, Z., & Caetano, A. (2015). Trade-Off Theory versus Pecking Order Theory: capital structure decisions in a peripheral region of Portugal. Journal of Business Economics and Management, 16(2), 445-466. https://doi.org/10.3846/16111699.2012.744344
Serrasqueiro, Z., Matias, F., & Salsa, L. (2016). Determinants of capital structure: New evidence from Portuguese small firms. Dos Algarves: A Multidisciplinary e-Journal, 28, 13- 28. http://dx.doi.org/10.18089/DAMeJ.2016.28.1.2
Sultan, A., & Adam, M. (2015). The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Iraq. European Journal of Accounting, Auditing and Finance Research, 3(2), 61–78. https://doi.org/10.37745/ejaafr.2013
Tenjo, F., López, E., & Zamudio, N. (2006). Determinantes de la estructura de capital de las empresas colombianas: 1996-2002. Coyuntura Económica, 16(1), 117-147. https://repository.fedesarrollo.org.co/handle/11445/948
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. http://dx.doi.org/10.1111/j.1540-6261.1988.tb02585.x
Tresierra, Á. (2008). Comportamiento de la estructura financiera en un grupo de empresas españolas previa a la participación del capital riesgo. Documentos de trabajo en finanzas de empresas, 2, 26. https://dialnet.unirioja.es/servlet/articulo?codigo=2688698
Tulcanaza Prieto, A. B., & Lee, Y. H. (2019). Internal and external determinants of capital structure in large Korean firms. Global Business & Finance Review (GBFR), 24(3), 79-96. https://doi.org/10.17549/gbfr.2019.24.3.79
Vásquez, F., & Lamothe, P. (2018). Determinantes de la Estructura de Capital en Empresas Iberoamericanas. Cuadernos de Economía y Administración, 5(12), 91-119. http://www.revistas.espol.edu.ec/index.php/compendium/article/view/371
Vásquez-Tejos, F. J., & Pape-Larre, H. M. (2021). Market Timing and Pecking Order Theory in Latin America. Revista Finanzas y Política Económica, 13(2), 345-370. https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4
Vo, X. V. (2017). Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance, 40, 105–113. https://doi.org/10.1016/j.ribaf.2016.12.001
White, H. (1980). A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48(4), 817–838. https://doi.org/10.2307/1912934
Zuluaga, L. (2020). Determinantes de la estructura de capital de las empresas en Colombia. [Tesis para optar por el título de Magister en Finanzas corporativas] Colegio de Estudios Superiores de Administración. http://hdl.handle.net/10726/3963
Publicado
2025-01-30
Cómo citar
Logreira-Vargas, C., Pinos-Luzuriaga, L. G., Tonon-Ordoñez, L. B., & Vásquez-Peñaloza, L. (2025). Comparative analysis of capital structures in Latin America companies. Revista Venezolana De Gerencia, 30(109), 446-461. https://doi.org/10.52080/rvgluz.30.109.5
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