Efectos de la propiedad extranjera y Normas Internacionales de Información Financiera sobre la madurez de la deuda en firmas chilenas

  • Jorge A. Muñoz-Mendoza Profesor Asistente, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile. https://orcid.org/0000-0002-6775-5307
  • Sandra M. Sepúlveda-Yelpo Profesor Asistente, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile.
  • Carmen L. Veloso-Ramos Profesor, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile.
  • Carlos L. Delgado-Fuentealba Profesor Instructor, Escuela de Administración y Negocios, Universidad de Concepción, Chillán, Chile.
Palabras clave: madurez, propiedad extranjera, calidad crediticia

Resumen

El objetivo de este artículo es determinar los efectos de la propiedad extranjera y de las Normas Internacionales de Información Financiera (NIIF) sobre la madurez de la deuda en las empresas chilenas. En el estudio se utiliza un modelo de respuesta fraccional (MRF) sobre 20.586 empresas. Los resultados demuestran que la propiedad extranjera tiene un efecto negativo y no lineal, transformándose en un medio de control sustituto en relación con la deuda de largo plazo. Las NIIF reducen la madurez en empresas grandes y la extiende en las pequeñas y medianas empresas (Pymes). Estos resultados sugieren que para las firmas grandes es más importante controlar conflictos de agencia, mientras que para las Pymes es más importante reducir las asimetrías de información.

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Publicado
2019-11-18
Cómo citar
Muñoz-Mendoza, J. A., Sepúlveda-Yelpo, S. M., Veloso-Ramos, C. L., & Delgado-Fuentealba, C. L. (2019). Efectos de la propiedad extranjera y Normas Internacionales de Información Financiera sobre la madurez de la deuda en firmas chilenas. Estudios Gerenciales, 35(153), 416-428. https://doi.org/10.18046/j.estger.2019.153.3374
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Artículo de investigación