Influence of Institutional Investors in the Decisions of Capital

Influence of Institutional Investors in the Decisions of
Capital Structure of the Company. Evidence for an
Emerging Market
Por:Sepulveda, FA (Sepulveda, Felipe Araya)[ 1 ] ; Bertin, MJ (Bertin, Mauricio
Jara)[ 2 ] ; Villanueva, CM (Villanueva, Carlos Maquieira)[ 3 ] ; Mosqueira, PSM (Mosqueira, Pablo
San Martin)[ 4 ]
TRIMESTRE ECONOMICO
Volumen: 82
Número: 2
Páginas: 279-311
Fecha de publicación: APR-JUN 2015
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Resumen
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 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.
Palabras clave
KeyWords Plus:Business Groups; Corporate Governance; Diversification Discount; Agency
Costs; Public Debt; Bank Debt; Ownership; Information;Finance; Firm
Información del autor
Dirección para petición de copias: Sepulveda, FA (autor para petición de copias)
Univ Chile, Fac Econ & Negocios, Santiago, Chile.
Direcciones:
[ 1 ] Univ Chile, Fac Econ & Negocios, Santiago, Chile
[ 2 ] Univ Chile, Fac Econ & Negocios, Dept Adm, Santiago, Chile
[ 3 ] Univ Tarapaca, Escuela Univ Ingn Ind Informat & Sistemas, Area Ingn Ind, Tarapaca,
Chile
[ 4 ] Univ Catolica Santisima Concepcion, Fac Ciencias Econ & Adm, Concepcion, Chile
Direcciones de correo
electrónico:fearaya@fen.uchile.cl; mjara@unegocios.cl; cmaquieira@uta.cl;psanmartin@ucsc.
cl
Editorial
FONDO CULTURA ECONOMICA, AVE PICACHO AJUSCO, NO 227, TLALPAN CP 14200,
MEXICO
Categorías / Clasificación
Áreas de investigación:Business & Economics
Categorías de Web of Science:Economics
Información del documento
Tipo de documento:Article
Idioma:Spanish
Número de acceso: WOS:000356465100002
ISSN: 0041-3011
Información de la revista
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Impact Factor: Journal Citation Reports®
Otra información
Número IDS: CK8CE
Referencias citadas en la Colección principal de Web of Science: 93
Veces citado en la Colección principal de Web of Science: 0