Tamaño, deuda y riesgo en empresas de países con sustitución de monedas: Un análisis empírico del caso uruguayo
The paper investigates the relationship between the size of the firm, its indebtedness and the risk in countries that have currency substitution. The study covers 816 Uruguayan industrial companies, with 6 or more employees, from 2010 to 2016. In addition, indebtedness is affected by different variables. The ratio Total Liabilities to Total Assets was the variable to be explained. The size proxies of the company were: the number of employees (SIZE 1) and the level of assets (SIZE 2). Variables of both SIZE shows statistical significance and positively related to indebtedness. Other variables were statistical significant and consistent with the theory. We used panel data with estimation by fixed effects. The risk of greater indebtedness exists in currency substitution countries and non-arbitrated rates was found. The time series method was used looking to observe cointegration between both interest rates, in local and foreign currency. Given the different order of integration of the series of real interest rates in domestic and foreign currency, the possibility that they are cointegrated was ruled out, which leads to the conclusion that there is no long-term relationship between the interest rates studied. Likewise, it is concluded that indebtedness in foreign currency is more risky than in local currency in terms of its volatility, while showing the discontinuity in the evolution of the debt cost curve can present in the face of changes in the macroeconomic context.
Fil: Pascale, Ricardo.
Pascale, Ricardo (2018). Tamaño, deuda y riesgo en empresas de países con sustitución de monedas: Un análisis empírico del caso uruguayo. (info:eu-repo/semantics/article). [consultado: ] Disponible en el Repositorio Digital Institucional de la Universidad de Buenos Aires: <rimf_v7_n2_04>