Regulation, Renegotiation and Capital Structure: Theory and Evidence from Latin American Transport Concessions

Moore, Alexander; Straub, Stéphane; Dethier, Jean-Jacques

doi:10.1596/1813-9450-6646

Cited by 10 publications

(12 citation statements)

References 16 publications

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“…This is a similar result to Spiegel and Spulber (1994), Moore et al (2014) and other articles who show that regualted firms will issue more debt relative to equity when faced with the threat of government expropriation of equity. Since there is a lower amount of equity invested, investors will incentivize the manager to induce less effort, and costs will be higher in expectation.…”

Section: Limited Government Commitmentsupporting

confidence: 86%

Financing infrastructure in developing countries

Estache¹,

Serebrisky²,

Wren‐Lewis³

2015

ECOPOL

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This article develops a theoretical framework to analyze options for financing infrastructure in developing countries. We build a basic model that gives motivations for using a combination of public finance, private debt and private equity. The model is then extended in a number of ways to examine a variety of factors that are important for developing countries when considering financing choices. We focus in particular on key institutional weaknesses that are often important for infrastructure investment. Overall, we show that such weaknesses can be key in determining financing choices, but that they do not all push in the same direction. Financing schemes must therefore be adapted to consider the institutional limitations that are most pertinent in any given context. JEL classifications: G32, G38, H54, O16

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Section: Limited Government Commitmentsupporting

confidence: 86%

Financing infrastructure in developing countries

Estache¹,

Serebrisky²,

Wren‐Lewis³

2015

ECOPOL

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“…Milena, Salinas, Ochoa, and Molina (2012) presents a review of empirical studies in Latin American countries that analyse the empirical verification of the hierarchical order theory. Moore et al (2013) in a World Bank study showed how the regulation of the capital structure in concessionaires transport firms reduces the level of leverage in the companies and they use more their own resources.…”

Section: Introductionmentioning

confidence: 99%

Determinants of leverage in mining companies, empirical evidence for Latin American countries

Gómez¹,

Castro²,

Ortega³

2016

Contaduría y Administración

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This paper applies static and dynamic panel data methods to explore the determinants and the trend of leverage across 14 mining firms in Mexico, Colombia, Chile, Brazil and Peru from the first quarter in 2004 to the third quarter in 2014, and also contrasts the results with relevant theories. We find that tangibility increases leverage, while growth and size do not have significant effect. Profitability reduces leverage, which is consistent with the first alternative of the Hierarchical Order theory. The Colombian firms start with lower levels of leverage and reduce it as tangibility, size, growth and profitability increase and hence, these firms are more financially stable, and their performance, in particular, is consistent with the first alternative of the Hierarchical Order theory. Lagged values of leverage are more robust determinants of present values of leverage than the other explanatory variables. All Rights Reserved A. Paredes Gómez et al. / Contaduría y Administración 61 (2016) 26-40 27 Resumen En el artículo se aplican modelos estáticos y dinámicos de datos de panel para explorar las determinantes y la tendencia del apalancamiento en 14 empresas mineras de México, Colombia, Chile, Brasil y Perú, del primer trimestre de 2004 al tercer trimestre de 2014 y se contrastan los resultados con teorías relevantes. Encontramos que la tangibilidad incrementa el apalancamiento, mientras que el crecimiento y tamaño no tienen efecto significativo. La rentabilidad reduce el apalancamiento, lo cual es consistente con la primera alternativa de la teoría del Orden Jerárquico. Las firmas Colombianas inician con niveles de apalancamiento más bajos y lo reducen conforme la tangibilidad, el tamaño, el crecimiento y la rentabilidad se incrementan, por lo tanto estas empresas son financieramente más estables y su desempeño, en particular, es también consistente con la primera alternativa de la teoría del Orden Jerárquico. Los valores rezagados del apalancamiento son determinantes más robustos de los valores presentes en comparación con las demás variables explicativas. Derechos Reservados © 2015 Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración. Este es un artículo de acceso abierto distribuido bajo los términos de la Licencia Creative Commons CC BY-NC-ND 4.0.Palabras clave: Estructura de capital; Apalancamiento; Rentabilidad; Tamaño de la empresa; Crecimiento de la empresa

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“…The result is shown in We can see that the average asset-liability ratio of GEM enterprises in 2012, 2013 and 2014 is 0.2402, 0.2676 and 0.2676 respectively, and the average issuance ratio is 0.2158, 0.2423, 0.2497, the trend of increasing year by year, the average long-term debt ratio of 0.0244, 0.0253, 0.0395, also showed a year-on-year trend. You can find these data, although little change, but it is also growing year by year, just in line with the slow development of the GEM technology-based enterprises [9]. This also shows that the capital structure of the GEM technology companies in the debt financing ratio gradually increased, companies gradually give up the concept of equity financing, more attempts to debt financing [10].…”

Section: Gem Characteristics Of Science and Technology Enterprisesmentioning

confidence: 74%

Research on the Relationship between Capital Structure and Enterprise Value of the Sci-tech Enterprises

Juan¹

2016

Proceedings of the 2016 6th International Conference on Mechatronics, Computer and Education Informationization (MCEI 2016)

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Recently, the competitiveness and innovation of science and technology have become an important index to measure the comprehensive ability of the country. Firstly, based on the respective theoretical origin, this paper uses the description statistical analysis method to analysis the capital structure and enterprise value of science and technology enterprises from 2012 to 2014. Then, identify the assets and liabilities rate, long-term debt rate, the correlation between the current debt ratio and corporate value through the regression analysis. Finally, according to the results of empirical analysis, the enterprise external financing environment and optimization of enterprise internal governance structure is proposed to maximize the enterprise value.

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Regulation, Renegotiation and Capital Structure: Theory and Evidence from Latin American Transport Concessions

Cited by 10 publications

References 16 publications

Financing infrastructure in developing countries

Financing infrastructure in developing countries

Determinants of leverage in mining companies, empirical evidence for Latin American countries

Research on the Relationship between Capital Structure and Enterprise Value of the Sci-tech Enterprises

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