ADRIANA BRUSCATO BORTOLUZZO
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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 BarbaceiaThis 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.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 MesquitaPurpose 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.- Gestão dos prazos da dívida corporativa: um olhar para as empresas de capital aberto no Brasil(2023) Santos, João Daniel Azevedo dos; ADRIANA BRUSCATO BORTOLUZZO; Gonçalves, Adalto BarbaceiaEste estudo investiga a estrutura de vencimento da dívida de 275 empresas abertas não financeiras brasileiras de 2010 a 2019. Os resultados mostram que essas empresas não dispersam seus vencimentos de dívida na renovação, ao contrário do observado por Choi et al. (2018) para empresas dos Estados Unidos. Mesmo após o choque de rolagem da dívida depois da perda do grau de investimento da dívida soberana brasileira em 2015, essas empresas não aumentaram a dispersão de vencimentos. Ao utilizar a perda do grau de investimento do Brasil como um "experimento quase-natural" no modelo de choque de crédito, o presente estudo avalia a gestão da dívida corporativa. Os resultados indicam que as empresas brasileiras podem enfrentar consideráveis riscos de rolagem da dívida devido à concentração de vencimentos em faixas específicas durante futuros choques de crédito. O controle adequado das estruturas de financiamento é crucial para garantir que as empresas permaneçam resilientes e não precisem recusar investimentos lucrativos ou ativos de alta qualidade durante crises financeiras. Esta pesquisa tem implicações significativas para a prática corporativa e os riscos associados ao financiamento de projetos lucrativos, particularmente em países com mercados de capitais menos eficientes.