ARTÍCULOS ORIGINALES
ISSN 2389-8186
E-ISSN 2389-8194
Vol. 8, No. 2
Julio-diciembre de 2021
doi: https://doi.org/10.16967/23898186.713
pp. 22-37
rpe.ceipa.edu.co
* PhD in Business Sciences. Universidad Mayor, Santiago de Chile, Chile. E-mail: francisco.vasquez@umayor.cl.
ORCID: 0000-0002-5341-1415. Google Scholar: https://scholar.google.cl/citations?hl=es&user=LCJB1lQAAAAJ.
** PhD in Economic Sciences. Universidad Autónoma de Madrid, Madrid, España. E-mail: prosper.lamothe@uam.es.
ORCID: 0000-0001-8939-2618. Google Scholar: https://scholar.google.es/citations?user=UzUu4EwAAAAJ&hl=es&oi=ao.
*** PhD in Business Sciences. Universidad de Atacama, Copiapó, Chile. E-mail: hernan.pape@uda.cl. ORCID: 0000-0001-8382-1215.
Google Scholar: https://scholar.google.es/citations?hl=es&user=wO-_vUEAAAAJ.
Liquidity Risk and Capital Structure of
Companies in Latin America
FRANCISCO JAVIER VÁSQUEZ TEJOS*
PROSPER LAMOTHE FERNÁNDEZ**
HERNÁN PAPE LARRE***
ISSN 2389-8186
E-ISSN 2389-8194
Vol. 8, No. 2
Julio-diciembre de 2021
doi: https://doi.org/10.16967/23898186.713
COMO CITAR ESTE ARTÍCULO
How to cite this article:
Vásquez, F.J., Lamothe, P.
and Pape, H. (2021). Liquidity
Risk and Capital Structure of
Companies in Latin America.
Revista Perspectiva Empresarial,
8(2), 22-37.
Recibido: 07 de junio de 2021
Aceptado: 08 de octubre de 2021
ABSTRACT Objective. To explore the relationship between liquidity risk and the capital
structure of Latin American companies. Methodology. With a sample of 135 companies
(Brazil, Chile and Mexico), panel data were used to analyze various models that considered,
among other variables, six liquidity risk indices, two of which included a new factor: the
free-float. The study period covers from 2010 to 2019. Results. The level of indebtedness and
capital risk in Latin America companies present a mixed relationship (direct and inverse).
Conclusions. Latin American companies have their own characteristics for decision-making
about capital structure.
KEY WORDS Liquidity risk, capital structure, free-float, emerging markets, Latin America.
Riesgo de liquidez y estructura de capital de las empresas en América Latina
RESUMEN Objetivo. Explorar la relación entre el riesgo de liquidez y la estructura de capital
de las empresas latinoamericanas. Metodología. Con una muestra de 135 empresas (Brasil,
Chile y México) se analizan diversos modelos con datos de panel que consideran, entre
otras variables, seis índices de riesgo de liquidez; en dos de ellos se incorpora un nuevo
factor: el free-float. El período de estudio abarca desde 2010 hasta 2019. Resultados. Existe
una relación mixta (directa e inversa) entre el nivel de endeudamiento y el riesgo de capital
en las empresas de América Latina. Conclusiones. Las empresas latinoamericanas tienen
características propias en la toma de decisiones sobre la estructura de capital.
PALABRAS CLAVE riesgo de liquidez, estructura de capital, free-float, mercados emergentes,
América Latina.
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ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Risco de liquidez e estrutura de capital das empresas na América Latina
RESUMO Objetivo. Explorar a relação entre o risco de liquidez e a estrutura de
capital das empresas latino-americanas. Metodologia. Utilizando uma amostra de
135 empresas (Brasil, Chile e México), analisamos vários modelos com dados de
painel que consideram, entre outras variáveis, seis índices de risco de liquidez;
em duas delas incorporamos um novo fator: o free-float. O período de estudo foi de
2010 a 2019. Resultados. Existe uma relação mista (direta e inversa) entre o nível de
endividamento e o risco de capital nas empresas latino-americanas. Conclusões.
As empresas latino-americanas têm características próprias na tomada de decisões
sobre a estrutura de capital.
PALAVRAS CHAVE risco de liquidez, estrutura de capital, free-float, mercados
emergentes, América Latina.
25
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Introduction
Studies have been developed that analyze how
new ones.
companies.
Theoretical framework
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ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
27
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Methodology
applied.
evaluated with the Hausman test.
1 2 3 4 57
Lev TamV Tang MgEBIT MgNeto PVL LIQ
αβ β β β β β ε
=+ + + + + ++
1
1
it
D
itd
it
d
it itd
R
ILLIQ DV
=
=∑
28
ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
,,
,, ,,
imt
it
imt imt
NST
MT N xVOLATILY
=
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it
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month i.
,,imt
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VOLATILITYi,t
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FF
Results
29
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Table 1. Descriptive Statistics in Latin America
Variable Obs. Average Desv. Est. Min Max
Lev1 5198 30.42939 17.9365 0164.7229
Lev2 5198 31.38979 22.0513 098.0047
TamV 5198 14.12888 2.233307 018.80224
Tang 5198 0.303645 0.2339011 00.9308636
MgEBIT 5198 19.62808 175.7836 -4681.864 8298.849
PVL 5198 2.573743 2.943411 -10.84204 35.89773
ILLIQ 5198 0.0257149 1.211413 080.58635
MT 5198 0.4336659 9.289631 0648.6027
SHTRN 5198 0.0030364 0.0201369 00.9533335
ML 5198 8347326 2.58E+08 01.83E+10
SHTRNFF 5198 0.0076331 0.0808766 03.55621
ILLIQFF 5198 1.19E-07 6.81E-07 00.0000327
Source: author’s own elaboration.
Table 2. Correlation matrix in Latin America
Lev1 Lev2 TamV Tang MgEBIT PVL ILLIQ MT SHTRN ML SHTRNFF ILLIQFF
Lev1 1
Lev2 0.6732 1
TamV 0.1096 0.164 1
Tang 0.0318 0.0171 0.1962 1
MgEBIT 0.0389 0.0148 -0.0539 -0.0303 1
PVL 0.0875 -0.3125 0.1111 -0.051 0.0014 1
ILLIQ -0.0164 -0.0105 -0.0168 0.0085 -0.0009 -0.0107 1
MT -0.0126 -0.0176 -0.0017 -0.0251 0.0021 0.0206 -0.001 1
SHTRN 0.0097 0.0467 0.0228 -0.0647 0.0025 0.0507 -0.0028 0.1386 1
ML -0.0138 -0.0203 0.0112 -0.0134 0.0029 0.0068 -0.0007 0.9675 -0.0016 1
SHTRNFF 0.005 0.0366 0.0198 -0.0495 -0.0014 0.049 -0.0016 0.1514 0.9774 -0.0011 1
ILLIQFF -0.0126 0.002 -0.0226 -0.0374 -0.0031 0.0053 -0.003 0.0487 0.324 -0.0036 0.3376 1
Source: author’s own elaboration.
30
ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Table 3. Panel data regression results (PCSE) in Chile, dependent variable Lev1
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV -0.84678081 -0.86044734 -0.47955662 -0.86127167 -0.69483314 -0.81441163
Tang 30.75295*** 30.884284*** 27.691731*** 30.799444*** 29.442817*** 30.632553***
MgEBIT -.00935512* -.00935747* -.00922653* -.00934564* -.00923204* -.00927203*
PVL -2.0206428*** -2.0221686*** -1.9226028*** -2.0451511*** -2.008771*** -2.0181279***
ILLIQ 0.01315867
MT 0.0148469
SHTRN -285.67199
ML 2.71E-08
SHTRNFF 6.7723595
ILLIQFF 1480872.8
_cons 33.805463*** 33.945277*** 30.040945*** 34.001281*** 32.19006*** 33.23383***
N1750 1750 1750 1750 1750 1750
r2 0.10009641 0.10027112 0.09662113 0.10059077 0.09779865 0.10050784
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 4. Panel data regression results (PCSE) in Chile, dependent variable Lev2
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 1.1159623* 1.1168821* 1.3065599** 1.1304081* 1.1311423* 1.126225*
Tang 26.357685*** 26.513954*** 23.733377*** 26.04605*** 25.791639*** 26.020722***
MgEBIT -.02102052** -.0210066** -.02141328** -.02102844** -.02113186** -.02106096**
PVL -6.9662689*** -6.9471189*** -6.9064983*** -6.979763*** -6.8531051*** -6.974135***
ILLIQ 0.01505259
MT -0.98901294
SHTRN -506.70429
ML 9.45E-09
SHTRNFF -193.56961
ILLIQFF -445018.45
_cons 20.154638** 20.128469** 18.884835** 20.085158** 20.350327** 20.201999**
31
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
N1750 1750 1750 1750 1750 1750
r2 0.31516894 0.31709991 0.31523899 0.31458747 0.31678561 0.31436189
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 5. Panel data regression results (PCSE) in Mexico, dependent variable Lev1
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 0.60111133 0.63527105 .73572378* 0.63538906 .6842848* 0.61628303
Tang 5.2339838 5.8660696 4.9237445 5.8666934 5.0499221 7.9775441*
MgEBIT 0.00194262 0.00190153 0.00211023 0.00190156 0.00205136 0.0017686
PVL .45903043* .44540922* .4441558* .44527656* .43949742* .45912114*
ILLIQ 170.75879*
MT -0.00726214
SHTRN -766.03672
ML -2.45E-10
SHTRNFF -307.67711
ILLIQFF 9163654.9
_cons 17.477437*** 17.267005** 17.04503** 17.265273** 17.595386** 16.104862**
N1704 1704 1704 1704 1704 1704
r2 0.04007449 0.02571928 0.03173691 0.02570961 0.0288876 0.03102027
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 6. Panel data regression results (PCSE) in Mexico, dependent variable Lev2
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 2.0982815*** 2.2613334*** 1.9289756*** 2.2614121*** 2.0391897*** 2.1025505***
Tang -8.0059282** -5.7659349* -3.7986106 -5.7668134* -4.6712403 -6.8695282*
MgEBIT .00673318** .00677443** .00611803** .00677449** .00617864** .00621637**
32
ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
PVL -1.6770764*** -1.6191999*** -1.6069191*** -1.6192809*** -1.5715752*** -1.4520734***
ILLIQ 289.60973***
MT -0.00409572
SHTRN 2447.3271***
ML -1.47E-10
SHTRNFF 1293.7257***
ILLIQFF 50143305***
_cons 6.0157526 3.6362582 4.8619217 3.6357153 3.2879416 2.624969
N1704 1704 1704 1704 1704 1704
r2 0.1356606 0.11466867 0.16177644 0.11467064 0.16539659 0.16388845
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 7. Panel data regression results (PCSE) in Brazil, dependent variable Lev1
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 0.80161446 0.80750968 0.84355198 0.82370043 0.83670093 0.68035878
Tang 3.7515966 3.7459432 3.7008069 3.805468 3.7102732 3.5485114
MgEBIT -.03164368*** -.03126608*** -.03120099*** -.03141806*** -.03115973*** -.03189784***
PVL .20237762* .19857707* .2055803* .20565308* .20182665* .19739554*
ILLIQ -15.200068
MT 0.0620766
SHTRN 9.2687949
ML -4.09E-09
SHTRNFF 2.3320502
ILLIQFF -499547.5***
_cons 17.777247** 17.631674** 17.047657** 17.433962** 17.1835** 19.754938**
33
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
N1715 1715 1715 1715 1715 1715
r2 0.03882401 0.03953433 0.04047516 0.03932715 0.0405319 0.04405378
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 8. Results of panel data regression (PCSE) in Brazil, dependent variable Lev2
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 3.6991298*** 3.6963732*** 3.7903342*** 3.8955022*** 3.7429478*** 3.6536646***
Tang 1.174005 0.99265579 0.98048432 0.68091442 1.0425003 0.74219624
MgEBIT -.05140728*** -.05272814*** -.05180984*** -.05329223*** -.05179076*** -.05361169***
PVL -1.216957*** -1.224569*** -1.2173735*** -1.234811*** -1.2303844*** -1.2358909***
ILLIQ 147.3597***
MT -0.06600415
SHTRN 37.524039**
ML -1.074e-08*
SHTRNFF 7.8127393*
ILLIQFF -438111.85
_cons -18.10775 -17.838056 -19.601717 -20.636779* -18.739665 -17.000914
N1715 1715 1715 1715 1715 1715
r2 0.14617308 0.13935456 0.15155449 0.14583084 0.14769693 0.14198929
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 9. Panel data regression results (PCSE) in Latin America, dependent variable Lev1
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 0.66869901* 0.66861792* 0.66765413* 0.66868708* 0.66868748* 0.66393556*
Tang 11.726811*** 11.740235*** 11.778487*** 11.745094*** 11.768983*** 11.687297***
34
ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
MgEBIT 0.00169456 0.00169455 0.00169219 0.00169458 0.00169384 0.00169254
PVL 0.14769137 0.14776953 0.1486918 0.14750067 0.1467596 0.14569133
ILLIQ 0.02745619
MT -0.0053283
SHTRN 7.6242151
ML -2.73E-10
SHTRNFF 2.2902542
ILLIQFF -395457.24***
_cons 16.146928*** 16.146117*** 16.119887*** 16.143949*** 16.119546*** 16.283005***
N5169 5169 5169 5169 5169 5169
r2 0.03400855 0.03404011 0.03424422 0.0340914 0.03433781 0.03468611
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
Table 10. Panel data regression results (PCSE) in Latin America, dependent variable Lev2
Variable m1pcse m2pcse m3pcse m4pcse m5pcse m6pcse
TamV 2.3766292*** 2.3766141*** 2.3720662*** 2.3765349*** 2.376868*** 2.3736945***
Tang 5.3115828*** 5.3247831*** 5.3712832*** 5.3033294*** 5.3617965*** 5.2825563***
MgEBIT .00641212*** .00641241*** .0064003*** .00641168*** .00640974*** .0064121***
PVL -1.6983141*** -1.6980471*** -1.6953255*** -1.6990009*** -1.7023412*** -1.6988664***
ILLIQ 0.03307222
MT -0.00547971
SHTRN 38.131212***
ML -2.12E-10
SHTRNFF 8.0795531**
ILLIQFF -282115.33
_cons -0.1002586 -0.10198488 -0.17086318 -0.09148699 -0.16529936 -0.01057483
N5169 5169 5169 5169 5169 5169
r2 0.11483243 0.11484531 0.11849499 0.11483823 0.11752607 0.11504448
Note: *p<0.05; **p<0.01; ***p<0.001.
Source: author’s own elaboration.
35
ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
Conclusions
in this line.
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ARTÍCULOS ORIGINALES
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
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ARTÍCULOS
FRANCISCO JAVIER VÁSQUEZ TEJOS, PROSPER LAMOTHE FERNÁNDEZ, HERNÁN PAPE LARRE
Revista Perspectiva Empresarial, Vol. 8, No. 2, julio-diciembre de 2021, 22-37
ISSN 2389-8186, E-ISSN 2389-8194
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