Agredeço a Deus, primeiramente, por sempre me guiar. Esforço, tempo e determinação são fatores normalmente aplicados em trabalhos que visam gerar algum tipo de contribuição. Mas, além disso, são necessárias pessoas para incentivar e apoiar. A essas pessoas que, de alguma forma, estiveram ao meu lado durante a execução deste trabalho, meus agradecimentos. Em especial, agradeço aos meus pais, Maurício e Maria Inês, por toda a paciência, todos os esforços e sacrifícios que sempre fizeram por mim. Vocês são exemplos que eu busco seguir! Ao meu irmão, Vinícius, pela torcida e apoio. À minha avozinha Antônia, exemplo de persistência e determinação, que durante a fase de conclusão deste trabalho foi morar no céu, mas acompanhou minha dedicação para concluir este trabalho. Ao meu namorado, Bruno, pela paciência e incentivo desde o início até a conclusão deste trabalho. Obrigada por sempre me apoiar! Ao meu orientador, Prof. Dr. Maurício Ribeiro do Valle, pela paciência e por ter me incentivado do início ao fim. Obrigada por todos os ensinamentos, compreensão e oportunidades. Tenho o privilégio de, desde a graduação, ser orientada por esse excelente profissional. À FEA-RP e aos professores que coloboraram com a minha formação e aprendizado, desde a graduação até o mestrado. Agradeço à Profª Dra. Tatiana Albanez e à Profª Dra. Fernanda Perobelli pela participação na banca de qualificação e pelas valiosas contribuições e sugestões. Agradeço à CAPES pelo apoio financeiro. Aos colegas da pós-graduação, dentre eles Vinícius, Matheus e Lívia, pelos incentivos, conversas e sugestões. Ao Wilson, pelas relevantes contribuições. À Profª Dra. Tatiana Albanez e ao Leonardo, pela disponibilização da base de dados de rating utilizada neste estudo e pela troca de ideias sobre o assunto. RESUMO FRANZOTTI, Tatiane Del'Arco. Impacto de crises sobre investimentos e financiamentos de empresas brasileiras: abordagem no contexto de restrições financeiras. 2018. 146 p. Dissertação (Mestrado)
The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies. KEYWORDS financial crisis, investment, financing, financial constraint, informational asymmetriesGiven the context of financial constraints, which is the greater limitation of certain companies` access to credit in comparison to others, authors such as Campello, Graham and Harvey (2010), Duchin, Ozbas andSensoy (2010) and Driver and Muñoz-Bugarin ( 2019) proposed the study of how crises, usually characterized by shocks in credit, impact factors such as corporate investments and financing, showing distinct effects on constrained and unconstrained companies. In this context, examining the Brazilian context through the lens of the aformentioned studies, two financial crises occurred in Brazil recently. These are the subprime crisis of 2008 and the economic crisis of 2015, which led to the following questioning: Were there significant impacts from the 2008 and 2015 financial crises on investments and financing of constrained and unconstrained Brazilian companies?The approach of this study refers, in essence, to the existence of informational asymmetries, in which some economic agents have more information than others. Fazzari, Hubbard and Petersen (1988), Calomiris and Hubbard (1990) and Hubbard (1998), among other authors, raised arguments that companies do not have a common resource supply curve, so some have easier access to credit compared to others, leading to the context of financial constraints, where the supply of resources is different for companies -companies may be more or less constrained to credit.In times of financial crisis, problems arising from informational asymmetries are intensified, undermining the channeling of resources to holders of the best investment opportunities (Mishkin, 1992). Mainly with the subprime crisis of 2008, evidence pointed out that, with the negative credit supply shock, its effects were different among companies. In these cases, on the one hand, for authors like Campello et al. (2010) and Duchin et al. (2010), the crisis proved to impact investments of financially constrained companies more sharply compared to unconstrained firms, since constr...
Purpose: The purpose of this study is to verify the financing decisions by Brazilian companies in the financial crises of 2002, 2008 and 2015, and to identify the impacts of these crises, as well as the influence of the funding sources - banking, subsidized sources and capital markets - on the leverage and maturity of companies' debts in these periods. Originality/value: Crises establish opportunities for the study of determining factors and their impacts on companies. There is no empirical evidence on the impacts of crises on the capital structure of Brazilian companies taking into account the comparison between the crises of 2002, 2008 and 2015, which motivated the present study. Design/methodology/approach: We performed descriptive analyzes and estimated regressions by panel data. Findings: The results showed a statistically positive relationship between financial crises and corporate leverage, as well as short and long-term debt. With regard to leverage, banking resources, resources from capital and subsidized markets showed a statistically positive relationship with the level of leverage of companies only in the 2008 crisis. Considering the maturity of debts, the 2002 crisis was an important determinant for companies' short-term debt decisions, in view of the predominant participation of banking resources at that time. Financing sources were important in determining companies' long-term indebtedness in the 2008 crisis.
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