The role of bond covenants and short-term debt: evidence from Brazil

Detalhes bibliográficos
Autor(a) principal: Silva, Vinicius Augusto Brunassi
Data de Publicação: 2011
Tipo de documento: Dissertação
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/8826
Resumo: This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants and short-term debt are substitute tools to minimize agency conflict, since they presented a negative and significant relation and; 2) The negative relation between short-term debt and growth opportunities might be attenuated in the presence of covenants.
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spelling Silva, Vinicius Augusto BrunassiEscolas::EAESPSaito, Richard2011-12-07T12:55:58Z2011-12-07T12:55:58Z2011-11-25SILVA, Vinicius Augusto Brunassi. The role of bond covenants and short-term debt: evidence from Brazil. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2011.http://hdl.handle.net/10438/8826This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants and short-term debt are substitute tools to minimize agency conflict, since they presented a negative and significant relation and; 2) The negative relation between short-term debt and growth opportunities might be attenuated in the presence of covenants.Esta dissertação tem como objetivo analisar a relação entre covenants e alavancagem financeira no curto e longo prazo com oportunidades de crescimento. A partir de uma amostra de 159 debêntures, encontramos evidência de que: 1) Covenants e dívida de curto-prazo podem ser considerados substitutos na atenuação do conflito de agência, uma vez que apresentaram relação negativa e significante e; 2) A relação negativa existente entre dívida de curto prazo e oportunidades de crescimento pode ser reduzida através da utilização de covenants.engCovenantsAgency conflictShort-term debtGrowth opportunities and leverageAdministração de empresasDebênturesTítulos (Finanças)Política financeiraThe role of bond covenants and short-term debt: evidence from Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessORIGINALVinicius_Dissertação.pdfVinicius_Dissertação.pdfArtigo 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dc.title.eng.fl_str_mv The role of bond covenants and short-term debt: evidence from Brazil
title The role of bond covenants and short-term debt: evidence from Brazil
spellingShingle The role of bond covenants and short-term debt: evidence from Brazil
Silva, Vinicius Augusto Brunassi
Covenants
Agency conflict
Short-term debt
Growth opportunities and leverage
Administração de empresas
Debêntures
Títulos (Finanças)
Política financeira
title_short The role of bond covenants and short-term debt: evidence from Brazil
title_full The role of bond covenants and short-term debt: evidence from Brazil
title_fullStr The role of bond covenants and short-term debt: evidence from Brazil
title_full_unstemmed The role of bond covenants and short-term debt: evidence from Brazil
title_sort The role of bond covenants and short-term debt: evidence from Brazil
author Silva, Vinicius Augusto Brunassi
author_facet Silva, Vinicius Augusto Brunassi
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EAESP
dc.contributor.author.fl_str_mv Silva, Vinicius Augusto Brunassi
dc.contributor.advisor1.fl_str_mv Saito, Richard
contributor_str_mv Saito, Richard
dc.subject.eng.fl_str_mv Covenants
Agency conflict
Short-term debt
Growth opportunities and leverage
topic Covenants
Agency conflict
Short-term debt
Growth opportunities and leverage
Administração de empresas
Debêntures
Títulos (Finanças)
Política financeira
dc.subject.area.por.fl_str_mv Administração de empresas
dc.subject.bibliodata.por.fl_str_mv Debêntures
Títulos (Finanças)
Política financeira
description This paper examines the relationship between covenants, short-term and long-term debt with companies which face growth opportunities. Using a sample of 159 Brazilian corporate bonds, we found evidence that: 1) Covenants and short-term debt are substitute tools to minimize agency conflict, since they presented a negative and significant relation and; 2) The negative relation between short-term debt and growth opportunities might be attenuated in the presence of covenants.
publishDate 2011
dc.date.accessioned.fl_str_mv 2011-12-07T12:55:58Z
dc.date.available.fl_str_mv 2011-12-07T12:55:58Z
dc.date.issued.fl_str_mv 2011-11-25
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 SILVA, Vinicius Augusto Brunassi. The role of bond covenants and short-term debt: evidence from Brazil. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2011.
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/8826
identifier_str_mv SILVA, Vinicius Augusto Brunassi. The role of bond covenants and short-term debt: evidence from Brazil. Dissertação (Mestrado em Administração de Empresas) - FGV - Fundação Getúlio Vargas, São Paulo, 2011.
url http://hdl.handle.net/10438/8826
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
instname:Fundação Getulio Vargas (FGV)
instacron:FGV
instname_str Fundação Getulio Vargas (FGV)
instacron_str FGV
institution FGV
reponame_str Repositório Institucional do FGV (FGV Repositório Digital)
collection Repositório Institucional do FGV (FGV Repositório Digital)
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