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Habilitation Thesis
DOI
https://doi.org/10.11606/T.96.2008.tde-25062008-123025
Document
Author
Full name
Mauricio Ribeiro do Valle
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
Ribeirão Preto, 2008
Committee
Puggina, Wladimir Antonio (President)
Assaf Neto, Alexandre
Becker, João Luiz
Martins, Eliseu
Ribeiro, Maisa de Souza
Title in Portuguese
Estrutura de capital de empresas brasileiras num ambiente de altas taxas de juros e na presença de fontes diferenciadas de financiamento.
Keywords in Portuguese
Endividamento
Estrutura de capital
Financiamento
Fontes diferenciadas de financiamento
Abstract in Portuguese
Alguns estudos apontaram a necessidade de se incorporar à análise das estruturas de capital das empresas fatores não exclusivamente centrados nas próprias características das empresas. Rajan e Zingales (1995) e Booth et alli (2001) indicaram a importância de fatores institucionais ainda não explorados e Faulkender e Petersen (2006) visualizaram o papel do acesso aos public debt markets, representando o lado da oferta do crédito, na determinação do nível de alavancagem das empresas. A presente tese estuda o endividamento de empresas brasileiras de 1997 a 2006, período em que vigoraram altas taxas de juros no mercado doméstico. Em contraposição às difíceis condições deste ambiente, empresas brasileiras tiveram oportunidade de se financiar a partir de fontes diferenciadas de recursos com taxas de juros exclusivas, como são as linhas do BNDES e as do Crédito Rural. Adicionalmente, dado o diferencial de taxas de juros entre os mercados internacionais e o nacional, empresas brasileiras se depararam com taxas básicas de juros diferentes para os financiamentos em moeda estrangeira comparativamente aos financiamentos em moeda nacional. A tese analisa a influência do acesso a estas fontes de recursos, que representam fatores institucionais e/ou o lado da oferta de recursos, no endividamento de empresas brasileiras. Os resultados do trabalho demonstram que: i) as fontes ou linhas diferenciadas de recursos e as linhas em moeda estrangeira tiveram participação significativa no nível de endividamento de empresas brasileiras; e ii) a inclusão do acesso a estas fontes ou linhas juntamente com variáveis clássicas (tamanho, tangibilidade etc.) nos modelos de determinação do nível de endividamento contribuiu para o entendimento da estrutura de capital das empresas brasileiras amostradas.
Title in English
Capital structure of Brazilian firms in the environment with high interest rates and specific sources of financing.
Keywords in English
Capital structure
Financing
Indebtedness
Specific sources of capital
Abstract in English
Several studies have pointed to the necessity of incorporating factors unrelated to the firm characteristics into their capital structure analysis. Rajan and Zingalas (1995) and Booth et al. (2001) argued for the importance of institutional factors which have remained unexplored, and Faulkender and Petersen (2006) have looked at the role of access to the public debt market (the supply side) in the determination of the leverage level. This thesis studies the indebtedness of Brazilian firms from 1997-2006, a period marked by high rates of interest in the domestic market. In contrast to the difficult conditions of this environment, Brazilian firms had the opportunity to seek financing from specific sources of capital with exclusive interest rates, such as the BNDES lines and those of Crédito Rural. Additionally, as the international interest rates in most of the time were lower than domestic ones, the Brazilian firms could evaluate and use financing in foreign currency. The thesis evaluates the impact of those specific sources of capital in the leverage level of Brazilian firms. The results of the study show that: i) the specific sources of capital lines with exclusive interest rates and foreign currency lines have had a significant impact on the level of indebtedness of Brazilian firms; and ii) including access to these specific sources of capital together with classic variables (size, tangibility etc.) in the models for determining levels of indebtedness contributed to the understanding of the structure of capital of the Brazilian firms.
 
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Publishing Date
2008-06-25
 
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