Impacto de la estructura de capital sobre la creación de valor en las principales compañías mineras que cotizan en la Bolsa de Valores de Lima durante el periodo 2012-2022
Date
2024-08-26
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Pontificia Universidad Católica del Perú
Abstract
Dentro del campo de las finanzas corporativas, la estructura de capital se
ha establecido como un tema de discusión que ha desembocado en el
transcurso de los años en la evolución de varias teorías de estructura de
capital. Las innumerables investigaciones elaboradas hasta la actualidad,
se concentran en empresas pertenecientes a economías desarrolladas en
contraste con aquellos estudios realizados para empresas ubicadas en
economías emergentes.
Debido a ello, la presente investigación tiene por objetivo principal
determinar cómo influye la estructura de capital en la creación de valor para
el accionista en las empresas del sector minero que cotizan en la bolsa de
valores de Lima durante el periodo 2012-2022. Para ello, primero se
buscará determinar en qué medida la deuda financiera influye en la
creación de valor para el accionista en las empresas del sector minero que
cotizan en la Bolsa de Valores de Lima. Luego, se buscará determinar en
qué medida el autofinanciamiento influye en la creación de valor para el
accionista en las empresas del sector minero que cotizan en la Bolsa de
Valores de Lima; y, por último, se buscará determinar en qué medida el
crecimiento influye en la creación de valor para el accionista en las
empresas del sector minero que cotizan en la Bolsa de Valores de Lima.
En la investigación se ha utilizado la metodología econométrica de Panel,
con un periodo de análisis del 2012 al 2022. Como herramienta de análisis
se ha recurrido a la prueba de Hausman para detectar que el modelo de
efectos aleatorios es más eficiente y que, por lo tanto, será utilizado para la
presentación y discusión de resultados.
En cuanto a los resultados, se concluye que la deuda financiera tiene una
influencia negativa en la creación de valor para el accionista. La variable de
autofinanciamiento tiene una influencia positiva en la creación de valor para
el accionista y, por último, el crecimiento tiene una influencia positiva en la
creación de valor para el accionista.
Within the field of corporate finance, capital structure has established itself as a topic of discussion leading over the years to the development of various capital structure theories. The numerous studies conducted to date focus on companies in developed economies in contrast to those carried out for companies in emerging economies. Due to this, the main objective of the present research is to determine how capital structure influences shareholder value creation in mining companies listed on the Lima Stock Exchange during the period 2012-2022. To this end, the first step is to determine to what extent financial debt influences shareholder value creation in mining companies listed on the Lima Stock Exchange. Next, the aim is to determine to what extent self-financing influences shareholder value creation in mining companies listed on the Lima Stock Exchange; and finally, to determine to what extent growth influences shareholder value creation in mining companies listed on the Lima Stock Exchange. The research employs econometric panel methodology, analyzing the period from 2012 to 2022. The Hausman test was used as an analytical tool to detect that the random effects model is more efficient and, therefore, will be used for the representation and discussion of results. Regarding the results, it is concluded that financial debt has a negative influence on shareholder value creation. The self-financing variable has a positive influence on shareholder value creation and, finally, growth has a positive influence on shareholder value creation.
Within the field of corporate finance, capital structure has established itself as a topic of discussion leading over the years to the development of various capital structure theories. The numerous studies conducted to date focus on companies in developed economies in contrast to those carried out for companies in emerging economies. Due to this, the main objective of the present research is to determine how capital structure influences shareholder value creation in mining companies listed on the Lima Stock Exchange during the period 2012-2022. To this end, the first step is to determine to what extent financial debt influences shareholder value creation in mining companies listed on the Lima Stock Exchange. Next, the aim is to determine to what extent self-financing influences shareholder value creation in mining companies listed on the Lima Stock Exchange; and finally, to determine to what extent growth influences shareholder value creation in mining companies listed on the Lima Stock Exchange. The research employs econometric panel methodology, analyzing the period from 2012 to 2022. The Hausman test was used as an analytical tool to detect that the random effects model is more efficient and, therefore, will be used for the representation and discussion of results. Regarding the results, it is concluded that financial debt has a negative influence on shareholder value creation. The self-financing variable has a positive influence on shareholder value creation and, finally, growth has a positive influence on shareholder value creation.
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Keywords
Inversiones de capital--Perú, Valor--Finanzas, Empresas mineras--Finanzas--Perú
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