{"id":"https://openalex.org/W199168300","doi":null,"title":"What Drives Capital Structure? Evidence from Chilean Panel Data","display_name":"What Drives Capital Structure? Evidence from Chilean Panel Data","publication_year":2005,"publication_date":"2005-01-01","ids":{"openalex":"https://openalex.org/W199168300","mag":"199168300"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:edj:ceauch:200","doi":null,"is_oa":false,"landing_page_url":"http://www.cea-uchile.cl/wp-content/uploads/doctrab/ASOCFILE120050309122739.pdf","pdf_url":"http://www.cea-uchile.cl/wp-content/uploads/doctrab/ASOCFILE120050309122739.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5083239095","display_name":"Viviana P. Fernandez","orcid":"https://orcid.org/0000-0003-4726-2174","observed_orcids":["https://orcid.org/0000-0003-4726-2174"]},"institutions":[{"id":"https://openalex.org/I69737025","display_name":"University of Chile","ror":"https://ror.org/047gc3g35","country_code":"CL","type":"education","lineage":["https://openalex.org/I69737025"]}],"countries":["CL"],"is_corresponding":true,"raw_author_name":"Viviana Fern\u00e1ndez","raw_affiliation_strings":["University of Chile"],"raw_orcid":"https://orcid.org/0000-0003-4726-2174","affiliations":[{"raw_affiliation_string":"University of Chile","institution_ids":["https://openalex.org/I69737025"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5083239095"],"corresponding_institution_ids":["https://openalex.org/I69737025"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":2,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0019000000320374966,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.972000002861023},{"id":"https://openalex.org/keywords/leverage-determinants","display_name":"leverage determinants","score":0.8429999947547913},{"id":"https://openalex.org/keywords/trade-off-theory","display_name":"trade-off theory","score":0.9679999947547913},{"id":"https://openalex.org/keywords/pecking-order-theory","display_name":"pecking order theory","score":0.9509999752044678},{"id":"https://openalex.org/keywords/stock-issuance","display_name":"share issuance","score":0.6269999742507935},{"id":"https://openalex.org/keywords/debt-issuance","display_name":"debt issuance","score":0.8349999785423279},{"id":"https://openalex.org/keywords/funding-gap","display_name":"financing gap","score":0.8519999980926514},{"id":"https://openalex.org/keywords/emerging-markets","display_name":"emerging markets","score":0.7770000100135803},{"id":"https://openalex.org/keywords/chile","display_name":"Chile","score":0.7089999914169312},{"id":"https://openalex.org/keywords/censored-data","display_name":"censored data","score":0.9190000295639038},{"id":"https://openalex.org/keywords/tax-policy","display_name":"tax policy","score":0.7350000143051147},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":1.0}],"concepts":[{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.7832374572753906},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.7713949680328369},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6878913044929504},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.6698509454727173},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5722274780273438},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5603083372116089},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.45815858244895935},{"id":"https://openalex.org/C168743327","wikidata":"https://www.wikidata.org/wiki/Q1826427","display_name":"Random effects model","level":3,"score":0.426896870136261},{"id":"https://openalex.org/C2778058735","wikidata":"https://www.wikidata.org/wiki/Q4692253","display_name":"Aggregate data","level":2,"score":0.4163792133331299},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.33711978793144226},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0841599702835083},{"id":"https://openalex.org/C71924100","wikidata":"https://www.wikidata.org/wiki/Q11190","display_name":"Medicine","level":0,"score":0.0},{"id":"https://openalex.org/C95190672","wikidata":"https://www.wikidata.org/wiki/Q815382","display_name":"Meta-analysis","level":2,"score":0.0},{"id":"https://openalex.org/C142724271","wikidata":"https://www.wikidata.org/wiki/Q7208","display_name":"Pathology","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C126322002","wikidata":"https://www.wikidata.org/wiki/Q11180","display_name":"Internal medicine","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:edj:ceauch:200","doi":null,"is_oa":false,"landing_page_url":"http://www.cea-uchile.cl/wp-content/uploads/doctrab/ASOCFILE120050309122739.pdf","pdf_url":"http://www.cea-uchile.cl/wp-content/uploads/doctrab/ASOCFILE120050309122739.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:199168300","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:edj:ceauch:200","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W435741644","https://openalex.org/W1495656322","https://openalex.org/W1496057935","https://openalex.org/W1520147355","https://openalex.org/W1964306383","https://openalex.org/W2028427785","https://openalex.org/W2033024588","https://openalex.org/W2047975216","https://openalex.org/W2055625425","https://openalex.org/W2075966196","https://openalex.org/W2084310832","https://openalex.org/W2089842977","https://openalex.org/W2120062331","https://openalex.org/W2127103243","https://openalex.org/W2130182730","https://openalex.org/W2140041112","https://openalex.org/W2143288831","https://openalex.org/W2153524047","https://openalex.org/W2167351159","https://openalex.org/W2170790204","https://openalex.org/W2752617332","https://openalex.org/W2905366712","https://openalex.org/W3121131820","https://openalex.org/W3122858800","https://openalex.org/W3123142049","https://openalex.org/W3124114405","https://openalex.org/W3124324454","https://openalex.org/W3124871904","https://openalex.org/W3125087107"],"related_works":["https://openalex.org/W92083242","https://openalex.org/W3025515088","https://openalex.org/W4235496647","https://openalex.org/W2584620248","https://openalex.org/W7111109493","https://openalex.org/W1579693212","https://openalex.org/W4406753007","https://openalex.org/W7100323301","https://openalex.org/W6990208603","https://openalex.org/W7100095299"],"abstract_inverted_index":{"There":[0],"is":[1,105,111,185],"an":[2],"extensive":[3],"literature":[4,153],"on":[5,113,154,158],"the":[6,25,34,61,66,159,163,176],"determinants":[7],"of":[8,28,102,162,178],"capital":[9,29,155],"structure":[10,30,156],"for":[11,33,46,119,141,148],"developed":[12,122],"countries,":[13],"but":[14],"little":[15],"has":[16],"been":[17],"said":[18],"about":[19],"emerging":[20],"economies.":[21],"This":[22],"article":[23],"analyzes":[24],"driving":[26],"forces":[27],"in":[31,44,71],"Chile":[32],"period":[35],"1990-2002.":[36],"We":[37,88,133],"study":[38],"aggregate":[39],"leverage":[40],"and":[41,49,92,126,130,144],"interest-bearing":[42],"liabilities":[43],"isolation":[45],"all":[47],"firms,":[48],"firms":[50],"segmented":[51],"by":[52,123,128,165],"economic":[53],"sector.":[54],"Our":[55,108],"results":[56],"give":[57],"more":[58,81],"support":[59],"to":[60,65,137],"trade-off":[62],"theory":[63],"than":[64,83],"pecking-order":[67],"hypothesis.":[68],"In":[69],"particular,":[70],"recent":[72],"years":[73],"equity":[74],"issues":[75,86],"have":[76,96],"followed":[77],"firms\u2019":[78],"financing":[79],"deficits":[80],"closely":[82],"net":[84],"debt":[85],"have.":[87],"conjecture":[89],"that":[90],"tax":[91],"monetary":[93],"policies":[94],"might":[95],"driven":[97],"this":[98],"result.":[99],"The":[100],"contribution":[101],"our":[103],"work":[104,136],"also":[106],"methodological.":[107],"econometric":[109],"specification":[110,146],"based":[112],"a":[114,182],"random-effects":[115,150],"panel":[116,138,173],"data":[117,121,139,164,174],"model":[118],"censored":[120],"Anderson":[124],"(1986)":[125],"extended":[127],"Kim":[129],"Maddala":[131],"(1992).":[132],"expand":[134],"Anderson-Kim-Maddala\u2019s":[135],"models":[140],"uncensored":[142],"data,":[143],"devise":[145],"tests":[147],"non-nested":[149],"models.":[151],"Most":[152],"focuses":[157],"cross-section":[160],"variation":[161],"averaging":[166],"observations":[167],"over":[168],"time.":[169],"Or,":[170],"when":[171],"using":[172],"models,":[175],"bias":[177],"fixed-effects":[179],"estimates,":[180],"under":[181],"dynamic":[183],"specification,":[184],"usually":[186],"neglected.":[187]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}