Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market

Detalhes bibliográficos
Autor(a) principal: Aparecida,Lucas Boareto da
Data de Publicação: 2022
Outros Autores: Lazzarini,Sergio Giovanetti, Bortoluzzo,Adriana Bruscato
Tipo de documento: Artigo
Idioma: eng
Título da fonte: RAC. Revista de Administração Contemporânea (Online)
Texto Completo: http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1415-65552022000201103
Resumo: ABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.
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spelling Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Marketlong-term financingbond marketstate participationprivate sector participationABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.Associação Nacional de Pós-Graduação e Pesquisa em Administração2022-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersiontext/htmlhttp://old.scielo.br/scielo.php?script=sci_arttext&pid=S1415-65552022000201103Revista de Administração Contemporânea v.26 n.2 2022reponame:RAC. Revista de Administração Contemporânea (Online)instname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)instacron:ANPAD10.1590/1982-7849rac2022210076.eninfo:eu-repo/semantics/openAccessAparecida,Lucas Boareto daLazzarini,Sergio GiovanettiBortoluzzo,Adriana Bruscatoeng2021-10-01T00:00:00Zoai:scielo:S1415-65552022000201103Revistahttps://rac.anpad.org.br/index.php/racONGhttps://rac.anpad.org.br/index.php/rac/oairac@anpad.org.br1982-78491415-6555opendoar:2021-10-01T00:00RAC. Revista de Administração Contemporânea (Online) - Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)false
dc.title.none.fl_str_mv Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
title Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
spellingShingle Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
Aparecida,Lucas Boareto da
long-term financing
bond market
state participation
private sector participation
title_short Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
title_full Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
title_fullStr Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
title_full_unstemmed Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
title_sort Long-term Financing: Exploring the Recent Advances in the Brazilian Bond Market
author Aparecida,Lucas Boareto da
author_facet Aparecida,Lucas Boareto da
Lazzarini,Sergio Giovanetti
Bortoluzzo,Adriana Bruscato
author_role author
author2 Lazzarini,Sergio Giovanetti
Bortoluzzo,Adriana Bruscato
author2_role author
author
dc.contributor.author.fl_str_mv Aparecida,Lucas Boareto da
Lazzarini,Sergio Giovanetti
Bortoluzzo,Adriana Bruscato
dc.subject.por.fl_str_mv long-term financing
bond market
state participation
private sector participation
topic long-term financing
bond market
state participation
private sector participation
description ABSTRACT Context: in Brazil, there was an expansion of private funding via bond issuances, especially since 2017. Before that period, the sources of long-term financing were concentrated on public funding. Objective: this study aims to explore the main factors that could have positively affect Brazilian bond market and if it would be possible to improve project financing through this debt instruments. Methods: using mixed methods with econometric tests and qualitative interview analysis, this study assesses which were the factors that supported this growth and if there is any difference across industries. Results: we found that a change in the market trend has indeed happened around 2017, and it was more pronounced in specific industries such as electricity. Interviewees suggested that increases in demand (possibly triggered by the reduction of public sources of funding and the fall in local interest rates) could be the main factors that supported this change in trend. Conclusions: therefore, this study reinforces the importance of local market conditions and government policies affecting the relative attractiveness of private versus public sources of corporate investment.
publishDate 2022
dc.date.none.fl_str_mv 2022-01-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1415-65552022000201103
url http://old.scielo.br/scielo.php?script=sci_arttext&pid=S1415-65552022000201103
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 10.1590/1982-7849rac2022210076.en
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv text/html
dc.publisher.none.fl_str_mv Associação Nacional de Pós-Graduação e Pesquisa em Administração
publisher.none.fl_str_mv Associação Nacional de Pós-Graduação e Pesquisa em Administração
dc.source.none.fl_str_mv Revista de Administração Contemporânea v.26 n.2 2022
reponame:RAC. Revista de Administração Contemporânea (Online)
instname:Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
instacron:ANPAD
instname_str Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
instacron_str ANPAD
institution ANPAD
reponame_str RAC. Revista de Administração Contemporânea (Online)
collection RAC. Revista de Administração Contemporânea (Online)
repository.name.fl_str_mv RAC. Revista de Administração Contemporânea (Online) - Associação Nacional de Pós-Graduação e Pesquisa em Administração (ANPAD)
repository.mail.fl_str_mv rac@anpad.org.br
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