{"id":"https://openalex.org/W2791189324","doi":"https://doi.org/10.15728/bbr.2018.15.2.4","title":"Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies","display_name":"Macroeconomic and Institutional Factors, Debt Composition and Capital Structure of Latin American Companies","publication_year":2018,"publication_date":"2018-03-01","ids":{"openalex":"https://openalex.org/W2791189324","doi":"https://doi.org/10.15728/bbr.2018.15.2.4","mag":"2791189324"},"language":"en","primary_location":{"id":"doi:10.15728/bbr.2018.15.2.4","doi":"https://doi.org/10.15728/bbr.2018.15.2.4","is_oa":true,"landing_page_url":"https://doi.org/10.15728/bbr.2018.15.2.4","pdf_url":"http://bbronline.com.br/index.php/bbr/article/download/25/33","source":{"id":"https://openalex.org/S2764758797","display_name":"Brazilian Business Review","issn_l":"1808-2386","issn":["1808-2386"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","norway-1","poland-20","russia-white-list-2","scielo"],"host_organization":"https://openalex.org/I4210094603","host_organization_name":"Fucape Business School","host_organization_lineage":["https://openalex.org/I4210094603"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Brazilian Business Review","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"http://bbronline.com.br/index.php/bbr/article/download/25/33","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5011306498","display_name":"Cl\u00e1udio J\u00fanior Bernardo","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I98466806","display_name":"Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo","ror":"https://ror.org/00sfmx060","country_code":"BR","type":"education","lineage":["https://openalex.org/I98466806"]}],"countries":["BR"],"is_corresponding":false,"raw_author_name":"Cl\u00e1udio Bernardo","raw_affiliation_strings":["Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP) , S\u00e3o Paulo , SP , Brazil","Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP) , S\u00e3o Paulo , SP , Brazil","institution_ids":["https://openalex.org/I98466806"]},{"raw_affiliation_string":"Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP)","institution_ids":["https://openalex.org/I98466806"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5044986156","display_name":"Tatiana Albanez","orcid":"https://orcid.org/0000-0002-4471-6946","observed_orcids":["https://orcid.org/0000-0002-4471-6946"]},"institutions":[{"id":"https://openalex.org/I17974374","display_name":"Universidade de S\u00e3o Paulo","ror":"https://ror.org/036rp1748","country_code":"BR","type":"education","lineage":["https://openalex.org/I17974374"]},{"id":"https://openalex.org/I98466806","display_name":"Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo","ror":"https://ror.org/00sfmx060","country_code":"BR","type":"education","lineage":["https://openalex.org/I98466806"]}],"countries":["BR"],"is_corresponding":false,"raw_author_name":"Tatiana Albanez","raw_affiliation_strings":["Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP)","Universidade de S\u00e3o Paulo (FEA/USP)","Universidade de S\u00e3o Paulo (FEA/USP) Jos\u00e9 Roberto Securato \u00a5","\u00a5 Universidade de S\u00e3o Paulo","\u03a9 Universidade de S\u00e3o Paulo"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Pontif\u00edcia Universidade Cat\u00f3lica de S\u00e3o Paulo (PUC/SP)","institution_ids":["https://openalex.org/I98466806"]},{"raw_affiliation_string":"Universidade de S\u00e3o Paulo (FEA/USP)","institution_ids":["https://openalex.org/I17974374"]},{"raw_affiliation_string":"Universidade de S\u00e3o Paulo (FEA/USP) Jos\u00e9 Roberto Securato \u00a5","institution_ids":["https://openalex.org/I17974374"]},{"raw_affiliation_string":"\u00a5 Universidade de S\u00e3o Paulo","institution_ids":["https://openalex.org/I17974374"]},{"raw_affiliation_string":"\u03a9 Universidade de S\u00e3o Paulo","institution_ids":["https://openalex.org/I17974374"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054143815","display_name":"Jos\u00e9 Roberto Securato","orcid":"https://orcid.org/0000-0002-7409-6063","observed_orcids":["https://orcid.org/0000-0002-7409-6063"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jos\u00e9 Securato","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":2.6317,"has_fulltext":true,"cited_by_count":32,"citation_normalized_percentile":{"value":0.8980464,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":99},"biblio":{"volume":"15","issue":"2","first_page":"152","last_page":"174"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9922000169754028,"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":0.9922000169754028,"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":0.0052999998442828655,"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/T11653","display_name":"Financial Distress and Bankruptcy Prediction","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":0.9900000095367432},{"id":"https://openalex.org/keywords/debt-structure","display_name":"debt structure","score":0.9139999747276306},{"id":"https://openalex.org/keywords/macroeconomic-factors","display_name":"macroeconomic factors","score":0.8090000152587891},{"id":"https://openalex.org/keywords/institutional-quality","display_name":"institutional quality","score":0.7910000085830688},{"id":"https://openalex.org/keywords/leverage-determinants","display_name":"leverage determinants","score":0.7699999809265137},{"id":"https://openalex.org/keywords/firm-characteristics","display_name":"firm characteristics","score":0.7390000224113464},{"id":"https://openalex.org/keywords/latin-american-firms","display_name":"Latin American companies","score":0.8700000047683716},{"id":"https://openalex.org/keywords/corporate-financing","display_name":"corporate financing","score":0.47999998927116394}],"concepts":[{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.8304718732833862},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7190197706222534},{"id":"https://openalex.org/C158886217","wikidata":"https://www.wikidata.org/wiki/Q16799549","display_name":"Latin Americans","level":2,"score":0.5444594025611877},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5299490690231323},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5272982120513916},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.4832625985145569},{"id":"https://openalex.org/C196083921","wikidata":"https://www.wikidata.org/wiki/Q7915758","display_name":"Variance (accounting)","level":2,"score":0.45986437797546387},{"id":"https://openalex.org/C53059260","wikidata":"https://www.wikidata.org/wiki/Q374758","display_name":"Multilevel model","level":2,"score":0.4526389539241791},{"id":"https://openalex.org/C180075932","wikidata":"https://www.wikidata.org/wiki/Q5333342","display_name":"Econometric model","level":2,"score":0.4408133924007416},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.37409666180610657},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.34583157300949097},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.23355114459991455},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.20296108722686768},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.20211264491081238},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","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/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":7,"locations":[{"id":"doi:10.15728/bbr.2018.15.2.4","doi":"https://doi.org/10.15728/bbr.2018.15.2.4","is_oa":true,"landing_page_url":"https://doi.org/10.15728/bbr.2018.15.2.4","pdf_url":"http://bbronline.com.br/index.php/bbr/article/download/25/33","source":{"id":"https://openalex.org/S2764758797","display_name":"Brazilian Business Review","issn_l":"1808-2386","issn":["1808-2386"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","norway-1","poland-20","russia-white-list-2","scielo"],"host_organization":"https://openalex.org/I4210094603","host_organization_name":"Fucape Business School","host_organization_lineage":["https://openalex.org/I4210094603"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Brazilian Business Review","raw_type":"journal-article"},{"id":"pmh:oai:scielo:S1808-23862018000200152","doi":null,"is_oa":true,"landing_page_url":"http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1808-23862018000200152","pdf_url":null,"source":{"id":"https://openalex.org/S4306402641","display_name":"LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Cient\u00edficas)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4383465926","host_organization_name":"LA Referencia","host_organization_lineage":["https://openalex.org/I4383465926"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"BBR. Brazilian Business Review v.15 n.2 2018","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:002890467","doi":null,"is_oa":true,"landing_page_url":"http://www.bbronline.com.br/index.php/bbr/article/view/25/33","pdf_url":null,"source":{"id":"https://openalex.org/S4306402641","display_name":"LA Referencia (Red Federada de Repositorios Institucionales de Publicaciones Cient\u00edficas)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4383465926","host_organization_name":"LA Referencia","host_organization_lineage":["https://openalex.org/I4383465926"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"instacron:USP","raw_type":"info:eu-repo/semantics/publishedVersion"},{"id":"pmh:oai:RePEc:bbz:fcpbbr:v:15:y:2018:i:2:p152-174","doi":null,"is_oa":false,"landing_page_url":"http://www.bbronline.com.br/index.php/bbr/article/download/25/33","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":null,"raw_type":"article"},{"id":"pmh:oai:americanae.aecid.es:2620547","doi":null,"is_oa":true,"landing_page_url":"http://americanae.aecid.es/americanae/es/registros/registro.do?tipoRegistro=MTD&idBib=2620547","pdf_url":null,"source":{"id":"https://openalex.org/S4306400786","display_name":"Americanae (AECID Library)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"BBR. Brazilian Business Review v.15 n.2 2018","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:doaj.org/article:1ab05e4d75eb4ee9adad2dc5465156e7","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/1ab05e4d75eb4ee9adad2dc5465156e7","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"BBR: Brazilian Business Review, Vol 15, Iss 2, Pp 152-174 (2018)","raw_type":"article"},{"id":"pmh:oai:redalyc.org:123056168004","doi":null,"is_oa":false,"landing_page_url":"https://www.redalyc.org/articulo.oa?id=123056168004","pdf_url":null,"source":{"id":"https://openalex.org/S4377196100","display_name":"Redalyc (Universidad Aut\u00f3noma del Estado de M\u00e9xico)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I179647637","host_organization_name":"Universidad Aut\u00f3noma del Estado de M\u00e9xico","host_organization_lineage":["https://openalex.org/I179647637"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"BBR - Brazilian Business Review (Brasil) Num.2 Vol.15","raw_type":"art\u00edculo cient\u00edfico"}],"best_oa_location":{"id":"doi:10.15728/bbr.2018.15.2.4","doi":"https://doi.org/10.15728/bbr.2018.15.2.4","is_oa":true,"landing_page_url":"https://doi.org/10.15728/bbr.2018.15.2.4","pdf_url":"http://bbronline.com.br/index.php/bbr/article/download/25/33","source":{"id":"https://openalex.org/S2764758797","display_name":"Brazilian Business Review","issn_l":"1808-2386","issn":["1808-2386"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","norway-1","poland-20","russia-white-list-2","scielo"],"host_organization":"https://openalex.org/I4210094603","host_organization_name":"Fucape Business School","host_organization_lineage":["https://openalex.org/I4210094603"],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Brazilian Business Review","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2791189324.pdf","grobid_xml":"https://content.openalex.org/works/W2791189324.grobid-xml"},"referenced_works_count":40,"referenced_works":["https://openalex.org/W1546993880","https://openalex.org/W1549409207","https://openalex.org/W1607499316","https://openalex.org/W1689607877","https://openalex.org/W1969519191","https://openalex.org/W1978081154","https://openalex.org/W1987177424","https://openalex.org/W2014206983","https://openalex.org/W2025655973","https://openalex.org/W2029268804","https://openalex.org/W2056734545","https://openalex.org/W2073306921","https://openalex.org/W2074928461","https://openalex.org/W2084310832","https://openalex.org/W2124597406","https://openalex.org/W2127756437","https://openalex.org/W2143437037","https://openalex.org/W2152088064","https://openalex.org/W2152554630","https://openalex.org/W2160860931","https://openalex.org/W2167351159","https://openalex.org/W2170790204","https://openalex.org/W2481021772","https://openalex.org/W2481523502","https://openalex.org/W2491136490","https://openalex.org/W2752617332","https://openalex.org/W2978872910","https://openalex.org/W3121131820","https://openalex.org/W3121759882","https://openalex.org/W3122420217","https://openalex.org/W3123053174","https://openalex.org/W3124114405","https://openalex.org/W3124223064","https://openalex.org/W3124450204","https://openalex.org/W3124871904","https://openalex.org/W3124896946","https://openalex.org/W3125087107","https://openalex.org/W3125651220","https://openalex.org/W4285719527","https://openalex.org/W4388111604"],"related_works":["https://openalex.org/W4400649404","https://openalex.org/W2265611963","https://openalex.org/W2340058875","https://openalex.org/W2166659408","https://openalex.org/W7027783938","https://openalex.org/W1847891029","https://openalex.org/W2056061546","https://openalex.org/W2949286612","https://openalex.org/W7100323301","https://openalex.org/W7111416944"],"abstract_inverted_index":{"The":[0,61],"objective":[1],"of":[2,10,20,34,42,70,72,78,83,87,93,101,103,122,165],"this":[3,130],"research":[4],"was":[5],"to":[6,26,37,58,113,118,135,161],"examine":[7,162],"the":[8,17,32,39,43,50,67,73,84,88,91,94,120,136,163,169],"influence":[9],"macroeconomic":[11,123],"and":[12,28,75,124,143],"institutional":[13,125,170],"factors":[14,36],"when":[15],"determining":[16],"capital":[18,40,85,166],"structure":[19,41,86],"Latin":[21],"American":[22],"companies":[23,44],"from":[24],"2009":[25],"2014,":[27],"also":[29,144],"analyze":[30,119],"if":[31],"significance":[33],"these":[35],"explain":[38,96],"is":[45,110],"changed":[46],"taking":[47],"into":[48],"account":[49],"financing":[51],"composition.":[52],"We":[53,127],"used":[54],"hierarchical":[55],"linear":[56],"modeling":[57],"process":[59],"data.":[60],"main":[62],"results":[63],"pointed":[64],"that,":[65],"both":[66],"representative":[68,76],"variables":[69,77,92],"characteristics":[71],"firm":[74,95],"countries":[79],"are":[80],"important":[81],"determinants":[82,164],"companies.":[89],"However":[90],"a":[97,141],"much":[98,112,151],"higher":[99],"percentage":[100],"variance":[102],"leverage.":[104],"Thus,":[105],"we":[106],"emphasize":[107],"that":[108,129,147],"there":[109],"still":[111],"be":[114],"done":[115],"in":[116],"order":[117],"effects":[121],"factors.":[126],"expect":[128],"study":[131],"has":[132,148],"created":[133],"contributions":[134],"national":[137],"literature,":[138],"by":[139],"using":[140],"theoretical":[142],"econometric":[145],"approach":[146],"not":[149],"been":[150],"explored":[152],"so":[153],"far.":[154],"As":[155],"well":[156],"as":[157],"for":[158],"market":[159],"agents":[160],"structure,":[167],"considering":[168],"aspects":[171]},"counts_by_year":[{"year":2026,"cited_by_count":6},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":10},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2018-03-29T00:00:00"}