Titulo:
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital
.
Sumario:
El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de... Ver más
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Oderson Panosso, Gleice Carvalho de Lima, Tarcisio Pedro da Silva, Luciano Castro de Carvalho - 2022
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Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de las empresas, probando que la cultura influye en la relación entre estructura y rendimiento. Finalmente, se examinaron por separados los mercados emergentes y desarrollados, y se demostró que en los mercados emergentes la relación de la estructura con el rendimiento respecto a la moderación cultural se vio menos afectada por la cultura nacional (individualismo y aversión a la incertidumbre) que en los países desarrollados. The purpose of this study was to analyze the influence of two dimensions of national culture (individualism and uncertainty avoidance) in the relationship between the choice of capital structure formation and the performance of companies in the G20 countries from 2013 to 2018, all in the industrial segment. The companies that made up the sample totaled 3,431, all in the G20 countries, with a total of 14,743 observations. The analyses were performed by means of econometric structural equations. The results showed a significant and positive relationship between the capital structure and the performance of companies. Also, the capital structure variable and the cultural dimensions of individualism and uncertainty avoidance were positively and statistically significant in the performance of companies, proving that culture has an influence on the relationship between structure and performance. Finally, emerging and developed markets were checked separately, demonstrating that in emerging markets the relationship of structure with performance to culture moderation was less affected by national culture (individualism and uncertainty avoidance) than in the developed countries. Panosso, Oderson Moreno, Gleice Carvalho de Lima da Silva, Tarcisio Pedro Castro de Carvalho, Luciano national culture capital structure performance corporate finance governance Cultura nacional Estructura del capital rendimiento finanzas corporativas gobierno corporativo 14 2 Núm. 2 , Año 2022 : Vol. 14 Núm. 2 (2022) Artículo de revista Journal article 2022-06-29T00:00:00Z 2022-06-29T00:00:00Z 2022-06-29 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/4515 10.14718/revfinanzpolitecon.v14.n2.2022.8 https://doi.org/10.14718/revfinanzpolitecon.v14.n2.2022.8 eng https://creativecommons.org/licenses/by-nc-sa/4.0 Oderson Panosso, Gleice Carvalho de Lima, Tarcisio Pedro da Silva, Luciano Castro de Carvalho - 2022 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. 513 539 Antonczyk, R. C., & Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151. https://doi.org/10.1016/j.ribaf.2013.06.005 Baker, M., Ruback, R. S., & Wurgler, J. (2007). Behavioral corporate finance. In E.B. Eckbo (Ed.), Handbook of empirical corporate finance (pp. 145-186). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50018-4 Bastos, D. D., & Nakamura, W. T. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50). Bastos, D. D., Nakamura, W. T., & Cruz, L. B. (2009). Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais. RAM. Revista de Administração Mackenzie, 10(6), 47-77. https://doi.org/10.1590/S1678-69712009000600005 Berger, A. N., & Di Patti, E. B. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking & Finance, 30(4), 1065-1102. https://doi.org/10.1016/j.jbankfin.2005.05.015 Bhaird, C., & Lucey, B. (2014). Culture's influences: An investigation of inter-country differences in capital structure. Borsa Istanbul Review, 14(1), 1-9. https://doi.org/10.1016/j.bir.2013.10.004 Brito, G. A. S., Corrar, L. J., & Batistella, F. D. (2007). Fatores determinantes da estrutura de capital das maiores empresas que atuam no Brasil. Revista Contabilidade & Finanças, 18, 9-19. https://doi.org/10.1590/S1519-70772007000100002 Chang, K., Wee, J. B., & Yi, H. C. (2012). Does national culture influence the firm's choice of debt maturity? Asia-Pacific Journal of Financial Studies, 41(4), 424-457. https://doi.org/10.1111/j.2041-6156.2012.01078.x Chui, A. C., Titman, S., & Wei, K. J. (2010). Individualism and momentum around the world. The Journal of Finance, 65(1), 361-392. https://doi. org/10.1111/j.1540-6261.2009.01532.x Cordeiro Filho, M., Pamplona, J. B., Lucas, E. C., & Kawai, R. M. (2018). Determinantes da estrutura de capital no Brasil: evidências empíricas a partir de dados em painel no período entre 2010 e 2016. Revista de Administração, Sociedade e Inovação, 4(2), 183-203. https://doi.org/10.20401/rasi.4.2.211 Crozatti, Jaime. (1998). Modelo de gestão e cultura organizacional: Conceitos e interações. Caderno de Estudos, 18, 1-20. https://doi.org/10.1590/S1413-92511998000200004 Davydov, D. (2015). Debt structure and corporate performance in emerging markets. Research in International Business and Finance, 38, 299-311. https://doi.org/10.2139/ssrn.2551791 Dawar, V. (2014). Agency theory, capital structure and firm performance: some Indian evidence. Managerial Finance, 40(12), 1190-1206. Desai, M.A., Foley, C.F. & Hines, J.R., Jr. (2004). A multinational perspective on capital structure choice and internal capital markets. The Journal of Finance, 59, 2451-2487. https://doi.org/10.1111/j.1540-6261.2004.00706.x De Carvalho, F. P., Maia, V. M., Louzada, L. C., & Gonçalves, M. A. (2017). Desempenho setorial de empresas brasileiras: um estudo sob a ótica do ROE, Q de Tobin e Market to Book. Revista de Gestão, Finanças e Contabilidade, 7(1), 149-163. Do Nascimento, J. C. H. B., Angotti, M., da Silva Macedo, M. A., & Bortolon, P. M. (2018). As relações entre governança corporativa, risco e endividamento e suas influências no desempenho financeiro e no valor de mercado de empresas brasileiras. Advances in Scientific and Applied Accounting, 11(1), 166-185. https://doi.org/10.14392/asaa.2018110109 Demirgüç-Kunt, A., & Levine, R. (1996). Stock markets, corporate finance, and economic growth: an overview. The World Bank Economic Review, 10(2), 223-239. https://doi.org/10.1093/wber/10.2.223 Ebaid, I. E. S. (2009). 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Culture, agency costs, and governance: International evidence on capital structure. Pacific-Basin Finance Journal, 34, 1- 23. https://doi.org/10.1016/j.pacfin.2015.05.001 Favero, L.P.L. (2013). Panel data in accounting and finance: theory and application. BBR-Brazilian Business Review, 10(1), 131-156. Gleason, K. C., Mathur, L. K., & Mathur, I. (2000). The interrelationship between culture, capital structure, and performance: evidence from European retailers. Journal of Business Research, 50(2), 185-191. https://doi.org/10.1016/S0148-2963(99)00031-4 Gorodnichenko, Y., & Roland, G., (2011). Which dimensions of culture matter for long-run growth? American Economic Review, 101(3), 492-498. Gozzi, J. C., Levine, R., Peria, M. S. M., & Schmukler, S. L. (2012). How firms use domestic and international corporate bond markets (No. w17763). National Bureau of Economic Research. Gupta, R., Derevensky, J. L., & Ellenbogen, S. (2006). 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A relevância da estrutura de capital no desempenho das firmas: uma análise multivariada das empresas brasileiras de capital aberto. Revista de Educação e Pesquisa em Contabilidade (REPeC), 9(4). https://doi.org/10.17524/repec.v9i4.1313 Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32(2), 261-275. https:// doi.org/10.2307/2326758 - https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Miller, M., Modigliani, F., (1958). The cost of capital, corporation finance, and the theory of investment. American Economic Review, 48(3) 261-297. Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x Myers, S. C., & Majluf, N. (1999). Corporate financing and investment decisions when firms have information that investors do not have (1984). Journal of Financial Economics. Fin. Econ., 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 Nisiyama, E. K., & Nakamura, W. T. (2015). 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Multinationality as a moderator of national institutions: The case of culture and capital structure decisions. Multinational Business Review. https://doi.org/10.1108/1525383X200900015 Rao, N. V., Al-Yahyaee, K. H. M., & Syed, L. A. (2007). Capital structure and financial performance: evidence from Oman. Indian Journal of Economics and Business, 6(1), 1. Roden, D. M., & Lewellen, W. G. (1995). Corporate capital structure decisions: Evidence from leveraged buyouts. Financial Management, 24(2), 76-87. https://doi.org/10.2307/3665536 Sadeghian, N. S., Latifi, M. M., Soroush, S., & Aghabagher, Z. T. (2012). Debt policy and corporate performance: Empirical evidence from Tehran Stock Exchange companies. International Journal of Economics and Finance, 4(11), 217-224. https://doi.org/10.5539/ijef.v4n11p217 Silva, A. D. F., & Valle, M. R. D. (2008). Análise da estrutura de endividamento: um estudo comparativo entre empresas brasileiras e americanas. 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John Wiley & Sons. https://doi.org/10.1002/9781444301489 https://revfinypolecon.ucatolica.edu.co/article/download/4515/4370 https://revfinypolecon.ucatolica.edu.co/article/download/4515/4324 https://revfinypolecon.ucatolica.edu.co/article/download/4515/4392 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 |
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UNIVERSIDAD CATÓLICA DE COLOMBIA |
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https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png |
| country_str |
Colombia |
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Revista Finanzas y Política Económica |
| title |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital |
| spellingShingle |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital Panosso, Oderson Moreno, Gleice Carvalho de Lima da Silva, Tarcisio Pedro Castro de Carvalho, Luciano national culture capital structure performance corporate finance governance Cultura nacional Estructura del capital rendimiento finanzas corporativas gobierno corporativo |
| title_short |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital |
| title_full |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital |
| title_fullStr |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital |
| title_full_unstemmed |
Cultura de individualismo y prevención de la insertidumbre de las industrias de los países del G20: un análisis de la estructura y el comportamiento del capital |
| title_sort |
cultura de individualismo y prevención de la insertidumbre de las industrias de los países del g20: un análisis de la estructura y el comportamiento del capital |
| title_eng |
Culture of Individualism and Uncertainty Avoidance in the G20 Countries’ Industries: An Analysis of Capital Structure and Performance |
| description |
El objetivo de este estudio fue analizar la influencia de dos dimensiones de la cultura nacional (individualismo y aversión a la incertidumbre) en la relación entre la estructura de capital y el rendimiento, en empresas del sector industrial de los países del G20, de 2013 a 2018. En total, 3.431 empresas conformaron la muestra, para un total de 14.343 observaciones. Los análisis se realizaron mediante ecuaciones econométricas estructurales. Los resultados mostraron una relación significativa y positiva entre la estructura de capital y el rendimiento de las empresas. Asimismo, la estructura de capital y las dimensiones culturales del individualismo y la aversión a la incertidumbre fueron positivas y significativas respecto al rendimiento de las empresas, probando que la cultura influye en la relación entre estructura y rendimiento. Finalmente, se examinaron por separados los mercados emergentes y desarrollados, y se demostró que en los mercados emergentes la relación de la estructura con el rendimiento respecto a la moderación cultural se vio menos afectada por la cultura nacional (individualismo y aversión a la incertidumbre) que en los países desarrollados.
|
| description_eng |
The purpose of this study was to analyze the influence of two dimensions of national culture (individualism and uncertainty avoidance) in the relationship between the choice of capital structure formation and the performance of companies in the G20 countries from 2013 to 2018, all in the industrial segment. The companies that made up the sample totaled 3,431, all in the G20 countries, with a total of 14,743 observations. The analyses were performed by means of econometric structural equations. The results showed a significant and positive relationship between the capital structure and the performance of companies. Also, the capital structure variable and the cultural dimensions of individualism and uncertainty avoidance were positively and statistically significant in the performance of companies, proving that culture has an influence on the relationship between structure and performance. Finally, emerging and developed markets were checked separately, demonstrating that in emerging markets the relationship of structure with performance to culture moderation was less affected by national culture (individualism and uncertainty avoidance) than in the developed countries.
|
| author |
Panosso, Oderson Moreno, Gleice Carvalho de Lima da Silva, Tarcisio Pedro Castro de Carvalho, Luciano |
| author_facet |
Panosso, Oderson Moreno, Gleice Carvalho de Lima da Silva, Tarcisio Pedro Castro de Carvalho, Luciano |
| topic |
national culture capital structure performance corporate finance governance Cultura nacional Estructura del capital rendimiento finanzas corporativas gobierno corporativo |
| topic_facet |
national culture capital structure performance corporate finance governance Cultura nacional Estructura del capital rendimiento finanzas corporativas gobierno corporativo |
| topicspa_str_mv |
Cultura nacional Estructura del capital rendimiento finanzas corporativas gobierno corporativo |
| citationvolume |
14 |
| citationissue |
2 |
| citationedition |
Núm. 2 , Año 2022 : Vol. 14 Núm. 2 (2022) |
| publisher |
Universidad Católica de Colombia |
| ispartofjournal |
Revista Finanzas y Política Económica |
| source |
https://revfinypolecon.ucatolica.edu.co/article/view/4515 |
| language |
eng |
| format |
Article |
| rights |
https://creativecommons.org/licenses/by-nc-sa/4.0 Oderson Panosso, Gleice Carvalho de Lima, Tarcisio Pedro da Silva, Luciano Castro de Carvalho - 2022 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 |
Antonczyk, R. C., & Salzmann, A. J. (2014). Overconfidence and optimism: The effect of national culture on capital structure. Research in International Business and Finance, 31, 132-151. https://doi.org/10.1016/j.ribaf.2013.06.005 Baker, M., Ruback, R. S., & Wurgler, J. (2007). Behavioral corporate finance. In E.B. Eckbo (Ed.), Handbook of empirical corporate finance (pp. 145-186). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50018-4 Bastos, D. D., & Nakamura, W. T. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50). Bastos, D. D., Nakamura, W. T., & Cruz, L. B. (2009). Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais. RAM. Revista de Administração Mackenzie, 10(6), 47-77. https://doi.org/10.1590/S1678-69712009000600005 Berger, A. N., & Di Patti, E. B. (2006). 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