Browsing by Author "Burgos, Lisbeth Altagracia Valdez"
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- The impact of family control on capital structure on emerging economiesPublication . Burgos, Lisbeth Altagracia Valdez; Lisboa, Inês Margarida Cadima; Costa, Magali PedroFamily firms are the leading pillar of the economy in most emerging and developed economies, representing between 60% to 90% of non-governmental gross domestic product (GDP). Therefore, Family firms’ decisions about their capital structure have a significant weight on a country’s economy, and the study on how the determinants of capital structure is affected by family firms’ decisions has become an important research topic. However, so far, despite the significant expansion of firms from emerging countries in recent years, the studies regarding Latin American family firms are limited. Therefore, the work examined how family governance-related factors impacts capital structure decisions in multinationals firms from Latin America, and how the board of directors and female presence within the board can influence its effect. The work is empirically tested by an unbalanced data panel model using the Generalized Method of Moments (GMM) system of 85 firms from six Latin American countries for the period 2011-2021. The capital structure determinants results were mostly mixed, with family firm control showing a mostly positive effect on the levels of indebtedness, while Gender Diversity showed the contrary effect. Macroeconomic factors demonstrated that they impact the capital structure in emerging economies.
- The moderating effect of state ownership on institutional distance and multilatinas subsidiaries performancePublication . Burgos, Lisbeth Altagracia Valdez; Reis, Nuno Manuel Rosa dos; Santos, João Neves de CarvalhoMultinational firms from emerging countries have expanded significantly in recent years. Among them are the growing multinationals firms from Latin America, the so-called “Multilatinas”. The emergence and success of these firms have made this phenomenon a recent research topic. However, until so far, the studies regarding Multilatinas are limited, specifically those regarding the effect of institutional distance. Therefore, my conceptual model examines the effect of institutional distances (Political, Administrative and Cultural) between Multilatinas and their subsidiaries performance. At the same time, I examine how state ownership can moderate the effect of institutional differences and the performance of Multilatinas subsidiaries. I apply institutional theory within the performance literature specifically subsidiaries to analyze multinational firms from emerging economies. The hypotheses are empirically tested by analyzing a sample of 30 Multilatinas firms from six Latin American countries between the years 2016 and 2018. I provide empirical evidence for the effect of institutional distance on subsidiaries performance. On one hand, my results found a positive relationship between both political and administrative institutional distance and subsidiaries performance. On the other hand, the results suggest that state ownership does negatively moderates the relationship between political distance and foreign subsidiaries performance.