Reacción del precio de las acciones a los cambios de estructura de capital en empresas chilenas: Examinando los efectos de la estructura de propiedad, oportunidades de crecimiento y leverage
DOI:
https://doi.org/10.17230/ecos.2019.49.4Palabras clave:
Retornos anormales, Deuda, Estructura de capital, Expropiación de riquezaResumen
En este artículo analizamos los efectos de la estructura de propiedad, estructura de capital y las oportunidades de crecimiento sobre la reacción del precio de
las acciones cuando las empresas emiten deuda o capital. Nuestros resultados, basados en la metodología de análisis de eventos y regresiones IV sobre una
muestra de 70 empresas chilenas, indican que la propiedad de los accionistas controladores tiene un efecto negativo en la reacción del precio de las acciones cuando las empresas emiten deuda y positivo cuando emiten acciones. Este resultado indica que las emisiones de deuda son un sustituto del control mayoritario de los accionistas y las emisiones de capital se asocian con un mayor desempeño corporativo. Las emisiones de capital son un medio para expropiar riqueza de los accionistas no controladores. Las oportunidades de deuda y crecimiento tienen un efecto no lineal.
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