Determinants of firm value in Latin America: an analysis of firm attributes and institutional factors

Original Paper

DOI: 10.1007/s11846-016-0213-0

Cite this article as:
Saona, P. & San Martín, P. Rev Manag Sci (2016). doi:10.1007/s11846-016-0213-0


This study analyses the impact of firm-level variables as well as country-level institutional factors on firm value in the Latin American region. The theoretical framework used to develop the research hypotheses has followed a corporate governance approach. The sample includes public firms from Argentina, Brazil, Chile, Colombia, Mexico, and Peru for the 1997–2013 period. The main findings indicate that ownership concentration, capital structure, and dividend policy are significant drivers of the market value of the firm. The results from determinants at the country-level show that legal enforcement and regulatory systems positively impact the market value of the firm, whilst the findings show unexpected results concerning the development of the financial system.


Corporate governance Firm value Emerging markets LATAM 

JEL Classification


Copyright information

© Springer-Verlag Berlin Heidelberg 2016

Authors and Affiliations

  1. 1.John Cook School of BusinessSaint Louis UniversityMadridSpain
  2. 2.Facultad de Ciencias Económicas y AdministrativasUniversidad Católica de la Santísima ConcepciónConcepciónChile

Personalised recommendations