<?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>2448-718X</journal-id>
<journal-title><![CDATA[El trimestre económico]]></journal-title>
<abbrev-journal-title><![CDATA[El trimestre econ]]></abbrev-journal-title>
<issn>2448-718X</issn>
<publisher>
<publisher-name><![CDATA[Fondo de Cultura Económica]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-718X2007000100161</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Determinantes de la estructura de financiación. Evidencia empírica para Chile]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Maquieira V.]]></surname>
<given-names><![CDATA[Carlos]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Olavarrieta S.]]></surname>
<given-names><![CDATA[Sergio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Zutta G.]]></surname>
<given-names><![CDATA[Pablo]]></given-names>
</name>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Chile Departamento de Administración y Escuela de Postgrado, Economía y Negocios ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Chile Escuela de Economía y Negocios ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>03</month>
<year>2007</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>03</month>
<year>2007</year>
</pub-date>
<volume>74</volume>
<numero>293</numero>
<fpage>161</fpage>
<lpage>193</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-718X2007000100161&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-718X2007000100161&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-718X2007000100161&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El artículo analiza los determinantes de la estructura de capital para una muestra de 113 empresas registradas en la Bolsa de Comercio de Santiago de Chile. El periodo de estudio comprende de 1990 a 1998. A diferencia de trabajos anteriores para el caso de Chile se utiliza Lisrel (Linear Structural Relations) para analizar los determinantes y se encuentran diferencias importantes al momento de comparar los resultados obtenidos por mínimos cuadrados ordinarios (MCO). En el primer caso sólo la rentabilidad y la tangibilidad de los activos surgen como variables significativas, esto es, cuanto mayor rentabilidad de la empresa menor endeudamiento y cuanto mayor proporción de activos colaterales (tangibilidad) mayor endeudamiento. Finalmente, al usar MCO se encuentra fuerte apoyo a los siguientes determinantes: tangibilidad, rentabilidad, regulación y calidad y un apoyo menos significativo al crecimiento, tamaño y clasificación industrial. Por tanto los errores de medición pueden ser importantes al estimar modelos, es decir los indicadores pueden no captar bien o completamente el constructor de interés.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: This paper studies the determinants of the capital structure for a sample of 113 firms that are listed in the Santiago Stock Exchange (Chile) in the period 1990-1998. The major difference between this and previous studies is the statistical method to analyze the data. Using LISREL (Linear Structural Relations), we find that tangibility of assets is significantly and positively related to the financial leverage and companies with higher level of profitability have more debt. On the other hand, if we use OLS we find that the leverage is significantly related to tangibility, profitability, regulation and quality of the firm. We find less significant results related to growth opportunities, size and industrial classification. This paper shows that measurement errors are important when we have to choose proxies to capture the variables that determine the financial leverage.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[estructura de financiación]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[endeudamiento]]></kwd>
</kwd-group>
</article-meta>
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