La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina

Pape Larre, Hernan; Vásquez Tejos, Francisco Javier

doi:10.14718/revfinanzpolitecon.v13.n2.2021.4

La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina

Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de... Ver más

Guardado en:

Revista

Revista Finanzas y Política Económica

ISSN

2248-6046

EISSN

2011-7663

Autores

Pape Larre, Hernan

Vásquez Tejos, Francisco Javier

Editor

UNIVERSIDAD CATÓLICA DE COLOMBIA

DOI

10.14718/revfinanzpolitecon.v13.n2.2021.4

Volumen

Año de publicación

2021-09-08

Pagina inicial

345

Pagina final

370

Pais

Colombia

Palabras claves

Teoría de sincronización de mercado

Teoría de orden jerárquico

Brasil

Estructura de capital

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http://purl.org/coar/access_right/c_abf2

info:eu-repo/semantics/openAccess

Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021

Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.

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spelling	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina Teoría de sincronización de mercado Revista Finanzas y Política Económica Universidad Católica de Colombia Artículo de revista Núm. 2 , Año 2021 :Vol. 13 Núm. 2 (2021) 2 13 Perú México Chile Latinoamérica Teoría de orden jerárquico Brasil Estructura de capital Pape Larre, Hernan Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas. Vásquez Tejos, Francisco Javier Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443. Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499 Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6 Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-x Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343 Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720 Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007 Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3 Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08 Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946 Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18. Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152 Espinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363 Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003 Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0 Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297. Yang, B. (2013). Dynamic capital structure with heterogeneous beliefs and market timing. Journal of Corporate Finance, 22(1), 254-277. https://doi.org/10.1016/j.jcorpfin.2013.05.003 Myers, S. C. (1977). Determinants of corporate Borrowing. Journal of FinancialEconomics, (5), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0 http://purl.org/coar/resource_type/c_6501 Text http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess http://purl.org/coar/version/c_970fb48d4fbd8a85 info:eu-repo/semantics/publishedVersion http://purl.org/redcol/resource_type/ART http://purl.org/coar/resource_type/c_2df8fbb1 info:eu-repo/semantics/article Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, (39), 575-592. https://doi.org/10.2307/2327916 Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory? Quarterly Review of Economics https://doi.org/10.2139/ssrn.2747749 Zavertiaeva, M., & Nechaeva, I. (2017). Impact of Market Timing on the Capital Structure of Russian Companies. Journal of Economics and Business, 92, 10-28. https://doi.org/10.1016/j.jeconbus.2017.04.001 Ebaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385 Shyam-Sunder, L., & Stewart C. Myers. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8 Setyawan, I. R. (2015). An Empirical Study on Market Timing Theory of Capital Structure. Management Science Letters, 4(2), 2863-2868. https://doi.org/10.5267/j.msl.2012.09.025 San Martín, P., & Saona, P. (2017). Capital structure in the Chilean corporate sector: Revisiting the stylized facts. Research in International Business and Finance, 40, 163-174. https://doi.org/10.1016/j.ribaf.2017.01.004 Myers, S. C., & Majluf, N. (1984). Corporate Financing and Invesment Decisions when Firms Have Information that Investors. Journal of Financial Economics, (13), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001 Arosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005 Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.x https://revfinypolecon.ucatolica.edu.co/article/view/3674 This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies. Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile Journal article text/html application/pdf text/xml Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159 Publication Inglés Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098 Chirinko, R. S., & Singha, A. R. (2000). Testing static tradeoff against pecking order models of capital structure: a critical comment. Journal of Financial Economics, 58(3), 417-425. https://doi.org/10.1016/S0304-405X(00)00078-7 https://creativecommons.org/licenses/by-nc-sa/4.0 Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021 Chen, J. J. (2004). Determinants of Capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351. https://doi.org/10.1016/S0148-2963(03)00070-5 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0. Chen, D. H., Chen, C. Da, Chen, J., & Huang, Y. F. (2013). Panel data analyses of the pecking order theory and the market timing theory of capital structure in Taiwan. International Review of Economics and Finance, 27, 1-13. https://doi.org/10.1016/j.iref.2012.09.011 Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320 Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414 Market Timing and Pecking Order Theory in Latin America Alti, A. (2006). How Persistent Is the Impact of Market Timing on Capital Structure ? Journal of Finance, 51(4), 1681-1710. https://doi.org/10.1111/j.1540-6261.2006.00886.x Adair, P., & Adaskou, M. (2015). Trade-off theory vs. Pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon french SMEs (2002-2010). Cogent Economics and Finance, 3(1), 1-12. https://doi.org/10.1080/23322039.2015.1006477 Almahadin, H. A., & Oroud, Y. S. (2020). Capital Structure-Firm Value Nexus: Moderating Role of Profitability. Revista Finanzas y Política Económica, 11(2), 375-386. https://doi.org/10.14718/revfinanzpolitecon.2019.11.2.9 https://revfinypolecon.ucatolica.edu.co/article/download/3674/4013 https://revfinypolecon.ucatolica.edu.co/article/download/3674/4248 https://revfinypolecon.ucatolica.edu.co/article/download/3674/3918 https://doi.org/10.14718/revfinanzpolitecon.v13.n2.2021.4 2021-09-08T00:00:00Z 2021-09-08T00:00:00Z 2021-09-08 370 345 2248-6046 10.14718/revfinanzpolitecon.v13.n2.2021.4 2011-7663
institution	UNIVERSIDAD CATÓLICA DE COLOMBIA
thumbnail	https://nuevo.metarevistas.org/UNIVERSIDADCATOLICADECOLOMBIA/logo.png
country_str	Colombia
collection	Revista Finanzas y Política Económica
title	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
spellingShingle	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina Pape Larre, Hernan Vásquez Tejos, Francisco Javier Teoría de sincronización de mercado Perú México Chile Latinoamérica Teoría de orden jerárquico Brasil Estructura de capital Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile
title_short	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_fullStr	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_full_unstemmed	La Teoría de la Sincronización del Mercado y del Orden Jerárquico en Ameríca Latina
title_sort	la teoría de la sincronización del mercado y del orden jerárquico en ameríca latina
title_eng	Market Timing and Pecking Order Theory in Latin America
description	Este artículo busca determinar si la estructura de capital de las empresas latinoamericanas, en cuatro mercados emergentes: Brasil, Chile, México y Perú, se gestionan de acuerdo con la teoría de sincronización con el mercado o la teoría del orden jerárquico. El análisis se basó en una muestra no probabilística de 170 empresas, con datos anuales, de panel desbalanceado, en el periodo 2010-2018. Se aplicaron regresiones con el método de efectos fijos y aleatorios. Los resultados no muestran evidencias significativas indicando que las empresas latinoamericanas cumplan con la teoría del orden jerárquico. Asimismo, tampoco hay evidencias concluyentes de que las empresas se beneficien de los precios bajos de sus acciones para emitir capital ni de la emisión de deuda ante altos precios accionarios bursátiles. Sí hay señales de que siguen una combinación de varias teorías, lo que indicaría características propias en la estructura de capital de las empresas latinoamericanas.
description_eng	This article aims to determine if the capital structure of Latin American companies in the emerging markets of Brazil, Chile, Mexico, and Peru, are managed according to the market timing theory or the pecking order theory. The analysis was based on a non-probabilistic sample of 170 companies, with annual data, from an unbalanced panel, in the period 2010-2018. Regressions were applied with the fixed and random effects method. The results do not show significant evidence indicating that Latin American companies comply with the pecking order theory. Furthermore, there is also no definitive evidence that companies benefit from low share prices to issue capital or from debt issuance in the face of high stock market prices. There are signs that they follow a blend of several theories, which would indicate their characteristics in the capital structure of Latin American companies.
author	Pape Larre, Hernan Vásquez Tejos, Francisco Javier
author_facet	Pape Larre, Hernan Vásquez Tejos, Francisco Javier
topicspa_str_mv	Teoría de sincronización de mercado Perú México Chile Latinoamérica Teoría de orden jerárquico Brasil Estructura de capital
topic	Teoría de sincronización de mercado Perú México Chile Latinoamérica Teoría de orden jerárquico Brasil Estructura de capital Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile
topic_facet	Teoría de sincronización de mercado Perú México Chile Latinoamérica Teoría de orden jerárquico Brasil Estructura de capital Capital structure Market timing theory Pecking order theory Latin america Mexico Perú Brasil Chile
citationvolume	13
citationissue	2
citationedition	Núm. 2 , Año 2021 :Vol. 13 Núm. 2 (2021)
publisher	Universidad Católica de Colombia
ispartofjournal	Revista Finanzas y Política Económica
source	https://revfinypolecon.ucatolica.edu.co/article/view/3674
language	Inglés
format	Article
rights	http://purl.org/coar/access_right/c_abf2 info:eu-repo/semantics/openAccess https://creativecommons.org/licenses/by-nc-sa/4.0 Francisco Javier Vásquez Tejos, Hernan Pape Larre - 2021 Esta obra está bajo una licencia internacional Creative Commons Atribución-NoComercial-CompartirIgual 4.0.
references_eng	Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 53(3), 433-443. Lemmon, M. L., & Zender, J. F. (2010). Debt capacity and tests of capital structure theories. Ournal of Financial and Quantitative Analysis, 45(5), 1161-1187. https://doi.org/10.1017/S0022109010000499 Huang, W., Boateng, A., & Newman, A. (2016). Capital structure of Chinese listed SMEs: an agency theory perspective. Small Business Economics, 47(2), 535-550. https://doi.org/10.1007/s11187-016-9729-6 Eldomiaty, T.I., Ismail, M. A. (2009). Modeling capital structure decisions in a transition market: empirical analysis of firms in Egypt. Rev Quant Finance Account, 32(3), 211-233. https://doi.org/10.1007/s11156-008-0091-x Miller, M. H. (1977). Debt and taxes. The Journal of Finance, 32, 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x Mendoza-Quintero, D., Briano-Turrent, C., & Saavedra-Garcia, M. L. (2018). Diversidad de género en posiciones estratégicas y el nivel de endeudamiento: evidencia en empresas cotizadas mexicanas. Revista Mexicana de Economía y Finanzas Nueva Época, 13(4), 631-654. https://doi.org/10.21919/remef.v13i4.343 Mardones, J. G., & Cuneo, G. R. (2019). Capital structure and performance in Latin American companies. Economic Research-Ekonomska Istrazivanja , 0(0), 1-18. https://doi.org/10.1080/1331677X.2019.1697720 Mahajan, A., & Tartaroglu, S. (2008). Equity market timing and capital structure: International evidence. Journal of Banking and Finance, 32(5), 754-766. https://doi.org/10.1016/j.jbankfin.2007.05.007 Komera, S., & Lukose, J. L. (2015). Capital structure choice, information asymmetry, and debt capacity: evidence from India. Journal of Economics and Finance, 39(4), 807-823. https://doi.org/10.1007/s12197-014-9285-3 Horna-Zegarra, I. E. (2020). Perspectivas del financiamiento corporativo y el mercado de valores del Perú. Revista de Ciencias de La Administración y Economía, 10(19), 135-152. https://doi.org/10.17163/ret.n19.2020.08 Kenourgios, D., Savvakis, G. A., & Papageorgiou, T. (2019). The capital structure dynamics of European listed SMEs. Journal of Small Business and Entrepreneurship, 0(0), 1-18. https://doi.org/10.1080/08276331.2019.1603946 Jahanzeb, A., Bajuri, N. H., & Karami, M. (2013). Trade-Off Theory , Pecking Order Theory and Market Timing Theory : A Comprehensive Review of Capital Structure Theories. International Journal of Management and Commerce Innovations, 1(1), 11-18. Huang, R., & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative Analysis, 44(2), 237-271. https://doi.org/10.1017/S0022109009090152 Espinosa, C., Maquieira, C., Vieito, J. P., & Gonzalez, M. (2012). Capital Structures in Developing Countries: The Latin American case. Investigación Económica, LXXI(May), 35-54. https://doi.org/10.22201/fe.01851667p.2012.282.37363 Fama, E. F., & French, K. R. (2005). Financing decisions: Who issues stock? Journal of Financial Economics, 76(3), 549-582. https://doi.org/10.1016/j.jfineco.2004.10.003 Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217-248. https://doi.org/10.1016/S0304-405X(02)00252-0 Hofstede, G. (2001). Culture's consequences: Comparing values, behaviors, institutions and organizations across nations. (2nd ed; Sage Publications, ed.). Thousand Oaks, CA. Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporate finance and the theory of invesment. The American Economic Review, 48(3), 261-297. Yang, B. (2013). Dynamic capital structure with heterogeneous beliefs and market timing. Journal of Corporate Finance, 22(1), 254-277. https://doi.org/10.1016/j.jcorpfin.2013.05.003 Myers, S. C. (1977). Determinants of corporate Borrowing. Journal of FinancialEconomics, (5), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0 Myers, S. C. (1984). The Capital Structure Puzzle. Journal of Finance, (39), 575-592. https://doi.org/10.2307/2327916 Zeidan, R., Galil, K., & Shapir, O. M. (2018). Do ultimate owners follow the pecking order theory? Quarterly Review of Economics https://doi.org/10.2139/ssrn.2747749 Zavertiaeva, M., & Nechaeva, I. (2017). Impact of Market Timing on the Capital Structure of Russian Companies. Journal of Economics and Business, 92, 10-28. https://doi.org/10.1016/j.jeconbus.2017.04.001 Ebaid, I. E. S. (2009). The impact of capital-structure choice on firm performance: empirical evidence from Egypte. The Journal of Risk Finance., 10(5), 477-487. https://doi.org/10.1108/15265940911001385 Shyam-Sunder, L., & Stewart C. Myers. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8 Setyawan, I. R. (2015). An Empirical Study on Market Timing Theory of Capital Structure. Management Science Letters, 4(2), 2863-2868. https://doi.org/10.5267/j.msl.2012.09.025 San Martín, P., & Saona, P. (2017). Capital structure in the Chilean corporate sector: Revisiting the stylized facts. Research in International Business and Finance, 40, 163-174. https://doi.org/10.1016/j.ribaf.2017.01.004 Myers, S. C., & Majluf, N. (1984). Corporate Financing and Invesment Decisions when Firms Have Information that Investors. Journal of Financial Economics, (13), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0 ElBannan, M. A. (2017). Stock market liquidity, family ownership, and capital structure choices in an emerging country. Emerging Markets Review, 33, 201-231. https://doi.org/10.1016/j.ememar.2017.11.001 Arosa, C. M. V., Richie, N., & Schuhmann, P. W. (2015). The impact of culture on market timing in capital structure choices. Research in International Business and Finance, 35, 180-196. https://doi.org/10.1016/j.ribaf.2014.05.005 Dong, M., Loncarski, I., Horst, J., & Veld, C. (2012). What Drives Security Issuance Decisions : Market Timing , Pecking Order , or Both ? Financial Managment, (1984), 637-663. https://doi.org/10.1111/j.1755-053X.2012.01213.x Dani, A. C., Padilha, D., Santos, C. A., & Santos, P. S. A. (2016). Effect of Market Timing in the Capital Structure of Latin America. Revista de Gestão, Finanças e Contabilidade, 6(3), 143-159. https://doi.org/10.18028/2238-5320/rgfc.v6n3p143-159 Allini, A., Rakha, S., McMillan, D. G., & Caldarelli, A. (2018). Pecking order and market timing theory in emerging markets: The case of Egyptian firms. Research in International Business and Finance, 44(February 2017), 297-308. https://doi.org/10.1016/j.ribaf.2017.07.098 Chirinko, R. S., & Singha, A. R. (2000). 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