Estrutura de maturidade das dívidas das empresas brasileiras: um estudo empírico

This research investigates the determinants of the capital structure of small and medium enterprises (SMEs) using a unique database that includes over 19,000 Brazilian firms and spans 13 years of data. The econometric analysis employs the System Generalized Method of Moments estimator (GMM-Sys) and two strong results emerge: (a) profitability is negatively related to leverage, and (b) asset growth is positively related to leverage. Both results are consistent with the pecking order theory of capital structure and suggest that SMEs tend to finance their expansion with debt only after exhausting their internal resources. Additionally, we find weaker evidence for the following: (a) size is positively related to leverage, which can be interpreted as evidence that larger firms have more access to credit markets; (b) riskier SMEs tend to be less financially leveraged, consistent with the bankruptcy cost arguments from trade-off theories; and (c) the age of the firm is negatively related to financial leverage, suggesting that older SMEs may be slightly more conservative in their financing choices. Finally, the magnitude of the coefficient of lagged leverage shows the high persistence of this variable and is compatible with the hypothesis that SMEs adjust their debt/equity ratio towards a target value, although at a low speed.

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“…Size, risk, asset structure and liquidity are relevant predictors of capital structure. Nakamura and Jucá (2005) 80 (questionnaires) in Brazil…”

Section: Continuesmentioning

confidence: 99%

Determinants of the capital structure of small and medium sized Brazilian enterprises

Forte

Barros

Nakamura

2013

BAR, Braz. Adm. Rev.

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“…Capital structure studies with Brazilian companies evaluated them in in order to verify the impact of the characteristics of these companies on leverage and debt maturity (Albanez & Valle, 2009;Terra, 2009;Nakamura, Jucá & Bastos, 2011;Correa, Basso & Nakamura, 2013). Companies were evaluated by incorporating institutional issues (Bastos, Nakamura & Basso, 2009;Albanez, Valle & Corrar, 2012;Bogéa Sobrinho, Sheng & Lora, 2012) and issues related to providers Póvoa & Nakamura, 2014).…”

Section: Introductionmentioning

confidence: 99%

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

Junior

Valle

2015

Rev. contab. finanç.

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This study evaluated the capital structure of Brazilian listed companies, within the period from 2005 to 2012, verifying the role of the funding sources on which such companies are based. To do this, the debt ratio in 3 different sources was evaluated: financial institutions, capital market, and sources with subsidized interest rates, the latter representing an institutional factor of the Brazilian economy. A sample of 95 companies was used, out of the 150 largest companies listed on the São Paulo Securities, Commodities, and Futures Exchange (BM&FBOVESPA). By using models with panel data, the results show that the funding sources impact on the companies' capital structure formation, influencing both in leverage and in debts maturity. Regarding leverage, companies that have a higher proportion of their funds raised in the capital market are more leveraged. The same is not true for companies that have a higher proportion of subsidized resources. Regarding debts maturity, resources of different maturities are obtained from different sources: the resources of lower maturities are obtained from financial institutions and the resources of higher maturities are obtained from the capital market and sources with subsidized interest rates -i.e. the Brazilian National Bank for Economic and Social Development (BNDES). Comparing the resources from the capital market to subsidized resources, it is concluded that the former have higher maturity. Such a result may be explained by the growth of the Brazilian capital market in recent years, since 2009, so that companies have been based on the capital market for their funding with higher maturity and on subsidized resources, from BNDES, for their funding with intermediate maturities.

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“…Added to these imperfections are the high interest rates that make financing costs significant, resulting in low levels of debt in Brazilian companies (Brito, Corrar, & Batistella, 2007). Financial leverage is affected by different factors analyzed by authors such as Perobelli and Famá (2002), Luca and Rambalducci (2003), and Nakamura, Jucá, and Bastos (2011). Among these factors, six have been presented by Finance Theory as being of greatest relevance: credit restrictions, debt maturity, use of collateral, profitability, cost of capital, and growth opportunities.…”

Section: E N E R G Y S E C T O R a N D Underinvestmentmentioning

confidence: 99%

“…In theory, it is expected that the negative effect created by debt on the level of investments will be mitigated through corrective actions, such as reducing debt maturity and reducing debt itself (Aivazian, Ge, & Qiu, 2005). Short-term debts, according to Nakamura, Jucá, and Bastos (2011), allow their maturation to occur before growth opportunities materialize. Thus, they can ensure that the gains from new projects not only go to creditors.…”

Section: Figure 1 -Relationship Between Company Value and Investmentsmentioning

confidence: 99%

The effects of financial leverage and debt maturity on the investments of Brazilian electric sector companies

Kuroda

Moralles

Albuquerque

2019

RBGN

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Purpose -This research aimed to verify how companies of the electric energy segment choose levels of financial leverage and debt maturity in order to alleviate the underinvestment problem.Design/methodology/approach -A multiple linear regression was carried out in a dynamic panel model to verify the relevance of these and other variables to the companies' investments.Findings -The explanatory variable of investments carried out in the previous year was significant in the regressions, with a positive sign as expected. The financial leverage variable was significant and negative. The investments made by the companies are negatively related to indebtedness.Originality/value -It was identified that the maturity of debts of companies with low growth opportunities shows a negative relationship with the level of investment. Thus, in the electricity sector, reducing debt maturity can be considered as a substitute for reducing indebtedness in controlling underinvestment. Due to the relevance of this sector to the economy and the need for constant investments in it, understanding its financing dynamics provides an important contribution either to researchers or to managers of this industry.

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Estrutura de maturidade das dívidas das empresas brasileiras: um estudo empírico

Cited by 6 publications

References 22 publications

Determinants of the capital structure of small and medium sized Brazilian enterprises

Determinants of the capital structure of small and medium sized Brazilian enterprises

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

The effects of financial leverage and debt maturity on the investments of Brazilian electric sector companies

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