Feregrino, JorgeEspinosa-Cristia, Juan FelipeLay, NelsonLeyton, Luis2023-03-312023-03-312022-12International Journal of Financial Studies, Volume 10, Issue 4December 2022 Article number 1002227-7072https://repositorio.unab.cl/xmlui/handle/ria/48104Indexación: Scopus.This study seeks to understand the financing strategy used by companies listed on the Mexican Stock Exchange (BVM), the São Paulo Stock Exchange (VVSP), and the Santiago Stock Exchange (BCS). To this end, the data observed in the Economática database for a sample of 29 companies were considered. Then, through a long panel data model, the study concludes that in the organizations reviewed, there is a degree of association between the variables “short-term liabilities” and “share price”, as the former increases by 1%, and the value of the shares increases by 0.09% in the subsequent period. This confirms a procyclical financial leverage. © 2022 by the authors.enFinancial crisesFinancing policy and company valueFluctuations and economic cyclesIllegal conductArtículoAtribución 4.0 Internacional (CC BY 4.0)10.3390/su142416368