O comportamento inadimplente merece outra chance? Um estudo sobre a reincidência do default em empresas de varejo brasileiras

• Autor(a) principal: Monteiro, Bárbara Demétrio Salgado
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/18039
• topic: Crédito; Varejo; Desempenho de empresas; Reincidência do default; Decisão de crédito; Credit; Retail; Business performance; Economia; Créditos - Avaliação de riscos; Crédito bancário - Avaliação - Brasil; Inadimplência (Finanças); Comércio varejista

The main objective of this study is to evaluate the propensity for the recurrence of default in the Brazilian retail companies’ credit market and to understand the main reasons that affect this propensity. For this purpose, we used a sample of 6,047 companies and, through the logit regression method, we evaluated the associations between the repeated default rate in companies that had observed past delinquency and variables related to company characteristics, previous financial difficulties and information of the owners. The conclusion was that companies that return to dishonor their financial compromises are those that have greater commitment of their revenues in debts and that present worse ratings. Variables related to the past delay also help to explain the recurrence, so more severe difficulties in the past tend to lead companies to higher default levels in the future. This model was applied comparatively to companies that did not present delay in the past and the results show that, for this second public, the explanatory power of the model is compromised.