Versión electrónica ISSN 0718 - 1566
Versión impresa ISSN 0716 - 1921

  Abstract
Growth Opportunities and Agency Theory. A Structural Analysis
This paper analyses growth opportunities set and agency theory, but considering a market where regulation is based on civil law with important bank financing, strong concentration of ownership, conglomerates or economic groups and pyramidal structure. The econometric analysis was done by cause and effect relationships, through structural equations methods (SEM). The results show a negative relationship between growth opportunities and the variables: debt, ownership concentration and risk. We also found a positive relationship between growth opportunities and the variables: insiders and liquidity of the firms. The results are consistent with the characteristics of the market analyzed.