Douglas Dias Bastos

Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006

The present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specific factors of the firm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term financial-debt ratio), it was evidenced that the specific factors of the firm: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off, Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly influences the capital structure.Th e present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specifi c factors of the fi rm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term fi nancial-debt ratio), it was evidenced that the specifi c factors of the fi rm: current liquidity, profi tability, market to book value and size presented the most signifi cant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off , Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly infl uences the capital structure.

Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais

Recent researches have been evidenced that specific country factors, as legal, institutional and economical environments influence the capital structure of the companies. The present study investigates the determinants of capital structure using panel data, for a sample of 388 companies belonging to the seven larger economies of Latin America (Mexico, Brazil, Argentina, Chile and Peru), in the period 2001-2006. Starting from six indicators of leverage ratio, it was evidenced that the firm-specific factors: current liquidity, profitability, market to book value and size, present the most significant results. The theory of pecking order seems to be the one that best explains the obtained results. The results for macroeconomic and institutional factors were not so robust, but for the variable GDP growth, and at a lower degree for proxies about the relevance of the stock market, fiscal load and time of opening of a new business.

Estrutura de maturidade das dívidas das empresas brasileiras: um estudo empírico

The main objective of this study is to analyze the main factors for the maturity structure of debt based on theories relating to market imperfections, and also to understand the debt profile of large Brazilian companies, owners of bank debt and issuers of debentures. The sample consists of 38 large Brazilian companies, issuers of debt, analyzed between 2002 and 2007, using econometric cross-section techniques and panel data to test the hypotheses concerning the maturity structure of Brazilian company debt. The Growth opportunity (OPOCR), Net operating revenue (LNROL), Leverage (ALAV), Asset maturity (MATA) and High Rating (RATA) variables provided statistically significant results. However, the opposite sign was presented, diverging from the theorys hypotheses. Analyzing this based on the theoretical reference raised, it was observed that only the Effective tax rate (TAXE) variable influences debt maturity behavior.

Endividamento e Estrutura de Ativos: Evidências no Brasil

OBJETIVO Analisar o papel dos colaterais no endividamento das empresas, testando as hipoteses: (i) empresas com maior volume de colaterais sao mais endividadas, (ii) ativos de longo prazo suportam divida de longo prazo, enquanto que colaterais de curto prazo suportam divida de curto prazo, e (iii) a presenca de colaterais e mais relevante para empresas financiadas por divida bancaria. METODOLOGIA A partir de dados trimestrais de 2004 a 2013 de uma amostra de 49 empresas (participantes do IBrX 100) coletados de diferentes bases de dados (Compustat Global Vantange, Economatica e Bloomberg) foi construido um painel com 1.641 observacoes. Os modelos foram estimados tanto por pooled OLS como por efeito fixo para o teste das hipoteses propostas. Utilizou-se tambem o teste de causalidade de Granger para avaliar a relacao entre endividamento e colateral. RESULTADOS E CONCLUSOES Como resultado, foram confirmadas todas as hipoteses testadas, sendo: quanto maior o nivel de ativos passiveis de serem utilizados como garantia, maior o nivel de alavancagem financeira, quanto maior o nivel de ativos nao circulantes (imobilizado), maior a maturidade das dividas, quanto maior o nivel de ativos circulantes (estoques e contas a receber), menor a maturidade das dividas e os ativos passiveis de serem utilizados como garantia sao mais relevantes para as empresas que contraem dividas bancarias. IMPLICACOES PRATICAS Um aspecto interessante dos resultados e a relacao de causalidade entre endividamento de longo prazo e ativos imobilizados, as evidencias sao que a existencia de colateral e que permite o acesso a este tipo de divida. PALAVRAS-CHAVE Estrutura de Capital; Divida Bancaria; Ativos Colaterais; Rating.   DEBT AND ASSET STRUCTURE: EVIDENCE FROM BRAZIL OBJECTIVE Examine the role of collateral on the debt of companies, testing the following hypotheses: (i) companies with the highest volume side are more indebted, (ii) Long-term assets support long-term debt, while short-term collateral support short debt term and (iii) the presence of collateral is most relevant to companies financed by bank debt. METHODOLOGY It was defined a panel regression with 1,641 observations, obtained from quarterly data, between 2004 and 2013, from a sample of 49 companies (participants IBrX 100). The observations come from different databases (Compustat Global Vantange, Economatica and Bloomberg). The models were estimated both by pooled OLS, as well as by fixed effect for testing the hypotheses proposed. It also used the Granger causality test to assess the relationship between debt and collateral. RESULTS AND CONCLUSIONS As a result, all tested hypotheses were confirmed, as follows: the higher the level of assets eligible for use as collateral, the higher the level of financial leverage, the higher the level of non-current assets (fixed assets), the higher the maturity debts, the higher the level of current assets (inventories and receivables), the lower the maturity of debt and assets that can be used as collateral are most relevant to companies who contract bank debt. PRACTICAL IMPLICATIONS An interesting aspect of the results is the causal relationship between long-term debt and fixed assets. The evidence is that the existence of collateral is allowing access to this type of debt. KEYWORDS Capital structure; Bank debt; Collateral assets; Rating.

A ADOÇÃO DE UM PROGRAMA AMPLO DE PLANEJAMENTO E CONTROLE E SEU IMPACTO NO DESEMPENHO EMPRESARIAL

Planejar e controlar sao funcoes inerentes ao processo administrativo, sendo que existem determinados procedimentos basicos que norteiam estas atividades. O conjunto destes procedimentos compoe o modelo tradicional de planejamento e controle. Contudo, e crescente o questionamento no meio academico e empresarial, sobre a efetividade do modelo tradicional de planejamento e controle. Ao mesmo tempo vem surgindo metodologias alternativas para a execucao de tais funcoes, que sugerem uma analise critica dos procedimentos tradicionais, questionando a validade dos mesmos quanto a geracao de valor. Este estudo, conduzido junto a uma amostra de empresas brasileiras com acoes negociadas na Bovespa, objetivou evidenciar uma relacao estatistica entre a existencia de um programa sistematico de planejamento e controle (budgeting), e a obtencao de um resultado financeiro operacional superior. Paralelamente tambem foi pesquisada a aderencia de novas metodologias bem como o grau de satisfacao das empresas em relacao aos seus procedimentos de planejamento e controle.