2026-10-11T23:16:34Zhttps://riubu.ubu.es/oai/request

oai:riubu.ubu.es:10259/122552026-10-10T00:05:32Zcom_10259_7380com_10259_5086com_10259_2604col_10259_7381

Lizarzaburu Bolaños, Edmundo 44d9badb-fcef-41fe-9225-ffa21fe1686d García Gómez, Conrado Diego d8e190cb-4fff-4375-88ad-09fe871e5b20 600 López Iturriaga, Félix Javier 2e586413-9aa4-4ad8-9b99-bfc89e2624fe 600 Díez Esteban, José María 157 600 0000-0003-3053-3521 2026-10-09T07:21:20Z 2026-10-09T07:21:20Z 2026 2214-8450 https://hdl.handle.net/10259/12255 10.1016/j.bir.2026.100857 This study investigates the relationship between institutional quality and corporate risk in Latin America. Using a sample of 725 firms from Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru, and Uruguay over the period 2013-2022, we find that firms operating in countries with stronger formal institutions –as measured by the World Bank's Worldwide Governance Indicators– exhibit lower levels of corporate risk, as captured by reduced Z-scores and market volatility. These results are robust to the use of a composite index based on the six dimensions of the governance indicators and to various empirical techniques. Furthermore, our results suggest that capital market integration –measured through participation in the Latin American Integrated Market (MILA)– reinforces the risk-reducing effect of institutional quality. Moreover, the moderating influence of the MILA is particularly relevant in financially constrained firms. application/pdf eng Elsevier Borsa Istanbul Review. 2026, V. 26, n. 5, 100857, p. 1-17 https://doi.org/10.1016/j.bir.2026.100857 Attribution-NonCommercial-NoDerivatives 4.0 Internacional http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess Corporate risk Latin America Formal institutions quality Financial constraints MILA Empresas-América Latina-Finanzas Business enterprises-Latin American-Finance Corporate risk and formal institutions: is Latin America different? info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Borsa Istanbul Review 26 5, 100857 1 17 THUMBNAIL Lizarzaburu-bir_2026.pdf.jpg Lizarzaburu-bir_2026.pdf.jpg IM Thumbnail image/jpeg 3978 https://riubu.ubu.es/bitstream/10259/12255/4/Lizarzaburu-bir_2026.pdf.jpg 844962bb20904df905aec68bd1b7ff8f MD5 4 LICENSE license.txt license.txt text/plain; charset=utf-8 1362 https://riubu.ubu.es/bitstream/10259/12255/3/license.txt 5d013bfa6e473ff0db22cd82a4d71a70 MD5 3 CC-LICENSE license_rdf license_rdf application/rdf+xml; charset=utf-8 805 https://riubu.ubu.es/bitstream/10259/12255/2/license_rdf 4460e5956bc1d1639be9ae6146a50347 MD5 2 ORIGINAL Lizarzaburu-bir_2026.pdf Lizarzaburu-bir_2026.pdf application/pdf 1340239 https://riubu.ubu.es/bitstream/10259/12255/1/Lizarzaburu-bir_2026.pdf b75dc9f3fb1d6e9677c67051d8c51852 MD5 1 10259/12255 oai:riubu.ubu.es:10259/12255 2026-10-10 02:05:32.044 Repositorio Institucional de la Universidad de Burgos bubrep@ubu.es RWwgYXV0b3IgY29tbyDDum5pY28gdGl0dWxhciBkZSBsb3MgZGVyZWNob3MgZGUgcHJvcGllZGFkIGludGVsZWN0dWFsIGRlIGxhIG9icmEsIG8gZGlzcG9uaWVuZG8gZGUgbG9zIGRlYmlkb3MgcGVybWlzb3MgZGUgbG9zIG90cm9zIHRpdHVsYXJlcywgc2kgbG9zIGh1YmllcmEsIHkgZW4gdmlydHVkIGRlIGxvcyBkZXJlY2hvcyBxdWUgbGUgY29uZmllcmUgbGEgbGVnaXNsYWNpw7NuIHZpZ2VudGUgc29icmUgcHJvcGllZGFkIGludGVsZWN0dWFsIHkgZGVyZWNob3MgZGUgYXV0b3IsIApBVVRPUklaQSBhIGxhIFVuaXZlcnNpZGFkIGRlIEJ1cmdvcyBhIGRpZnVuZGlyLCBkZSBtYW5lcmEgZ3JhdHVpdGEsIGVsIGNvbnRlbmlkbyBkZSBsb3MgYXJjaGl2b3MgZGlnaXRhbGVzIHF1ZSBjb3JyZXNwb25kZW4gYWwgZG9jdW1lbnRvIGRlc2NyaXRvIGFudGVyaW9ybWVudGUsIGNvbiBjYXLDoWN0ZXIgbm8gZXhjbHVzaXZvIHkgZGUgbWFuZXJhIHDDumJsaWNhIGVuIGFjY2VzbyBhYmllcnRvIGEgdHJhdsOpcyBkZSBJbnRlcm5ldCwgcGFyYSBsbyBxdWUgbGEgQmlibGlvdGVjYSBwcm9jZWRlcsOhIGEgYXJjaGl2YXJsb3MgZW4gZWwgUmVwb3NpdG9yaW8gSW5zdGl0dWNpb25hbC4gQXNpbWlzbW8gYXV0b3JpemEgYSBsYSBVbml2ZXJzaWRhZCBkZSBCdXJnb3MgYSByZWFsaXphciBsYXMgdHJhbnNmb3JtYWNpb25lcyBuZWNlc2FyaWFzIGRlIGZvcm1hdG8sIG5vIGRlIGNvbnRlbmlkbywgcGFyYSBnYXJhbnRpemFyIGxhIHByZXNlcnZhY2nDs24geSBlbCBhY2Nlc28gZW4gZWwgZnV0dXJvLgoKRWwgYXV0b3IgZGlzcG9uZSwgZW4gdG9kbyBjYXNvLCBkZWwgZGVyZWNobyBhIHJldm9jYXIgZXN0YSBhdXRvcml6YWNpw7NuLgoKTGEgY2VzacOzbiBkZSBkZXJlY2hvcyBkZSBlc3RhIG9icmEgc2UgZW5jdWVudHJhIHN1amV0YSBhIGxhIGxlZ2lzbGFjacOzbiB2aWdlbnRlIHNvYnJlIHByb3BpZWRhZCBpbnRlbGVjdHVhbCB5IGRlcmVjaG9zIGRlIGF1dG9yLiBTdSBkaWZ1c2nDs24gZW4gZWwgUmVwb3NpdG9yaW8gc2Vyw6EgYmFqbyBsYSBtb2RhbGlkYWQgZGUgbGljZW5jaWEgQ3JlYXRpdmUgQ29tbW9ucyBvIGVxdWl2YWxlbnRlOiByZWNvbm9jaW1pZW50byDigJMgdXNvIG5vIGNvbWVyY2lhbCDigJMgc2luIG9icmEgZGVyaXZhZGEsIHBvciBsYSBxdWUgc2UgcGVybWl0ZSBoYWNlciBjb3BpYSwgZGlzdHJpYnVpciB5IGNvbXVuaWNhciBww7pibGljYW1lbnRlIGxhIG9icmEgc2llbXByZSBxdWUgc2UgY2l0ZSBhbCBhdXRvciwgZWwgdXNvIHF1ZSBzZSBoYWdhIGRlIGVsbGEgc2VhIG5vIGNvbWVyY2lhbCB5IG5vIHNlIGNyZWVuIG9icmFzIGRlcml2YWRhcyBhIHBhcnRpciBkZSBsYSBvcmlnaW5hbC4K