Rebalanceamento da Estrutura de Capital: Endividamento Setorial e Folga Financeira

Campos, Anderson Luis Saber; Nakamura, Wilson Toshiro

doi:10.1590/1982-7849rac20151789

Cited by 16 publications

(15 citation statements)

References 31 publications

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“…In this sense, according to Campos and Nakamura (2015), the organizations have two well-defined objectives: maximizing their long-term value to satisfy shareholders and creditors and surviving internal and/or external shocks in the short term. Thus, it may infer that the economic performance is directly linked to both objectives, once that satisfactory results maximize value and provide stability to the organization in the market.…”

Section: Introductionmentioning

confidence: 99%

Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

2021

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Purpose – This research aims to verify the influence of the capital structure on the economic performance of the Brazilian family and non-family businesses.Design/methodology/approach – The research is characterized as descriptive, documentary, and quantitative, being the accounting data under analysis extracted from the Economatica® database. The sample is composed of 117 publicly traded companies listed in B3, being 68 family and 49 non-family with an analysis period from 2011 to 2015. To reach the objective, statistical techniques were used, with emphasis on multiple linear regression models.Findings – The results point out that the Short-term Debt Ratio (SDR) and Long-term Debt Ratio (LDR) negatively influence the performance of family businesses, while SDR and LDR have a negative and positive relationship, respectively, with the performance of the non-family business. Originality/value – In short, such results demonstrate that family businesses must follow the pecking-order theory prerogatives to maximize their performance, while managers of non-family organizations need to observe the assumptions of both theories – trade-off and pecking-order – according to the type of indebtedness (short or long term).

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Section: Introductionmentioning

confidence: 99%

Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

2021

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“…O índice atual assume a relação entre todos os ativos e passivos circulantes, enquanto o índice rápido fornece uma medida mais precisa da liquidez, removendo os estoques do ativo circulante, como o elemento menos líquido dos ativos circulantes (Dai & Kittilaksanawong, 2014;Gruener & Raastad, 2018;Wieczorek-Kosmala & Błach, 2019). A liquidez também pode ser entendida como uma folga financeira de curto prazo, diferente da folga como "poder de empréstimo", classificada como uma folga financeira de longo prazo (Campos & Nakamura, 2015).…”

Section: A Folga Financeira No Gerenciamento De Resultados Das Cooperunclassified

Influência da Folga Financeira no Gerenciamento de Resultados nas Cooperativas de Crédito Brasileiras

Santos

2020

REPeC

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Objetivo: Identificar a influência da folga financeira no gerenciamento dos resultados (GR) nas cooperativas de crédito singulares brasileiras, como uma estratégia de financiamento pré-perdas. Método: A amostra compreende 626 cooperativas de crédito singulares brasileiras no período entre 2000 e 2019 (20 anos). O modelo-base segue o proposto por Maia et al. (2013), com accruals específicos, controladas por variáveis relacionadas ao perfil das operações de crédito e características como tamanho, captação de depósitos à vista, proporção de operações vencidas e spread, categorizados pelo Plano COSIF. Resultados: Os resultados destacaram uma influência negativa da folga financeira no GR nas cooperativas de crédito brasileiras. Com isso, quanto maior (ou menor) a folga financeira à disposição dos gestores, menor (ou maior) a propensão ao GR. Logo, a folga amorteceria a interação entre incerteza e aversão ao risco, como um buffer financeiro, deixando-a em uma posição melhor do que uma empresa presa em um único curso de ação. Contribuições: Os resultados implicam que a “posse” da folga financeira colabora no reporte dos resultados, mitigando a percepção de risco dos cooperados e do agente regulador, intensificadas devido às características específicas e pressões econômicas, políticas e sociais exercidas pelos stakeholders.

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“…In particular, a 10% increase in the marginal tax rate leads to a 1.36% increase in long-term bank loans. Campos and Nakamura (2015) use a sample of US companies to estimate the medians of 64 sectors through a balanced panel over a 20-year period. The marginal tax independent variable (MTR) is the proxy developed by Graham (1996a;1996b), which considers the marginal effect prior to financing decisions to avoid endogeneity problems.…”

Section: Literature Reviewmentioning

confidence: 99%

Debt Tax Benefits in a High Tax Emerging Market: Evidence from Brazil

Peter¹,

Michele²,

Wilson³

2020

IJEBA

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Purpose: This study hypothesizes that tax benefits encourage the use of third-party capital, and seeks to verify whether the tax benefit deriving from debts has a positive effect on Brazilian companies' capital structure. Approach/Methodology/Design: Data on 259 nonfinancial companies over the period 2008-2018 are extracted from the Standard & Poor's Capital IQ database and are analyzed through regression with dynamic data panel. The variables considered as tax benefit proxies are: marginal tax rate, kink, standardized kink and tax payment.The investigations comprise: trade off theory, pecking order theory, information asymmetry, bankruptcy costs and agency theory. Findings: A positive debt effect on capital structure, taxation as providing a systematic incentive for greater leverage, and that, Brazilian companies, despite the country's heavy tax burden, are not taken full advantage of debt tax benefits. The study offers new evidence as to the speed of adjusting the indebtedness level relating to an optimal capital structure target. Brazilian companies have ground to contract more debt and maximize their tax benefit. Practical Implications: The study will contribute positively to the understanding of influence of high tax emerging market for the government, academia, banks, industry, managers, regulators, investors and other users. Originality/value: This study innovates by using MTR, kink and standardized kink to find debt tax benefits affecting emerging market companies' capital structure.

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Rebalanceamento da Estrutura de Capital: Endividamento Setorial e Folga Financeira

Cited by 16 publications

References 31 publications

Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

Influência da estrutura de capital no desempenho econômico de empresas familiares e não familiares brasileiras

Influência da Folga Financeira no Gerenciamento de Resultados nas Cooperativas de Crédito Brasileiras

Debt Tax Benefits in a High Tax Emerging Market: Evidence from Brazil

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