Influencia de los inversionistas institucionales en las decisiones de estructura de capital de la empresa. Evidencia para un mercado emergente

Sepúlveda, Felipe Araya; Bertín, Mauricio Jara; Maquieira, Carlos; Mosqueira, Pablo San Martín

doi:10.20430/ete.v82i326.166

Cited by 4 publications

(3 citation statements)

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Section: Data Variables and Methodsmentioning

confidence: 99%

“…We include a number of control variables that potentially affect company performance (Campa and Kedia, 2002): firm size (Firm Size) measured by the natural logarithm of the number of workers in the firm; investment in fixed assets (Firm Investment) measured as the total machinery over total assets owned by a firm; the degree of indebtedness (Firm Indebtedness) measured by the ratio of total indebtedness over total assets; and the age of the firm (Firm Age) measured as the difference between the year of application of the instrument ( 2017) and the year the firm begun operations. We also included a set of dichotomous variables (Industry Type) according to the sector classification delivered by the Chilean Superintendency of Securities and Insurance (Araya Sep ulveda et al, 2015;Jara-Bertin et al, 2015). We employ some of the most common CEO demographic attributes: CEO age (CEO Age) measured as the number of years since the date of birth (Hsu et al, 2013); CEO experience (CEO Experience) measured as the number of years the firm's CEO has been in that position, considering previous experiences in other firms Datta, 2002, 2006); and CEO marital status (Larcker et al, 2013) measured by means of a dummy variable which equals 1 when the CEO is married and 0 otherwise.…”

Section: Control Variablesmentioning

confidence: 99%

“…Winsorization is appropriate practice in finance research (Mitton, 2022;Nyitrai and Vir ag, 2019), insofar as financial variables usually present high volatility in their distribution -CEO Higher Education: denotes CEO educational level by means of a dummy variable which equals 1 when the CEO attained a higher education degree and 0 otherwise -CEO Marriage: denotes CEO marital status by means of a dummy variable which equals 1 when the CEO is married and 0 otherwise (Larcker et al, 2013) (It must be noted both CEO Marriage and CEO Higher Education were found to have no effects on firm performance and therefore were not included in reported models) Additionally, models controlled for CEO personality traits, measured through the use of the 60-item NEO FFI Revised Personality Inventory (Costa and McCrae, 1992) which has proven to be an efficient, reliable and factorially valid measure for research on Spanish-speaking individuals (Manga et al, 2004). Personality traits are denoted by means of their specific names: responsibility, agreeableness, openness, extraversion and neuroticism A series of SME-specific characteristics are also controlled insofar as they are capable of affecting company performance (Campa and Kedia, 2002) -Firm Size: natural logarithm of the number of workers in the firm -Firm Investment (or investment in fixed assets): relationship between the total machinery over total assets owned by a firm -Firm Indebtedness: ratio of total indebtedness over total assets -Firm Age: difference between the year of application of the instrument (2017) and the year the firm begun operations Industry Type: a set of dichotomous variables indicating to which sector classification delivered by the Chilean Superintendency of Securities and Insurance the firm belongs (industrial sector, services sector or commercial sector) (Araya Sep ulveda et al, 2015;Jara-Bertin et al, 2015) Source(s): Elaborated by the authors based on original survey data Table 1.…”

Section: Modelmentioning

confidence: 99%

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Gender and decision-making styles in male and female managers of Chilean SMEs

Inostroza,

Sepúlveda Velásquez,

Ortúzar

2023

ARLA

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PurposeThis article aims to analyze how gender and decision-making styles of Chief Executive Officers (CEOs) of Small and Medium Enterprises (SMEs) impact the financial performance of the firms they manage.Design/methodology/approachData were obtained for 2017 for 185 SMEs in Chile, an emerging economy, including firm information, CEO's sociodemographic characteristics and CEOs' decision-making styles. Generalized Least Squares (GLS) models were estimated to explain the influence of gender and decision-making styles on firm performance, controlling for a series of covariates. To test whether gender moderates the effect of decision-making styles on firm performance, interaction terms were included. Furthermore, models were subject to several robustness procedures, with no significant differences in results.FindingsThe authors find evidence of significant relationships for both gender and the avoidant style. Likewise, the authors find evidence of interaction effects between gender and decision-making styles, particularly between gender and the dependent style.Originality/valueFindings contribute to prior research by analyzing the relationship between CEO gender and SME performance in the context of a Latin American emerging economy; by providing evidence of the impact of decision-making styles on the financial performance of SMEs; and by examining how a specific decision-making style, namely the dependent style, operates differently according to CEO gender, shedding some light on its ambiguous character as described by prior research. For policymakers and authorities, findings indicate the importance of incorporating women to SMEs and supporting their way towards higher management.

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Section: Data Variables and Methodsmentioning

confidence: 99%