Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras
Autor(a) principal: | |
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Data de Publicação: | 2009 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/2689 |
Resumo: | Several studies in Corporate Finance consider adjustment costs of companies’ capital structure irrelevant in its form and magnitude. This paper empirically examined adjustment costs influence on dynamic rebalancing behavior of capital structure of Brazilian listed companies from 1999 to 2007. Leverage ratios were presented under three different scenarios, considering fixed costs, proportional costs and a composition of fixed and proportional costs using a simulated reduced model of the capital structure. A non-parametric data analysis reveals that companies present a dynamic behavior in its financing decisions of capital structure adjustment, but that is far from continuous. A duration model proved to be the best choice to measure time between companies’ capital structure adjustments. Results are strongly relevant and support the theory of companies’ dynamic rebalancing behavior around an optimal range. However, adjustments do not occur immediately and the persistence shocks to capital structure accounts in its great part to adjustments costs instead of a possible indifference toward capital structure. This is a pioneer paper accounting for a djustment cost of capital structure in Brazilian market, which makes room for discussion around optimal capital structure on Brazilian companies. |
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Machado, Guilherme Lelis BernardoEscolas::EPGEFGVVerdini, Marcelo MaiaSilva, André Luiz Carvalhal daNeves, Myrian Beatriz Eiras dasBonomo, Marco Antônio Cesar2009-07-20T14:11:08Z2009-07-20T14:11:08Z2009-05-26MACHADO, Guilherme Lelis Bernardo. Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2009.https://hdl.handle.net/10438/2689Several studies in Corporate Finance consider adjustment costs of companies’ capital structure irrelevant in its form and magnitude. This paper empirically examined adjustment costs influence on dynamic rebalancing behavior of capital structure of Brazilian listed companies from 1999 to 2007. Leverage ratios were presented under three different scenarios, considering fixed costs, proportional costs and a composition of fixed and proportional costs using a simulated reduced model of the capital structure. A non-parametric data analysis reveals that companies present a dynamic behavior in its financing decisions of capital structure adjustment, but that is far from continuous. A duration model proved to be the best choice to measure time between companies’ capital structure adjustments. Results are strongly relevant and support the theory of companies’ dynamic rebalancing behavior around an optimal range. However, adjustments do not occur immediately and the persistence shocks to capital structure accounts in its great part to adjustments costs instead of a possible indifference toward capital structure. This is a pioneer paper accounting for a djustment cost of capital structure in Brazilian market, which makes room for discussion around optimal capital structure on Brazilian companies.Diversos estudos de Finanças Corporativas consideram os custos associados aos ajustes da estrutura de capital das empresas irrelevantes tanto na forma quanto em magnitude. Este estudo analisou empiricamente a influência dos custos de ajustamento na dinâmica dos ajustes da estrutura de capital de empresas brasileiras de capital aberto no período de 1999 a 2007. A alavancagem foi abordada sob três diferentes cenários, considerando a presença de custos fixos, custos proporcionais e por uma composição de custos fixos e proporcionais através de simulações utilizando um modelo reduzido da estrutura de capital. Em seguida a análise não paramétrica da amostra revelou que as empresas apresentam um comportamento dinâmico em suas decisões de financiamento para o ajuste da estruturas de capital, mas que não se revelou contínuo. A utilização de um modelo de duration mostrou-se adequado para mensurar o intervalo de tempo entre os ajustes da estrutura de capital das empresas. Os resultados são extremamente relevantes e suportam a teoria de um comportamento de rebalanceamento dinâmico pelas empresas de suas estruturas de capital em torno de um intervalo ótimo. Entretanto os ajustes não ocorrem de forma imediata e a persistência de choques à estrutura de capital deve-se em sua maior parte aos custos associados aos ajustes do que a uma possível indiferença à estrutura de capital. . Este trabalho constitui-se como pioneiro no mercado brasileiro acerca dos custos de ajustamento da estrutura de capital e abre espaço para a discussão do comportamento ótimo em torno da estrutura de capital de empresas nacionais.porTodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveis.info:eu-repo/semantics/openAccessAdjustment costsCapital structureDuration modelsTrade-off modelsPecking orderMarket timingManagerial inertiaEstrutura de capitalModelos de durationCustos de ajustamentoModelos de trade-offMomento de mercadoInércia gerencialEconomiaEstrutura de capitalModelos econométricosCustos de ajustamento e a dinâmica da estrutura de capital em empresas brasileirasinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINALDissertaçao MFEE Guilherme Machado.pdfDissertaçao MFEE Guilherme 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InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742024-08-27T15:02:05Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas 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|
dc.title.por.fl_str_mv |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
title |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
spellingShingle |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras Machado, Guilherme Lelis Bernardo Adjustment costs Capital structure Duration models Trade-off models Pecking order Market timing Managerial inertia Estrutura de capital Modelos de duration Custos de ajustamento Modelos de trade-off Momento de mercado Inércia gerencial Economia Estrutura de capital Modelos econométricos |
title_short |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
title_full |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
title_fullStr |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
title_full_unstemmed |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
title_sort |
Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras |
author |
Machado, Guilherme Lelis Bernardo |
author_facet |
Machado, Guilherme Lelis Bernardo |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.member.none.fl_str_mv |
Verdini, Marcelo Maia Silva, André Luiz Carvalhal da Neves, Myrian Beatriz Eiras das |
dc.contributor.author.fl_str_mv |
Machado, Guilherme Lelis Bernardo |
dc.contributor.advisor1.fl_str_mv |
Bonomo, Marco Antônio Cesar |
contributor_str_mv |
Bonomo, Marco Antônio Cesar |
dc.subject.eng.fl_str_mv |
Adjustment costs Capital structure Duration models Trade-off models Pecking order Market timing Managerial inertia |
topic |
Adjustment costs Capital structure Duration models Trade-off models Pecking order Market timing Managerial inertia Estrutura de capital Modelos de duration Custos de ajustamento Modelos de trade-off Momento de mercado Inércia gerencial Economia Estrutura de capital Modelos econométricos |
dc.subject.por.fl_str_mv |
Estrutura de capital Modelos de duration Custos de ajustamento Modelos de trade-off Momento de mercado Inércia gerencial |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Estrutura de capital Modelos econométricos |
description |
Several studies in Corporate Finance consider adjustment costs of companies’ capital structure irrelevant in its form and magnitude. This paper empirically examined adjustment costs influence on dynamic rebalancing behavior of capital structure of Brazilian listed companies from 1999 to 2007. Leverage ratios were presented under three different scenarios, considering fixed costs, proportional costs and a composition of fixed and proportional costs using a simulated reduced model of the capital structure. A non-parametric data analysis reveals that companies present a dynamic behavior in its financing decisions of capital structure adjustment, but that is far from continuous. A duration model proved to be the best choice to measure time between companies’ capital structure adjustments. Results are strongly relevant and support the theory of companies’ dynamic rebalancing behavior around an optimal range. However, adjustments do not occur immediately and the persistence shocks to capital structure accounts in its great part to adjustments costs instead of a possible indifference toward capital structure. This is a pioneer paper accounting for a djustment cost of capital structure in Brazilian market, which makes room for discussion around optimal capital structure on Brazilian companies. |
publishDate |
2009 |
dc.date.accessioned.fl_str_mv |
2009-07-20T14:11:08Z |
dc.date.available.fl_str_mv |
2009-07-20T14:11:08Z |
dc.date.issued.fl_str_mv |
2009-05-26 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
MACHADO, Guilherme Lelis Bernardo. Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2009. |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/2689 |
identifier_str_mv |
MACHADO, Guilherme Lelis Bernardo. Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras. Dissertação (Mestrado em Finanças e Economia Empresarial) - Escola de Pós-Graduação em Economia, Fundação Getúlio Vargas - FGV, Rio de Janeiro, 2009. |
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https://hdl.handle.net/10438/2689 |
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