Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms
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| Format: | Artículo científico |
| Sprache: | en |
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Universidad ICESI
2019
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| author | Jorge A. Muñoz-Mendoza |
| author_facet | Jorge A. Muñoz-Mendoza |
| contents | Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms Jorge A. Muñoz-Mendoza Sandra M. Sepúlveda-Yelpo Carmen L. Veloso-Ramos Carlos L. Delgado-Fuentealba Administración y Contabilidad Maturity firm quality foreign ownership The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on 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. JEL classification: G30, G23, G34. 2019 artículo científico 0123-5923 https://www.redalyc.org/articulo.oa?id=21262744008 https://www.redalyc.org/journal/212/21262744008/ https://www.redalyc.org/journal/212/21262744008/html/ https://www.redalyc.org/journal/212/21262744008/21262744008.epub https://www.redalyc.org/journal/212/21262744008/movil 10.18046/j.estger.2019.153.3374 en http://www.redalyc.org/revista.oa?id=212 Estudios Gerenciales application/pdf Universidad ICESI Estudios Gerenciales (Colombia) Num.153 Vol.35 |
| format | Artículo científico |
| id | redalyc_21262744008 |
| institution | Redalyc |
| language | en |
| publishDate | 2019 |
| publisher | Universidad ICESI |
| spellingShingle | Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms Jorge A. Muñoz-Mendoza Administración y Contabilidad Maturity firm quality foreign ownership Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms Jorge A. Muñoz-Mendoza Sandra M. Sepúlveda-Yelpo Carmen L. Veloso-Ramos Carlos L. Delgado-Fuentealba Administración y Contabilidad Maturity firm quality foreign ownership The objective of this article is to determine the effects of foreign ownership and International Financial Reporting Standards (IFRS) on 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. JEL classification: G30, G23, G34. 2019 artículo científico 0123-5923 https://www.redalyc.org/articulo.oa?id=21262744008 https://www.redalyc.org/journal/212/21262744008/ https://www.redalyc.org/journal/212/21262744008/html/ https://www.redalyc.org/journal/212/21262744008/21262744008.epub https://www.redalyc.org/journal/212/21262744008/movil 10.18046/j.estger.2019.153.3374 en http://www.redalyc.org/revista.oa?id=212 Estudios Gerenciales application/pdf Universidad ICESI Estudios Gerenciales (Colombia) Num.153 Vol.35 |
| title | Effects of foreign ownership and International Financial Reporting Standards on debt maturity in Chilean firms |
| topic | Administración y Contabilidad Maturity firm quality foreign ownership |
| url | https://www.redalyc.org/articulo.oa?id=21262744008 https://www.redalyc.org/journal/212/21262744008/ https://www.redalyc.org/journal/212/21262744008/html/ https://www.redalyc.org/journal/212/21262744008/21262744008.epub https://www.redalyc.org/journal/212/21262744008/movil |