La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina

Vásquez Tejos, Francisco Javier; Pape Larre, Hernan

doi:10.14718/revfinanzpolitecon.v13.n2.2021.4

Titulo:

La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
.

Sumario:

Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de... Ver más

Guardado en:

Revista:

Revista Finanzas y Política Económica

ISSN:

2248-6046

EISSN:

2011-7663

Autores:

Vásquez Tejos, Francisco Javier

Pape Larre, Hernan

Editor:

UNIVERSIDAD CATÓLICA DE COLOMBIA

DOI:

10.14718/revfinanzpolitecon.v13.n2.2021.4

Volumen:

Año de publicación:

2021-09-08

Pagina inicial:

345

Pagina final:

370

Pais:

Colombia

Palabras claves:

Estructura de capital

Teoría de sincronización de mercado

Teoría de orden jerárquico

Licencia:

Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.

info:eu-repo/semantics/openAccess

http://purl.org/coar/access_right/c_abf2

id	metarevistapublica_ucatolica_revistafinanzasypoliticaeconomica_16_article_3674
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spelling	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina Market Timing and Pecking Order Theory in Latin America Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas. This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies. Vásquez Tejos, Francisco Javier Pape Larre, Hernan Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú 13 2 Núm. 2 , Año 2021 :Vol. 13 Núm. 2 (2021) Artículo de revista Journal article 2021-09-08T00:00:00Z 2021-09-08T00:00:00Z 2021-09-08 text/html application/pdf text/xml Universidad Católica de Colombia Revista Finanzas y Política Económica 2248-6046 2011-7663 https://revfinypolecon.ucatolica.edu.co/article/view/3674 10.14718/revfinanzpolitecon.v13.n2.2021.4 https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4 eng https://creativecommons.org/licenses/by-nc-sa/4.0 Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. 345 370 Adair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon french SMEs (2002-2010). Cogent Economics and Finance, 3(1), 1-12. https://doi.org/10.1080/23322039.2015.1006477 Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098 Almahadin, H. A., & Oroud, Y. S. (2020). Capital Structure-Firm Value Nexus: Moderating Role of Profitability. Revista Finanzas y Política Económica, 11(2), 375-386. https://doi.org/10.14718/revfinanzpolitecon.2019.11.2.9 Alti, A. (2006). How Persistent Is the Impact of Market Timing on Capital Structure ? Journal of Finance, 51(4), 1681-1710. https://doi.org/10.1111/j.1540-6261.2006.00886.x Arosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005 Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320 Chen, D. H., Chen, C. Da, Chen, J., & Huang, Y. F. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance, 27, 1-13. https://doi.org/10.1016/j.iref.2012.09.011 Chen, J. J. (2004). Determinants of Capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5 Chirinko, R. S., & Singha, A. R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58(3), 417-425. https://doi.org/10.1016/S0304-405X(00)00078-7 Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159 Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.x Ebaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385 ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001 Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-x Espinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363 Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003 Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0 Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA. Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08 Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152 Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6 Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18. Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946 Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3 Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499 Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007 Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720 Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343 Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297. Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443. Myers, S. C. (1977). Determinants of corporate Borrowing. Journal of FinancialEconomics, (5), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0 Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, (39), 575-592. https://doi.org/10.2307/2327916 Myers, S. C., & Majluf, N. (1984). Corporate Financing and Invesment Decisions when Firms Have Information that Investors. Journal of Financial Economics, (13), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 San Martín, P., & Saona, P. (2017). Capital structure in the Chilean corporate sector: Revisiting the stylized facts. Research in International Business and Finance, 40, 163-174. https://doi.org/10.1016/j.ribaf.2017.01.004 Setyawan, I. R. (2015). An Empirical Study on Market Timing Theory of Capital Structure. Management Science Letters, 4(2), 2863-2868. https://doi.org/10.5267/j.msl.2012.09.025 Shyam-Sunder, L., & Stewart C. Myers. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8 Yang, B. (2013). Dynamic capital structure with heterogeneous beliefs and market timing. Journal of Corporate Finance, 22(1), 254-277. https://doi.org/10.1016/j.jcorpfin.2013.05.003 Zavertiaeva, M., & Nechaeva, I. (2017). Impact of Market Timing on the Capital Structure of Russian Companies. Journal of Economics and Business, 92, 10-28. https://doi.org/10.1016/j.jeconbus.2017.04.001 Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory? Quarterly Review of Economics https://doi.org/10.2139/ssrn.2747749 https://revfinypolecon.ucatolica.edu.co/article/download/3674/4013 https://revfinypolecon.ucatolica.edu.co/article/download/3674/3918 https://revfinypolecon.ucatolica.edu.co/article/download/3674/4248 info:eu-repo/semantics/article http://purl.org/coar/resource_type/c_6501 http://purl.org/coar/resource_type/c_2df8fbb1 http://purl.org/redcol/resource_type/ART info:eu-repo/semantics/publishedVersion http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2 Text Publication
institution	UNIVERSIDAD CATÓLICA DE COLOMBIA
thumbnail	https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png
country_str	Colombia
collection	Revista Finanzas y Política Económica
title	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
spellingShingle	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina Vásquez Tejos, Francisco Javier Pape Larre, Hernan Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
title_short	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_fullStr	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full_unstemmed	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_sort	la teoría de la sincronización del mercado y del orden jerárquico en ameríca latina
title_eng	Market Timing and Pecking Order Theory in Latin America
description	Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas.
description_eng	This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.
author	Vásquez Tejos, Francisco Javier Pape Larre, Hernan
author_facet	Vásquez Tejos, Francisco Javier Pape Larre, Hernan
topic	Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
topic_facet	Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
topicspa_str_mv	Estructura de capital Teoría de sincronización de mercado Teoría de orden jerárquico Latinoamérica Brasil Chile México Perú
citationvolume	13
citationissue	2
citationedition	Núm. 2 , Año 2021 :Vol. 13 Núm. 2 (2021)
publisher	Universidad Católica de Colombia
ispartofjournal	Revista Finanzas y Política Económica
source	https://revfinypolecon.ucatolica.edu.co/article/view/3674
language	eng
format	Article
rights	https://creativecommons.org/licenses/by-nc-sa/4.0 Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. info:eu-repo/semantics/openAccess http://purl.org/coar/access_right/c_abf2
references_eng	Adair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon french SMEs (2002-2010). Cogent Economics and Finance, 3(1), 1-12. https://doi.org/10.1080/23322039.2015.1006477 Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098 Almahadin, H. A., & Oroud, Y. S. (2020). Capital Structure-Firm Value Nexus: Moderating Role of Profitability. Revista Finanzas y Política Económica, 11(2), 375-386. https://doi.org/10.14718/revfinanzpolitecon.2019.11.2.9 Alti, A. (2006). How Persistent Is the Impact of Market Timing on Capital Structure ? Journal of Finance, 51(4), 1681-1710. https://doi.org/10.1111/j.1540-6261.2006.00886.x Arosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005 Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320 Chen, D. H., Chen, C. Da, Chen, J., & Huang, Y. F. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance, 27, 1-13. https://doi.org/10.1016/j.iref.2012.09.011 Chen, J. J. (2004). Determinants of Capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5 Chirinko, R. S., & Singha, A. R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58(3), 417-425. https://doi.org/10.1016/S0304-405X(00)00078-7 Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159 Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.x Ebaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385 ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001 Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-x Espinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363 Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003 Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0 Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA. Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08 Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152 Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6 Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18. Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946 Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3 Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499 Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007 Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720 Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343 Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297. Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. 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