Los determinantes de la estructura de la madurez de la deuda corporativa. El caso de Chile
| Autor | Francisco Castañeda González - Franco Contreras Cortés |
| Cargo | Facultad de Administración y Economía, Universidad de Santiago de Chile - Facultad de Administración y Economía, Universidad de Santiago de Chile |
| Páginas | 411-425 |
411
Los determinantes de la estructura de la madurez
de la deuda corporativa. El caso de Chile*
The Determinants of Corporate Debt Maturity
Structure. The case of Chile
Francisco Castañeda González
y Franco Contreras Cortés**
ABSTRACT
Background: The aim of this article is to provide an empirical examination of the
determinants of debt maturity over a one year term for Chile. The debt to be
considered is that issued as xed income by Chilean companies listed on the
Santiago Stock Exchange. This research is conducted within a theoretical frame-
work of agency costs, tax hypothesis, and debt signaling hypothesis.
Methods: To carry out the analysis, we will employ a panel of data based on an-
nual nancial information for the period between 2002 and 2012 obtained from
Bloomberg. With this, we perform a pooled regression, a model with xed-ef-
fects, and another with random-effects.
Results: After analyzing a sample of 434 observations for 50 companies with 52.8%
of their debt having a maturity greater than one year, an asset maturity of 29.26
years, and an effective tax rate of 18.2%, we nd the following results.
The ratio between the market value and the book value is statistically signicant
and has the expected negative sign. We nd that both size and regulation are
statistically signicant and have a positive sign. The results obtained for the tax
variable indicate that it is not statistically signicant, which is consistent with
international evidence.
Furthermore, the estimated coefcient for the maturity of assets is not statisti-
cally signicant, which contradicts some of the ideas proposed by Myers (1977).
* Artículo recibido el 3 de diciembre de 2015 y aceptado el 10 de marzo de 2016. Los errores rema-
nentes son responsabilidad de los autores. [Traducción del inglés de Beatriz Meza Cuervo.]
** Facultad de Administración y Economía, Universidad de Santiago de Chile (correos electrónicos:
francisco.castaneda@usach.cl y franco.contreras1@gmail.com).
EL TRIMESTRE ECONÓMICO, vol. LXXXIV (2), núm. 334, abril-junio de 2017, pp. 411-425
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