<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0186-1042</journal-id>
<journal-title><![CDATA[Contaduría y administración]]></journal-title>
<abbrev-journal-title><![CDATA[Contad. Adm]]></abbrev-journal-title>
<issn>0186-1042</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0186-10422016000100026</article-id>
<article-id pub-id-type="doi">10.1016/j.cya.2015.09.010</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Determinants of leverage in mining companies, empirical evidence for Latin American countries]]></article-title>
<article-title xml:lang="es"><![CDATA[Determinantes de apalancamiento en compañias mineras, evidencia empírica en paises latino americanos]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Paredes Gómez]]></surname>
<given-names><![CDATA[Angélica]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Ángeles Castro]]></surname>
<given-names><![CDATA[Gerardo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Flores Ortega]]></surname>
<given-names><![CDATA[Miguel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="A01">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2016</year>
</pub-date>
<volume>61</volume>
<numero>1</numero>
<fpage>26</fpage>
<lpage>40</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0186-10422016000100026&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0186-10422016000100026&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0186-10422016000100026&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[This paper applies static and dynamic panel data methods to explore the determinants and the trend of leverage across 14 mining firms in Mexico, Colombia, Chile, Brazil and Peru from the first quarter in 2004 to the third quarter in 2014, and also contrasts the results with relevant theories. We find that tangibility increases leverage, while growth and size do not have significant effect. Profitability reduces leverage, which is consistent with the first alternative of the Hierarchical Order theory. The Colombian firms start with lower levels of leverage and reduce it as tangibility, size, growth and profitability increase and hence, these firms are more financially stable, and their performance, in particular, is consistent with the first alternative of the Hierarchical Order theory. Lagged values of leverage are more robust determinants of present values of leverage than the other explanatory variables.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[En el artículo se aplican modelos estáticos y dinámicos de datos de panel para explorar las determinantes y la tendencia del apalancamiento en 14 empresas mineras de México, Colombia, Chile, Brasil y Perú, del primer trimestre de 2004 al tercer trimestre de 2014 y se contrastan los resultados con teorías relevantes. Encontramos que la tangibilidad incrementa el apalancamiento, mientras que el crecimiento y tamaño no tienen efecto significativo. La rentabilidad reduce el apalancamiento, lo cual es consistente con la primera alternativa de la teoría del Orden Jerárquico. Las firmas Colombianas inician con niveles de apalancamiento más bajos y lo reducen conforme la tangibilidad, el tamaño, el crecimiento y la rentabilidad se incrementan, por lo tanto estas empresas son financieramente más estables y su desempeño, en particular, es también consistente con la primera alternativa de la teoría del Orden Jerárquico. Los valores rezagados del apalancamiento son determinantes más robustos de los valores presentes en comparación con las demás variables explicativas.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Capital structure]]></kwd>
<kwd lng="en"><![CDATA[Leverage]]></kwd>
<kwd lng="en"><![CDATA[Profitability]]></kwd>
<kwd lng="en"><![CDATA[Firm size]]></kwd>
<kwd lng="en"><![CDATA[Firm growth]]></kwd>
<kwd lng="es"><![CDATA[Estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[Apalancamiento]]></kwd>
<kwd lng="es"><![CDATA[Rentabilidad]]></kwd>
<kwd lng="es"><![CDATA[Tamaño de la empresa]]></kwd>
<kwd lng="es"><![CDATA[Crecimiento de la empresa]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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