Coleção de Artigos Acadêmicos

URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/3227

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2023 - 20242

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Idioma: search.filters.langiso.InglêsPalavra-chave: search.filters.subject.Capital structure

Resultados da Pesquisa

Agora exibindo 1 - 2 de 2
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    Artigo Científico
    Management of corporate debt deadlines: A look at publicly traded companies in Brazil
    (2023) Santos, João Daniel Azevedo dos; ADRIANA BRUSCATO BORTOLUZZO; Gonçalves, Adalto Barbaceia
    This study investigates the maturity structure of listed non-financial Brazilian companies from 2010 to 2019 and reveals that these companies do not spread their debt maturities upon renewal, unlike the results observed by Choi et al. (2018) for US firms. Even after the rollover shock in 2015 where the Brazilian sovereign debt’s investment were downgraded, these firms did not increase the maturity spread of their debt. In addition, the research evaluated corporate debt management by utilizing Brazil’s downgrade as a “quasi-natural experiment” in the exogenous shock model. The results indicate that Brazilian companies may face considerable debt rollover risks due to the concentration of maturities in specific maturity ranges during future credit shocks. Proper control of financing structures is crucial to ensure that companies remain resilient and do not have to turn down profitable investments or high-quality assets during financial crises. This research has significant implications for corporate practice and the associated risks of financing profitable projects, particularly in countries with less efficient capital markets.
  • Imagem de Miniatura
    Artigo Científico
    Capital structure determinants of private and public firms in an emerging economy: a panel data quantile regression analysis
    (2024) ADRIANA BRUSCATO BORTOLUZZO; Sanvicente, Antonio Zoratto; Bortoluzzo, Maurício Mesquita
    Purpose This study explores distinct capital structure patterns between private and public companies, examining the varying influence of determinants on debt choices contingent upon a firm’s existing debt position. Design/methodology/approach Employing annual data from 2012 to 2022 for 142 public firms and 660 private firms in a large emerging economy, we use quantile regression within a panel data framework to study the heterogeneous effects of debt determinants, incorporating firm and time random effects. Findings Our findings indicate that such factors as size and operating margin contribute to higher levels of debt, while investment opportunities reduce the debt level. Further analyses, when accounting for a firm’s likelihood of being publicly traded, reveal that dividend payout and operating margin significantly influence debt levels, exclusively in the presence of high debt proportions. Conversely, investment opportunities emerge as a substantial determinant in all debt scenarios. In addition, we found a strong persistence in the indebtedness of companies, and we conclude that the effect of the determinants of indebtedness is heterogeneous according to the level of debt of companies. Originality/value This research provides a comprehensive comparison between private and public firms, not only in terms of debt levels but also in key capital structure determinants, highlighting their significance within the context of varying debt levels.