Os efeitos dos estágios do ciclo de vida da firma sobre a maturidade da dívida
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Data
2020-11-04
Autores
Bregonci, Leonardo Valter
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Universidade Federal do Espírito Santo
Resumo
This work aims to analyze the effects of the different stages of the firm's life cycle on the capital structure and the debt maturity of the Brazilian companies listed in [B]³. Although the corporate finance literature presents relevant contributions on theories that predict the determinants of financing decisions, most of the models tested are static and, therefore, the existence of a deterministic dynamic component would deepen the understanding of the phenomenon (Graham & Leary, 2011). In recent years, several studies have sought to understand the dynamic impact of ECV on firms' financial decisions, however, little is known about the influence of this component in relation to debt choices (Habib & Hasan, 2019). Therefore, it is observed that, when it comes to foreign works researching this relationship and gathering evidence about the phenomenon, this debate continues to be little explored in the context of the national corporate credit market. In this sense, the knowledge of the influence of a dynamic component on the financing decisions of Brazilian companies was provided to the corporate finance literature. For this purpose, secondary accounting and financial data were collected from 370 Brazilian non-financial companies with securities traded on [B]³ in the period 2010-2019 on a quarterly basis and macroeconomic data from the same period. An analysis was carried out using descriptive statistics, tests of difference between the means, correlation matrix and regression with panel data. The results showed significant effects of ECV on EC and MD, therefore, the research hypotheses were confirmed. Specifically, the Growth stage positively affects EC, while in the transition to the Turbulence stage the ability to take on debt is restricted. Additionally, the Maturity stage demonstrated a positive effect on the MD, however, it was found that as companies move towards Decline, the MD undergoes successive reductions. The empirical contributions of this work are important for managers and creditors to know the importance of considering ECV in their decisions, adopting appropriate policies for each moment and mitigating uncertainties. For analysts and investors, the considerations about the financial decisions of companies in each ECV, can assist them in more robust analyzes of the expectations of that business. To the regulators and competent entities, this work provides relevant information on the financing pattern of Brazilian companies, helping them to establish appropriate credit policies for these companies
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Estrutura de capital , Maturidade da dívida , Ciclo de vida da firma , Capital structure , Debt maturity , Firm life cycle