SciELO - Scientific Electronic Library Online

 
vol.23 número44Modeling and forecasting abnormal stock returns using the nonlinear Grey Bernoulli model índice de autoresíndice de assuntospesquisa de artigos
Home Pagelista alfabética de periódicos  

Serviços Personalizados

Journal

Artigo

Indicadores

  • Não possue artigos citadosCitado por SciELO

Links relacionados

  • Não possue artigos similaresSimilares em SciELO

Compartilhar


Journal of Economics, Finance and Administrative Science

versão impressa ISSN 2077-1886

Resumo

TRESIERRA, Alvaro Edmundo  e  REYES, Sergio David. Effects of institutional quality and the development of the banking system on corporate debt. Journal of Economics, Finance and Administrative Science [online]. 2018, vol.23, n.44, pp.113-124. ISSN 2077-1886.

Purpose - This study aims to determine if the quality of national institutions and banking development condition the maturity of debt depending on the horizon of short or long term. Design/methodology/approach - Analysis is performed on a sample of 116 nonfinancial companies from Peru and Brazil. The measures of quality of national institutions and banking development were obtained from World Bank data and included factorial analysis for dynamic considerations. Findings - The findings, through the treatment of pointed indicators, the factor analysis and the subsequent estimation of a dynamic econometric model, called GMM-SYS, show that institutional quality fosters the maturity of long-term debt and banking development boots short-termfinancial relations. Research limitations/implications - Evaluating different measures of the quality of national institutions and banking development is necessary to demonstrate the robustness of the results beyond the sample evaluated in LatinAmerica. Practical implications - The research allows to understand the interaction between national institutions and system banking through debt maturity, and this is useful for establishing common target between both groups. Social implications - It is important for corporate finance to understand the mechanisms of the interaction between national institutions and system banking, because this affects internal decisions offirms regardingfinancial implications. Originality/value - The treatment of measures of national institutions and banking development include dynamic considerations, and the application of this study in Latin America provides newfindings regarding these kind of indexes and their interaction with firms¨ features such as debt maturity.

Palavras-chave : Stock market; Banking system; Factorial analysis; GMM-SYS; Institutionality; Maturity of debt.

        · texto em Inglês     · Inglês ( pdf )

 

Creative Commons License Todo o conteúdo deste periódico, exceto onde está identificado, está licenciado sob uma Licença Creative Commons