ADRIANA BRUSCATO BORTOLUZZO

ADRIANA BRUSCATO BORTOLUZZO

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Investment responses to trade liberalization: impact of CKFTA
(2022) ADRIANA BRUSCATO BORTOLUZZO; CAMILA DE FREITAS SOUZA CAMPOS; Vaz, Helder Albuquerque
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.
The impact of M&A experience on performance: An empirical analysis of the Brazilian case
(2020) Barile, Maíra Galuzio; ADRIANA BRUSCATO BORTOLUZZO
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.
Determinant factors of banking proftability: an application of quantile regression for panel data
(2024) ADRIANA BRUSCATO BORTOLUZZO; Ciganda, Rodrigo Ricardo; Bortoluzzo, Mauricio Mesquita
This study examines the determinants of bank proftability using a quantile regression approach, ofering insights into factors afecting banks across diferent percentiles of proftability. Utilizing a comprehensive database from Orbis covering 1200 top-market institutions across 101 countries, the research uniquely employs dynamic panel quantile regression while addressing sample survival bias. Our fndings highlight that bank size and capital adequacy nega tively impact proftability, whereas market value exerts a positive infuence on higher proftability banks. Credit risk afects proftability diferently across levels of proftability, and infation rate shows signifcance only for higher proft ability banks. The study contributes to the existing literature by ofering valuable insights into the factors determining bank proftability and how they behave at diferent percentiles in the sample, suggesting the importance of bank efciency and competition in promoting economic growth
Analyzing the quality factor for Brazil
(2021) ADRIANA BRUSCATO BORTOLUZZO; Pistil, Gustavo Nascimento; Bortoluzzo, Mauricio Mesquita
DIVERSIFICATION AND PROPERTY CONTROL IMPACT ON THE PERFORMANCE OF BRAZILIAN REITS
(2020) ADRIANA BRUSCATO BORTOLUZZO; Silva Neto, Antonio Reis; Bortoluzzo , Maurício Mesquita
Objetivo: Este estudo procura analisar estratégias de gestão de diversificação e controle de propriedades no desempenho dos FIIs brasileiros, medidos pelo Alfa de Jensen, usando uma regressão dinâmica em dados de painéis de 99 FIIs no período entre 2006 e início de 2016. Fundamento: Os Fundos de Investimento Imobiliários (FIIs) brasileiros têm uma capitalização de Mercado de 20.2 bilhões de dólares em 31 de julho de 2018 e é um mercado em constante crescimento, de acordo com a Associação Brasileira das Entidades dos Mercados Financeiro e de Capitais (ANBIMA). Método: Para alcançar os objetivos, coletamos dados sobre o preço de fechamento da ação (em BRL), o número total de ações em circulação (em milhões), o valor do ativo líquido do fundo (BRL / ação) e o retorno bruto total dos REITs brasileiros de a plataforma Bloomberg, no período entre janeiro de 2006 e fevereiro de 2016.Resultados: Os resultados sugerem que uma estratégia de controle de propriedade afeta o desempenho dos FIIs brasileiros, indicando que trustes poderiam melhorar o desempenho evitando con-flitos de interesse com terceiros e, possivelmente, problemas de agência dentro da estrutura corporativa dos FIIs tendo controle total de suas propriedades. Contribuições: Esta pesquisa contribui para a literatura que está expandindo a análise brasileira do REIT, contextualizando a importância de duas estratégias de gestão, ou seja, a diversificação do tipo de propriedade e o controle da propriedade, no desempenho dos REITs.
Is there heterogeneity among persistent high-growth firms?
(2021) Monteiro, Guilherme Fowler A.; ADRIANA BRUSCATO BORTOLUZZO; Rosa, Pedro Lipkin P.
Local Institutional Profile and the Antecedents of Entrepreneurial Intention
(2021) Monteiro, Guilherme Fowler A.; TATIANA IWAI; ADRIANA BRUSCATO BORTOLUZZO
Forecasting accuracy of industrial sales with endogeneity in firm-level data
(2021) ADRIANA BRUSCATO BORTOLUZZO; DANNY PIMENTEL CLARO