Análisis de la estructura de capital en los principales sistemas bancarios centroamericanos en el período 2015-2019
Resumen
El propósito de este artículo fue identificar los determinantes de la estructura de capital para el sistema bancario de El Salvador, Guatemala y Panamá en el período de 2015-2019, en el que se analizaron, específicamente, 68 instituciones bancarias que mensualmente reportan sus estados contables a las superintendencias financieras locales. Con esa finalidad, se realizó un diseño metodológico mixto, aplicando, mediante una revisión de literatura extensa, una recolección teórica y empírica de los principales postulados alrededor del tema, en el que además se analizó, por medio de un enfoque cuantitativo, la evolución de cada uno de los sistemas bancarios y su comportamiento estructural de capital. Para esto se hizo un estudio descriptivo de datos, así como el desarrollo econométrico de un modelo de datos de panel estático con efectos fijos. Los resultados obtenidos permiten identificar que los determinantes tradicionales que explican la estructura de capital de las firmas no financieras también son significativos en el contexto bancario, y que su relación con la capacidad de endeudamiento logró ajustarse al planteamiento de la teoría de la jerarquización financiera.
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