An empirical analysis of the external finance premium of public non-financial corporations in Brazil

Detalhes bibliográficos
Autor(a) principal: Oliveira, Fernando N. de
Data de Publicação: 2012
Outros Autores: Neto, Alberto Ronchi
Tipo de documento: Artigo
Idioma: por
eng
Título da fonte: Revista Brasileira de Economia (Online)
Texto Completo: https://periodicos.fgv.br/rbe/article/view/3845
Resumo: Our objective in this paper is to analyze empirically the relationship between the external finance premium of non-financial corporations in Brazil with their default probability and with their demand for inventories. As for the former relation, we find that corporations that have greater external finance premium have greater probability of default. As for the latter, we find that the external finance premium is positive and statistically significantly correlated. The results confirm previous results of the literature that indicate that the balance sheet channel of monetary policy is relevant in Brazil.
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spelling An empirical analysis of the external finance premium of public non-financial corporations in BrazilAn empirical analysis of the external finance premium of public non-financial corporations in BrazilMonetary Transmission MechanismCredit ChannelBalance Sheet Channel.Monetary Transmission MechanismCredit ChannelBalance Sheet Channel External Finance Premium.Our objective in this paper is to analyze empirically the relationship between the external finance premium of non-financial corporations in Brazil with their default probability and with their demand for inventories. As for the former relation, we find that corporations that have greater external finance premium have greater probability of default. As for the latter, we find that the external finance premium is positive and statistically significantly correlated. The results confirm previous results of the literature that indicate that the balance sheet channel of monetary policy is relevant in Brazil.Nosso objetivo nesse trabalho é analisar empiricamente como o prêmio de financiamento externo de empresas não-financeiras no Brasil se relaciona com a probabilidade de default e com o nível de estoques. No primeiro exercício, as empresas com maior prêmio de financiamento externo apresentaram uma maior probabilidade de default. Com relação ao segundo exercício, o prêmio de financiamento externo apresentou uma correlação positiva e estatisticamente significante com o nível de estoques. A análise confirmou resultados anteriores da literatura que indicam que o canal do balanço patrimonial da política monetária é relevante para o Brasil.EGV EPGE2012-10-02info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArticlesArtigosapplication/pdfapplication/pdfhttps://periodicos.fgv.br/rbe/article/view/3845Revista Brasileira de Economia; Vol. 66 No. 3 (2012): Jul-Set; 323-360Revista Brasileira de Economia; v. 66 n. 3 (2012): Jul-Set; 323-3601806-91340034-7140reponame:Revista Brasileira de Economia (Online)instname:Fundação Getulio Vargas (FGV)instacron:FGVporenghttps://periodicos.fgv.br/rbe/article/view/3845/4242https://periodicos.fgv.br/rbe/article/view/3845/4246Oliveira, Fernando N. deNeto, Alberto Ronchiinfo:eu-repo/semantics/openAccess2016-12-16T12:27:35Zoai:ojs.periodicos.fgv.br:article/3845Revistahttps://periodicos.fgv.br/rbe/https://periodicos.fgv.br/rbe/oai||rbe@fgv.br1806-91340034-7140opendoar:2024-03-06T13:03:31.176346Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)true
dc.title.none.fl_str_mv An empirical analysis of the external finance premium of public non-financial corporations in Brazil
An empirical analysis of the external finance premium of public non-financial corporations in Brazil
title An empirical analysis of the external finance premium of public non-financial corporations in Brazil
spellingShingle An empirical analysis of the external finance premium of public non-financial corporations in Brazil
Oliveira, Fernando N. de
Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel.
Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel External Finance Premium.
title_short An empirical analysis of the external finance premium of public non-financial corporations in Brazil
title_full An empirical analysis of the external finance premium of public non-financial corporations in Brazil
title_fullStr An empirical analysis of the external finance premium of public non-financial corporations in Brazil
title_full_unstemmed An empirical analysis of the external finance premium of public non-financial corporations in Brazil
title_sort An empirical analysis of the external finance premium of public non-financial corporations in Brazil
author Oliveira, Fernando N. de
author_facet Oliveira, Fernando N. de
Neto, Alberto Ronchi
author_role author
author2 Neto, Alberto Ronchi
author2_role author
dc.contributor.author.fl_str_mv Oliveira, Fernando N. de
Neto, Alberto Ronchi
dc.subject.por.fl_str_mv Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel.
Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel External Finance Premium.
topic Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel.
Monetary Transmission Mechanism
Credit Channel
Balance Sheet Channel External Finance Premium.
description Our objective in this paper is to analyze empirically the relationship between the external finance premium of non-financial corporations in Brazil with their default probability and with their demand for inventories. As for the former relation, we find that corporations that have greater external finance premium have greater probability of default. As for the latter, we find that the external finance premium is positive and statistically significantly correlated. The results confirm previous results of the literature that indicate that the balance sheet channel of monetary policy is relevant in Brazil.
publishDate 2012
dc.date.none.fl_str_mv 2012-10-02
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Articles
Artigos
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://periodicos.fgv.br/rbe/article/view/3845
url https://periodicos.fgv.br/rbe/article/view/3845
dc.language.iso.fl_str_mv por
eng
language por
eng
dc.relation.none.fl_str_mv https://periodicos.fgv.br/rbe/article/view/3845/4242
https://periodicos.fgv.br/rbe/article/view/3845/4246
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv EGV EPGE
publisher.none.fl_str_mv EGV EPGE
dc.source.none.fl_str_mv Revista Brasileira de Economia; Vol. 66 No. 3 (2012): Jul-Set; 323-360
Revista Brasileira de Economia; v. 66 n. 3 (2012): Jul-Set; 323-360
1806-9134
0034-7140
reponame:Revista Brasileira de Economia (Online)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Revista Brasileira de Economia (Online)
collection Revista Brasileira de Economia (Online)
repository.name.fl_str_mv Revista Brasileira de Economia (Online) - Fundação Getulio Vargas (FGV)
repository.mail.fl_str_mv ||rbe@fgv.br
_version_ 1798943114430251008

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