2012
DOI: 10.11606/rco.v6i16.52667
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Juros altos, fontes de financiamento e estrutura de capital: o endividamento de empresas brasileiras no período 1997-2006

Abstract: Estudos ressaltaram a necessidade de se incorporar à análise das estruturas de capital das empresas fatores que não apenas as suas próprias características. Rajan e Zingales (1995) e Booth et al. (2001) indicaram a importância de incorporar fatores institucionais e Faulkender e Petersen (2006) apontaram a necessidade de se incorporar não apenas fatores relacionados à característica da firma (o lado da demanda), mas também fatores relacionados à fonte dos recursos (o lado da oferta). O presente trabalho analisa… Show more

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Cited by 13 publications
(20 citation statements)
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“…This result contrasts with Valle and Albanez (2012), where access to differential sources is positively and significantly correlated to firms' leverage. A possible explanation is that within the period evaluated by the authors (1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006) there was "a shy presence of long--term debts deriving from issuance of securities in the capital market" (Valle & Albanez, 2012, p. 64 Table 4 displays the results for the dependent variable weighted average term.…”
Section: Analysis Of Resultscontrasting
confidence: 74%
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“…This result contrasts with Valle and Albanez (2012), where access to differential sources is positively and significantly correlated to firms' leverage. A possible explanation is that within the period evaluated by the authors (1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006) there was "a shy presence of long--term debts deriving from issuance of securities in the capital market" (Valle & Albanez, 2012, p. 64 Table 4 displays the results for the dependent variable weighted average term.…”
Section: Analysis Of Resultscontrasting
confidence: 74%
“…The classification methodology of companies' debt was based on Valle and Albanez (2012), who classified them into groups representing the currency in which the debt was raised (domestic or foreign) and the type of credit line (market line or differential line). Thus, they create 4 independent variables representing the amount of debts classified into each group in relation to total debts.…”
Section: Independent Variablesmentioning
confidence: 99%
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“…In Brazil, recent studies have analyzed institutional and macroeconomic variables and obtained important results, as Terra (2007), Bastos et al (2009), Kayo and Kimura (2011), Valle and Albanez (2012), Santos (2013) and Martins and Terra (2014;. We point out that, considering the different approaches and econometric modeling, there is no consensus in studies on the representativeness of institutional factors in relation to the characteristic factors of firms.…”
Section: Introductionmentioning
confidence: 91%
“…).A variável BNDES tem o objetivo de controlar por eventuais captações que as companhias tenham feito, no mesmo ano, no BNDES e por meio de debêntures CVM 476. Neste contexto, há evidências da relevância dos empréstimos do BNDES para a composição da estrutura de capital de companhias abertas brasileiras(Valle & Albanez, 2012; Tarantin Jr. & Valle, 2015). Póvoa e Nakamura (2014, p. 31) apontam que "[...] os bancos de desenvolvimentoDe acordo comFávero (2015), a i incorpora ao modelo a existência de efeitos individuais, ou seja, a heterogeneidade entre os indivíduos (empresas, neste caso), e tais efeitos capturam as diferenças entre as firmas que são invariantes ao longo do tempo (representado um intercepto para cada empresa).…”
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