Impactos da assimetria de informação na estrutura de capital de empresas brasileiras abertas

Albanez, Tatiana; Valle, Mauricio Ribeiro do

doi:10.1590/s1519-70772009000300002

Cited by 30 publications

(26 citation statements)

References 20 publications

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“…Capital structure studies with Brazilian companies evaluated them in in order to verify the impact of the characteristics of these companies on leverage and debt maturity (Albanez & Valle, 2009;Terra, 2009;Nakamura, Jucá & Bastos, 2011;Correa, Basso & Nakamura, 2013). Companies were evaluated by incorporating institutional issues (Bastos, Nakamura & Basso, 2009;Albanez, Valle & Corrar, 2012;Bogéa Sobrinho, Sheng & Lora, 2012) and issues related to providers Póvoa & Nakamura, 2014).…”

Section: Introductionmentioning

confidence: 99%

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

Junior

Valle

2015

Rev. contab. finanç.

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This study evaluated the capital structure of Brazilian listed companies, within the period from 2005 to 2012, verifying the role of the funding sources on which such companies are based. To do this, the debt ratio in 3 different sources was evaluated: financial institutions, capital market, and sources with subsidized interest rates, the latter representing an institutional factor of the Brazilian economy. A sample of 95 companies was used, out of the 150 largest companies listed on the São Paulo Securities, Commodities, and Futures Exchange (BM&FBOVESPA). By using models with panel data, the results show that the funding sources impact on the companies' capital structure formation, influencing both in leverage and in debts maturity. Regarding leverage, companies that have a higher proportion of their funds raised in the capital market are more leveraged. The same is not true for companies that have a higher proportion of subsidized resources. Regarding debts maturity, resources of different maturities are obtained from different sources: the resources of lower maturities are obtained from financial institutions and the resources of higher maturities are obtained from the capital market and sources with subsidized interest rates -i.e. the Brazilian National Bank for Economic and Social Development (BNDES). Comparing the resources from the capital market to subsidized resources, it is concluded that the former have higher maturity. Such a result may be explained by the growth of the Brazilian capital market in recent years, since 2009, so that companies have been based on the capital market for their funding with higher maturity and on subsidized resources, from BNDES, for their funding with intermediate maturities.

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Section: Introductionmentioning

confidence: 99%

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

Junior

Valle

2015

Rev. contab. finanç.

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“…Nevertheless, none of these studies investigated the relationship between this asymmetry, economic and financial variables and corporate governance. In most studies, the only assumption made is that information asymmetry is one cause of the variations found in variables such as capital structure (Albanez & Valle, 2009), informational efficiency (Camargos & Barbosa, 2003) and dividend payments (Iquiapaza, Lamounier, & Amaral, 2008).…”

Section: Introductionmentioning

confidence: 99%

Assimetria de informação na negociação de ações, características econômico-financeiras e governança corporativa no mercado acionário brasileiro

Martins

Paulo

2014

Rev. contab. finanç.

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This study sought to investigate the relationship between information asymmetry in the stock trading, economic and financial characteristics and corporate governance of listed companies in the Brazilian stock market in 2010 and 2011. To this end, the study relied on a theoretical framework for information asymmetry in the capital market to measure the asymmetry's magnitude based on the intraday stock-trading data of 194 companies. The primary results demonstrated that the informational asymmetry in the stock trading was positively related to the risk, return and liquidity of the shares as well as the cost of equity and the size of the companies. In addition, the asymmetry was negatively related to the abnormal return of shares. During the investigated period, the information asymmetry relationship with the liquidity and size (positive) and the abnormal return (negative) were at odds with previous research. The reasons for our results may be related to specific aspects of the Brazilian market, for example, in the case of abnormal returns, the deceleration of the Bovespa Index (IBovespa) or the reflection of the average return to negotiators without insider information during the period. In case of liquidity and size, the high index of issuance and negotiation of preferred shares may have influenced the results. Thus, this research contributes to the analysis of idiosyncratic characteristics of the capital market of a developing country, such as information asymmetry in stock trading and its association with the economic and financial characteristics and corporate governance of companies in the Brazilian stock market.

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“…No Brasil, Albanez & Valle (2009) encontraram resultados que se opõemà teoria Pecking Order. Segundo os autores, empresas brasileiras abertas do período de 1997-2007 que apresentaram menor nível de assimetria informacional possuíam maioríndice de endividamento, resultado oposto ao que propõe a teoria de Myers (1984).…”

Section: Motivações Para a Oferta Pública Inicialunclassified

Abertura ou não de capital no Brasil: uma análise prática da percepção dos executivos financeiros

Steffen

Zanini

2014

Braz. Rev. Fin.

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This study investigated the aspects and reasons why Brazilian firms go public, from the viewpoint of chief financial officers (CFOs). From the BM&F Bovespa and the magazine Valor Investe, we selected 113 Brazilian firms that had successfully completed an Initial Public Offerings (IPO) between January 2004 and December 2010, and firms those that are large enough to go public, but have not attempted an IPO. Following Brau and Fawcett (2006), we surveyed the CFOs about their perceptions at the time of the IPO. The most findings were: (1) the main motivation for going public was to reduce the cost of capital; (2) general market conditions were crucial to the timing of the IPO; (3) underwriters were selected based on overall reputation, quality of the research department, and industry expertise; (4) the use of a Big-4 accounting firm was seen as a positive sign by the respondents; (5) the overallotment option of shares to stabilize prices was considered the most important IPO process issue; and (6) the main reason for remaining private was to preserve decision-making control and ownership.

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Impactos da assimetria de informação na estrutura de capital de empresas brasileiras abertas

Cited by 30 publications

References 20 publications

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

Estrutura de capital: o papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam

Assimetria de informação na negociação de ações, características econômico-financeiras e governança corporativa no mercado acionário brasileiro

Abertura ou não de capital no Brasil: uma análise prática da percepção dos executivos financeiros

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