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THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

THE DETERMINANTS OF CAPITAL STRUCTURE ... - Ceres

Table 2: OLS´s

Table 2: OLS´s estimations of the determinants of Leverage Determinant Definition Expected Sign Debt/Assets ξ Size Log(Assets) + -0,003 (-0,23) Tangibility Fixed Assets+Inventories/Assets + -0,03 (-0,55) Intangibles/Assets - 1,47 (4,71)** Profitability Op. Result/Assets +/- -0,64 (-4,06)** Non Debt Tax Shield. Depreciation/Assets - 0,55 (0,70) Mark-up Sales/Op. Cost +/- -0,04 (-1,73)* R 2 0,09 F-Statistic 7,3288** ξ Variable to be explained by the model Estimation of Covariance matrix by White T-statistic in parenthesis *(**) denotes significance at 90%(95%) Jarque-Bera 0,27 Probability 0,87 Table 3: TOBIT´s estimations of the determinants of Long-Term Debt Determinant Definition Expected Sign Long Term Debt/Assets ξ Long Term Debt/Liabilities ξ Size Log (Assets) + 0,06 0,08 (4,67)** (4,90)** Tangibility Fixed Assets+Inventories/Assets + 0,17 0,27 (2,26)* (2,45)** Intangibles/Assets - 0,90 0,79 (1,47) (0,97) Profitability Op. Result/Assets - 0,20 0,33 (1,32) (1,46) Maturity of Assets Non-Curr. Assets/Assets + 0,31 0,48 (4,46)** (4,71)** Wald Test F-Statistic 14,02** 17,71** - Whole model signification - Chi-square 70,10** 88,54** ξ Variable to be explained by the model Censored observations: 267 Estimation of covariance matrix by Huber/White. Non-censored observations: 188 Z-statistic in parenthesiss *(**) denotes significance at 90%(95%) 32

Table 4: TOBIT´s estimations of the determinants of Bank Debt Determinant Definition Expected Sign Bank Debt/Assets ξ Bank Debt/Liabilities ξ Size Log (Assets) + 0,02 0,04 (1,96)** (2,19)** Tangibility Fixed Assets+Inventories/Assets + 0,18 0,30 (3,51)** (3,68)** Intangibles/Assets + 1,39 1,51 (2,81)** (2,21)** Profitability Op. Result/Assets ¿? 1,36 0,37 (3,34)** (1,85)* Cash Flow Cash Flow/Assets ¿? -1,05 (-2,68)** Mark-up Sales/Op. Cost ¿? -0,03 (-0,96) Export Profile Exports/Sales + 0,32 0,39 (2,41)** (1,84)* Net Worth Net Worth/Assets ¿? -0,31 -0,21 (-6,56)* (-2,78)** Wald Test F-Statistic 10,01** 5,64** - Whole model signification - Chi-square 80,09** 33,83** ξ Variable to be explained by the model Censored observations: 172 Estimation of covariance matrix by Huber/White. Non-censored observations: 262 Z-statistic in parenthesiss *(**) denotes significance at 90%(95%) 33

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