Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms

Estudios Gerenciales

Jorge A. Muñoz-Mendoza¹  Sandra M. Sepúlveda-Yelpo²  Carlos L. Delgado-Fuentealba³  Carmen L. Veloso-Ramos⁴ 

[1] Profesor Asistente, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile. ;Profesor Asistente, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile.;Profesor Instructor, Escuela de Administración y Negocios, Universidad de Concepción, Chillán, Chile.;Profesor, Departamento de Gestión Empresarial, Universidad de Concepción, Los Ángeles, Chile.;

关键词: maturity;    foreign ownership;    firm quality.;   

DOI  :  https://doi.org/10.18046/j.estger.2019.153.3374

来源: DOAJ

【 摘 要 】

debt maturity in Chilean companies. The study uses a fractional response model (FRM) on 20,586 companies. The results show foreign ownership has a negative and non-linear effect. Foreign ownership in Chilean firms is a substitute control means in relation to long-term debt. IFRS reduces maturity in large companies and extends them in small and medium enterprises (SMEs). These results suggest it is more important for large firms to control agency conflicts, while it is more important for SMEs to reduce information asymmetry.

【 授权许可】

Unknown