Determinantes de maturidade de endividamento - análise crosscountry para Brasil e Portugal

Abstract

This research intends to present a study on the debt maturity of Brazilian and Portuguese companies. To this end, the sample is composed of listed and unlisted companies from both countries. In order to capture the behavior regarding the variables that affect debt maturity for companies of all sizes, it's proceeded the division of unlisted companies into two groups of equal size, according to the revenue for each year considered. In this regard, the time interval considered covers the years 2008 to 2017, thus allowing us to understand the behavior of companies on the topic from the period of financial crisis to the subsequent years. The operationalization of the work happens with the use of the hierarchical linear modeling. Its adoption allows some methodological advantages in that it is possible to investigate the influence of different levels of factors on the variance of debt maturity. In addition, it also allows variables to be nested at different levels where-another advantage of the model-the influence of higher levels on lower levels. To carry out the research, with the support of the literature on the subject, five groups of variables that can impact firms' debt maturity are built and then nesting them at three levels in the model. The next step presents the use of the factor analysis technique in order to constitute factors that represent the variables concerning the financial development and the quality of the national institutions of both countries. The results allow to affirm that the variations of the characteristics of the companies and those that happen over time are the major influencers of changes in the firms' debt maturity. Moreover, it is clear that disparities between the two countries, such as the real interest rate practiced in each place, significantly influence the debt maturity in Brazil and Portugal, in the first case, with higher rates, was measured. debt maturity lower than in Portuguese companies. The same can be said for other variables, such as the level of financial development and liquidity, as well as the indirect impact perceived on variables such as growth opportunity and size.