DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL

• Autor(a) principal: Ferreira, Marília Paranaíba
• Data de Publicação: 2022
• Outros Autores: Ribeiro, Alex Mussoi, Palhares, Cláudia Margareth Gomes, Carmo, Carlos Henrique Silva do
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Universo Contábil
• Texto Completo: https://proxy.furb.br/ojs/index.php/universocontabil/article/view/9718
• topic: Títulos de Dívida; Debêntures; Espécie de Garantia; Garantia Real.

This study aimed to identify determinant factors for the use of real guarantees from the perspective of business characteristics and the maturity of debt in debenture emission scriptures by Brazilian public companies between 2012 and 2019. We collected the information in the Economatica database and on the CVM website. The sample consisted of 280 debenture issues carried out by 181 companies. We analyzed the data by logistic regression with panel data. The results indicated that all variables investigated (control concentration, corporate governance level, indebtedness, firm size, asset tangibility, cash flow volatility, and debt maturity) determine the use of real guarantees in debenture emission scriptures in Brazil. However, when comparing the expected with the obtained signals, we do not reject four research hypotheses: control concentration (H1), corporate governance level (H2), indebtedness (H3) and debt maturity (H7). As a theoretical contribution, it is highlighted, from the perspective of Agency Theory, that there is a trade-off between investors and managers accepting the use of real guarantees and reducing the debt agency cost but, concomitantly, bearing the cost of opportunity arising from the limitations imposed by real guarantees. In practice, this study contributes by showing that the issuance of debentures has a signaling effect, in addition to drawing creditors' attention to the factors that can determine the choice of the type of guarantee in debt securities.