The impact of metals' prices on the capital structure of mining and metallurgic enterprises in Latin America (2004-2014)

This work examines the short and medium-term effects of the international prices of several mineral (gold, silver copper, cinc) and metallurgic products (aluminum, steel), over the capital structure of mining and metallurgic companies listed in the stock market indices of Argentina, Brazil, Mexico and Peru. The study uses quarterly data over the period 2000-2014. Consistent with the dynamic pecking order theory, the findings confirm that profitability and the price of the products negatively influence their financial leverage. © 2016 Universidad Nacional Autónoma de México, Facultad de Contaduría y Administración.