dor_id: 4119772

506.#.#.a: Público

590.#.#.d: Los artículos enviados a la revista "Contaduría y Administración", se juzgan por medio de un proceso de revisión por pares

510.0.#.a: Consejo Nacional de Ciencia y Tecnología (CONACyT); Sistema Regional de Información en Línea para Revistas Científicas de América Latina, el Caribe, España y Portugal (Latindex); Scientific Electronic Library Online (SciELO); SCOPUS, SCImago Journal Rank (SJR)

561.#.#.u: https://www.fca.unam.mx/

650.#.4.x: Ciencias Sociales y Económicas

336.#.#.b: article

336.#.#.3: Artículo de Investigación

336.#.#.a: Artículo

351.#.#.6: http://www.cya.unam.mx/index.php/cya/index

351.#.#.b: Contaduría y Administración

351.#.#.a: Artículos

harvesting_group: RevistasUNAM

270.1.#.p: Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

590.#.#.c: Open Journal Systems (OJS)

270.#.#.d: MX

270.1.#.d: México

590.#.#.b: Concentrador

883.#.#.u: https://revistas.unam.mx/catalogo/

883.#.#.a: Revistas UNAM

590.#.#.a: Coordinación de Difusión Cultural

883.#.#.1: https://www.publicaciones.unam.mx/

883.#.#.q: Dirección General de Publicaciones y Fomento Editorial

850.#.#.a: Universidad Nacional Autónoma de México

856.4.0.u: http://www.cya.unam.mx/index.php/cya/article/view/1377/1179

100.1.#.a: Santillan Salgado, Roberto Joaquin; Vega Zavala, María Del Rocío

524.#.#.a: Santillan Salgado, Roberto Joaquin, et al. (2019). Empirical evidence on the relationship of capital structure and the value of the firm among Mexican public firms. Contaduría y Administración; Vol. 64, Núm. 1. Recuperado de https://repositorio.unam.mx/contenidos/4119772

245.1.0.a: Empirical evidence on the relationship of capital structure and the value of the firm among Mexican public firms

502.#.#.c: Universidad Nacional Autónoma de México

561.1.#.a: Facultad de Contaduría y Administración, UNAM

264.#.0.c: 2019

264.#.1.c: 2018-10-19

653.#.#.a: Value of firms; leverage; size; mexican stock market; value of firms; leverage; size; mexican stock market; value of firms; leverage; size; mexican stock market

506.1.#.a: La titularidad de los derechos patrimoniales de esta obra pertenece a las instituciones editoras. Su uso se rige por una licencia Creative Commons BY 4.0 Internacional, https://creativecommons.org/licenses/by/4.0/legalcode.es, fecha de asignación de la licencia 2018-10-19, para un uso diferente consultar al responsable jurídico del repositorio por medio del correo electrónico revista_cya@fca.unam.mx

884.#.#.k: http://www.cya.unam.mx/index.php/cya/article/view/1377

001.#.#.#: oai:cya.www.revistas-conacyt.unam.mx:article/1377

041.#.7.h: eng

520.3.#.a: This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices. This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices. This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices.

773.1.#.t: Contaduría y Administración; Vol. 64, Núm. 1 (2019)

773.1.#.o: http://www.cya.unam.mx/index.php/cya/index

046.#.#.j: 2021-10-20 00:00:00.000000

022.#.#.a: ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

310.#.#.a: Trimestral

264.#.1.b: Facultad de Contaduría y Administración, UNAM

758.#.#.1: http://www.cya.unam.mx/index.php/cya/index

doi: https://doi.org/10.22201/fca.24488410e.2018.1377

handle: 00bfb80c68ee5341

harvesting_date: 2021-06-14 11:43:00.0

245.1.0.b: Empirical evidence on the relationship of capital structure and the value of the firm among mexican public firms|Empirical evidence on the relationship of capital structure and the value of the firm among mexican public firms

last_modified: 2023-03-22 16:00:00

license_url: https://creativecommons.org/licenses/by/4.0/legalcode.es

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Artículo

Empirical evidence on the relationship of capital structure and the value of the firm among Mexican public firms

Santillan Salgado, Roberto Joaquin; Vega Zavala, María Del Rocío

Facultad de Contaduría y Administración, UNAM, publicado en Contaduría y Administración, y cosechado de Revistas UNAM

Licencia de uso

Procedencia del contenido

Entidad o dependencia
Facultad de Contaduría y Administración, UNAM
Revista
Contaduría y Administración
Repositorio
Revistas UNAM
Contacto
Revistas UNAM. Dirección General de Publicaciones y Fomento Editorial, UNAM en revistas@unam.mx

Cita

Santillan Salgado, Roberto Joaquin, et al. (2019). Empirical evidence on the relationship of capital structure and the value of the firm among Mexican public firms. Contaduría y Administración; Vol. 64, Núm. 1. Recuperado de https://repositorio.unam.mx/contenidos/4119772

Descripción del recurso

Autor(es)
Santillan Salgado, Roberto Joaquin; Vega Zavala, María Del Rocío
Tipo
Artículo de Investigación
Área del conocimiento
Ciencias Sociales y Económicas
Título
Empirical evidence on the relationship of capital structure and the value of the firm among Mexican public firms
Fecha
2018-10-19
Resumen
This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices. This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices. This paper estimates the impact of firms’ capital structure changes over their market value in a sample of 69 non-financial firms listed in the Mexican Stock Exchange during a period from 2004 to 2014. Using Pooled Ordinary Least Squares (OLS), Fixed Effects (FE) and Random Effects (RE) regressions, we confirm the extensively documented positive influence of leverage on firm value; i.e. there is a clearly positive and statistically significant relationship between changes in financial leverage (debt ratios and debt to invested capital) and changes in Tobin’s Q (our proxy variable for firm value).When the whole sample is distributed in sub samples of firms with low and high leverage, small and big size, low and high profitability, or low and high risk, the financial leverage coefficients vary in magnitude and, in the case of debt ratios, remain highly significant. Our main contribution consists in the analysis of the estimated parameters, contributing to a better understanding of the impact of financial leverage changes on the value of different types of firms. These findings have important implications for corporate financial strategies, as well as for portfolio managers’ investment choices.
Tema
Value of firms; leverage; size; mexican stock market; value of firms; leverage; size; mexican stock market; value of firms; leverage; size; mexican stock market
Idioma
eng
ISSN
ISSN electrónico: 2448-8410; ISSN impreso: 0186-1042

Enlaces