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Doctoral Thesis
DOI
10.11606/T.12.2019.tde-17012019-162941
Document
Author
Full name
Eduardo Ottoboni Brunaldi
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2018
Supervisor
Committee
Kayo, Eduardo Kazuo (President)
Kimura, Herbert
Martelanc, Roy
Silva, Edison Simoni da
Title in English
Does the nature of large projects affect the financing decisions over the investment period ?
Keywords in English
Capex
Capital structure
Research and development
Working capital
Abstract in English
We develop a theoretical model based on Tirole (2006) where the nature of large investments, namely capital expenditure, research and development and working capital, affects the financing choice during the investment period. We use a sample comprised by American companies in the 1980-2017 period. We employ several econometric and graphic analyses to test our hypotheses. Our results are robust and consistent with Trade-off Theory predictions. Our model's propositions are empirically verified for all cases: (i) In CAPEX projects, firms use equity to finance the initial stages and debt to finance the last stages; (ii) throughout the R&D investment period, firms decrease debt and use equity to finance the project. Additionally, for large working capital projects, we show that firms use internal resources in the initial periods and, then, switch the source to debt, aiming the reduction of the deviation from the target leverage.
Title in Portuguese
A natureza dos grandes projetos afeta as decisões de financiamento durante o período de investimento ?
Keywords in Portuguese
Capex
Capital de giro
Estrutura de capital
Pesquisa e desenvolvimento
Abstract in Portuguese
Neste trabalho, desenvolvemos um modelo teórico baseado em Tirole (2006) em que a natureza de grandes projetos de investimentos, a saber: CAPEX, Pesquisa e Desenvolvimento e Capital de Giro, afeta as decisões de financiamento durante o período de investimentos. Nossa amostra é composta por empresas americanas e refere-se ao período de 1980 a 2017. Nós adotamos uma série de análises econométricas e gráficas para testar nossas hipóteses. Os resultados são robustos e consistentes com a teoria do Trade-off. As proposições do modelo são empiricamente verificadas: (i) nos projetos de CAPEX, as empresas usam capital próprio para financiar o projeto em seus estágios iniciais e dívida para os estágios finais; (ii) durante um investimento de P\&D, empresas diminuem seu endividamento, financiando o projeto com recursos próprios externos. Adicionalmente, para grandes investimentos em capital de giro, nossos resultados sugerem que as firmas usam recursos internos durante os estágios iniciais do projeto e, em seguida, trocam a fonte de financiamento para dívida, objetivando a redução do desvio em direção ao endividamento alvo.
 
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CorrigidoEduardo.pdf (1.16 Mbytes)
Publishing Date
2019-01-31
 
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