Impacto de crises sobre investimentos e financiamentos de empresas brasileiras: abordagem no contexto de restrições financeiras

Franzotti, Tatiane Del Arco

doi:10.11606/d.96.2018.tde-01102018-112027

Cited by 6 publications

(11 citation statements)

References 14 publications

(58 reference statements)

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“…There are divergent results in the literature regarding the relationship between crises and leverage. While Lima et al (2011), Fosberg (2012) and Alves and Francisco (2015) point to a statistically positive relationship between crises and leverage, explained, among other factors, by the increase in informational asymmetry and participation of foreign currency debts, Borges et al (2018) and Franzotti and Valle (2020) obtained a negative relationship, reflecting possible shocks in the supply of resources.…”

Section: Literature Reviewmentioning

confidence: 96%

“…When investigating the impacts of financial crises in 2008 and 2015 on investments and on the financing of constrained and unconstrained Brazilian companies, Franzotti and Valle (2020) obtained evidence that only the 2008 crisis had a greater and negative impact on the leverage of constrained companies, in addition to an increase in the proportion of short-term debt mainly for this group of companies. In the study, the 2015 crisis negatively impacted only corporate investments, mainly from constrained companies.…”

Section: Literature Reviewmentioning

confidence: 99%

“…With regard to the maturity of corporate debts, authors such as Fosberg (2012), Alves and Francisco (2015) and Franzotti and Valle (2020) point to an increase in short-term debt in times of crisis, reflecting the risk aversion of banks, which shorten the maturity of their loans. On the other hand, Sant'anna et al (2009), Paula et al (2013) and Silva et al (2016) observed an increase in long-term debt, which may reflect the role of subsidized credits offsetting the drop in funds made available to companies.…”

Section: Literature Reviewmentioning

confidence: 99%

“…We built three analyzes with different dependent variables. To capture the capital structure, the ratio total debts/total assets was used, as in Carvalhal and Leal (2013), Alves and Francisco (2015), Tarantin and Valle (2015), Franzotti and Valle (2020), and Cardoso and Pinheiro (2020).…”

Section: Dependent Variablesmentioning

confidence: 99%

“…The control variables used in this study are represented by characteristics of the companies traditionally pointed out in the capital structure literature, linked to the demand for debt. The construction of these variables is based on Frank and Goyal (2009), Carvalhal and Leal (2013), Alves and Francisco (2015), Tarantin and Valle (2015), Silva et al (2016), Franzotti and Valle (2020), and Cardoso and Pinheiro (2020). They are:…”

Section: Control Variablesmentioning

confidence: 99%

See 4 more Smart Citations

Financing of Brazilian Companies During Financial Crises: Comparative Between the Crises of 2002, 2008 and 2015

Franzotti

Magnani

Ambrozini

et al. 2021

RAM, Rev. Adm. Mackenzie

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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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Section: Literature Reviewmentioning

confidence: 96%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Dependent Variablesmentioning

confidence: 99%

Section: Control Variablesmentioning

confidence: 99%

See 3 more Smart Citations

Financing of Brazilian Companies During Financial Crises: Comparative Between the Crises of 2002, 2008 and 2015

Franzotti

Magnani

Ambrozini

et al. 2021

RAM, Rev. Adm. Mackenzie

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O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

et al. 2021

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Objetivo: Este estudo tem como objetivo compreender como os fatores macroeconômicos e as características das firmas impactam na definição da estrutura de capital das empresas brasileiras, tendo em vista o contexto regional. Método: O estudo envolveu 426 empresas brasileiras, não financeiras, listadas na B3 durante o período de 2007 a 2017. Na perspectiva interna, foram utilizadas as variáveis liquidez, ROE, tangibilidade e tamanho, enquanto, na abordagem externa, as variáveis PIB, inflação e a identificação dos períodos de crise, representados pelos anos 2008 e 2015. Resultados: Os resultados evidenciaram que a maioria das organizações está situada nas regiões sudeste e sul (86%), sendo o controle pelas regiões um fator importante na tomada de decisão a respeito do financiamento das empresas. Além disso, foi corroborada a teoria Pecking Order, no que tange às características das firmas, uma vez que as empresas tendem a priorizar a utilização de recursos internos ao de terceiros, especialmente em momentos de recessão econômica, quando há maior impacto nos lucros empresariais. No entanto, não foi ratificada a teoria Market Timing, o que sugere que as empresas não tendem a observar as janelas de oportunidade para a emissão dos títulos. Contribuições: É relevante investigar como as decisões de financiamento das empresas são impactadas por questões que vão além das características das firmas, isto é, como elas sofrem a influência do ambiente no qual estão inseridas, sobretudo no que tange aos fatores macroeconômicos e ao contexto regional. Desse modo, entende-se que esta pesquisa avança na literatura não só por abranger os fatores externos, mas também por considerar as diferenças regionais do Brasil.

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Impact of internationalization on the working capital requirement of Brazilian companies

Rosa

Forti

Dias

2022

RAM, Rev. Adm. Mackenzie

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Purpose: This study aims to analyze the effects of crisis periods on the relationship between internationalization and the working capital requirement (WCR), from 2010 to 2018, using publicly-traded Brazilian firms as a sample. Originality/value: This paper contributes to the literature by addressing a topic that is still little explored regarding the relationship between WCR and internationalization, as well as analyzing the influence of the economic crisis on this relationship, using, for that, three internationalization proxies for the robustness of the results. Design/methodology/approach: To achieve this goal, a regression by the generalized method of moments (GMM) with panel data was used. For this, three databases were used for data collection: Economatica, Securities and Exchange Commission (Comissão de Valores Mobiliários – CVM), and J. P. Morgan. Findings: More internationalized Brazilian firms tend to have a higher WCR and use stock as a way to protect themselves against possible unforeseen events arising from import processes. In addition, internationalization is shown as a way for firms to maintain their level of activity during national crisis periods.

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Impacto de crises sobre investimentos e financiamentos de empresas brasileiras: abordagem no contexto de restrições financeiras

Cited by 6 publications

References 14 publications

Financing of Brazilian Companies During Financial Crises: Comparative Between the Crises of 2002, 2008 and 2015

Financing of Brazilian Companies During Financial Crises: Comparative Between the Crises of 2002, 2008 and 2015

O Financiamento Das Empresas Brasileiras À Luz Das Teorias Pecking Order E Market Timing: Evidências Da Regionalidade

Impact of internationalization on the working capital requirement of Brazilian companies

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