Impactos da revisão da lei de recuperação judiciais e falências: estudo baseado em diferença-em-diferenças

• Autor(a) principal: Maciel, Fellipe Crespo
• 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/10438/18029
• topic: Falência; Risco (Direito); Direito comercial; Sociedades comerciais - Legislação; Economia; Falência; Risco (Direito); Direito comercial; Sociedades comerciais - Legislação

In February 2005, the Brazilian law that regulated companies´ bankruptcy had a complete and deep review, which generated a natural experiment, where it is possible to study the behavior of companies´ managers before and after their implementation. Using a new database with more than one million balance sheets of companies of all sizes and spread across the country, between 1999 and 2013, we divided companies into two groups: companies with a high probability of bankruptcy, determined as 'Treatment' and companies in low probability, denominated 'Control'. Using differences-in-differences methodology, was discovered that new law on companies´ recovery and bankruptcy reduced the likelihood of corporate bankruptcy, was observed too improvement in most of the financial-economic indicators through isolated analysis between pre- and post-implementation periods of the law for 'Control' and 'Treatment' groups.