Opportunities and Agency Theory. A Structural Analysis
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.