The Effects of Monetary Policies on the Capital Structures of the Firms
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | BBR. Brazilian Business Review (English edition. Online) |
Texto Completo: | http://www.bbronline.com.br/index.php/bbr/article/view/725 |
Resumo: | The purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utility. The data collected refer to the years from 2009 to 2019, and the methodology used for data analysis is through quantile regressions and panel data models, using the GMM approach. According to the results, it can be concluded—in the light of the market timing theory, in line with the Austrian theory of economic cycles—that the capital structures of firms can be determined by the market moments, as defined by monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain. |
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BBR. Brazilian Business Review (English edition. Online) |
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The Effects of Monetary Policies on the Capital Structures of the FirmsOs Efeitos das Políticas Monetárias sobre as Estruturas de Capital das FirmasCapital structureMarket timing theoryAustrian business cycle theoryEstrutura de CapitalTeoria de market timingTeoria austríaca dos ciclos econômicosThe purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utility. The data collected refer to the years from 2009 to 2019, and the methodology used for data analysis is through quantile regressions and panel data models, using the GMM approach. According to the results, it can be concluded—in the light of the market timing theory, in line with the Austrian theory of economic cycles—that the capital structures of firms can be determined by the market moments, as defined by monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain.O objetivo desta pesquisa é analisar a influência que as políticas monetárias exercem sobre as decisões de financiamento das corporações brasileiras. Desse objetivo derivam 2 hipóteses. A amostra do estudo é composta por 220 empresas: 84 de bens de consumo, 89 de bens de capital e 47 de utilidade pública. Os dados coletados referem-se aos anos de 2009 a 2019. A metodologia empregada para a análise dos dados se dá por meio de regressões quantílicas e dos modelos de dados em painel, pela abordagem GMM. Segundo os resultados, pode-se concluir - à luz da teoria de market timing em consonância com a teoria austríaca dos ciclos econômicos - que as estruturas de capital das firmas podem ser determinadas pelos momentos de mercado definidos pelas políticas monetárias, de modo que tal influência é distinta a depender do setor no qual as empresas se situam na cadeia produtiva.FUCAPE Business Shool2022-09-12info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/72510.15728/bbr.2022.19.6.1.enBrazilian Business Review; Vol. 19 No. 6 (2022): November to December 2022; 584-606Brazilian Business Review; v. 19 n. 6 (2022): Novembro a Dezembro 2022; 584-6061808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/725/1089http://www.bbronline.com.br/index.php/bbr/article/view/725/1090http://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessCampos, OctávioLamounier, Wagner2022-11-01T18:54:49Zoai:ojs.pkp.sfu.ca:article/725Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2022-11-01T18:54:49BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false |
dc.title.none.fl_str_mv |
The Effects of Monetary Policies on the Capital Structures of the Firms Os Efeitos das Políticas Monetárias sobre as Estruturas de Capital das Firmas |
title |
The Effects of Monetary Policies on the Capital Structures of the Firms |
spellingShingle |
The Effects of Monetary Policies on the Capital Structures of the Firms Campos, Octávio Capital structure Market timing theory Austrian business cycle theory Estrutura de Capital Teoria de market timing Teoria austríaca dos ciclos econômicos |
title_short |
The Effects of Monetary Policies on the Capital Structures of the Firms |
title_full |
The Effects of Monetary Policies on the Capital Structures of the Firms |
title_fullStr |
The Effects of Monetary Policies on the Capital Structures of the Firms |
title_full_unstemmed |
The Effects of Monetary Policies on the Capital Structures of the Firms |
title_sort |
The Effects of Monetary Policies on the Capital Structures of the Firms |
author |
Campos, Octávio |
author_facet |
Campos, Octávio Lamounier, Wagner |
author_role |
author |
author2 |
Lamounier, Wagner |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Campos, Octávio Lamounier, Wagner |
dc.subject.por.fl_str_mv |
Capital structure Market timing theory Austrian business cycle theory Estrutura de Capital Teoria de market timing Teoria austríaca dos ciclos econômicos |
topic |
Capital structure Market timing theory Austrian business cycle theory Estrutura de Capital Teoria de market timing Teoria austríaca dos ciclos econômicos |
description |
The purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utility. The data collected refer to the years from 2009 to 2019, and the methodology used for data analysis is through quantile regressions and panel data models, using the GMM approach. According to the results, it can be concluded—in the light of the market timing theory, in line with the Austrian theory of economic cycles—that the capital structures of firms can be determined by the market moments, as defined by monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-09-12 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article Artigo revisado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/725 10.15728/bbr.2022.19.6.1.en |
url |
http://www.bbronline.com.br/index.php/bbr/article/view/725 |
identifier_str_mv |
10.15728/bbr.2022.19.6.1.en |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/725/1089 http://www.bbronline.com.br/index.php/bbr/article/view/725/1090 |
dc.rights.driver.fl_str_mv |
http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE Business Shool |
publisher.none.fl_str_mv |
FUCAPE Business Shool |
dc.source.none.fl_str_mv |
Brazilian Business Review; Vol. 19 No. 6 (2022): November to December 2022; 584-606 Brazilian Business Review; v. 19 n. 6 (2022): Novembro a Dezembro 2022; 584-606 1808-2386 1807-734X reponame:BBR. Brazilian Business Review (English edition. Online) instname:Fucape Business School (FBS) instacron:FBS |
instname_str |
Fucape Business School (FBS) |
instacron_str |
FBS |
institution |
FBS |
reponame_str |
BBR. Brazilian Business Review (English edition. Online) |
collection |
BBR. Brazilian Business Review (English edition. Online) |
repository.name.fl_str_mv |
BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS) |
repository.mail.fl_str_mv |
|| bbronline@bbronline.com.br |
_version_ |
1754732239911911424 |