DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL

Detalhes bibliográficos
Autor(a) principal: Ferreira, Marília Paranaíba
Data de Publicação: 2022
Outros Autores: Ribeiro, Alex Mussoi, Palhares, Cláudia Margareth Gomes, Carmo, Carlos Henrique Silva do
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Universo Contábil
Texto Completo: https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718
Resumo: This study aimed to identify determinant factors for the use of real guarantees from the perspective of business characteristics and the maturity of debt in debenture emission scriptures by Brazilian public companies between 2012 and 2019. We collected the information in the Economatica database and on the CVM website. The sample consisted of 280 debenture issues carried out by 181 companies. We analyzed the data by logistic regression with panel data. The results indicated that all variables investigated (control concentration, corporate governance level, indebtedness, firm size, asset tangibility, cash flow volatility, and debt maturity) determine the use of real guarantees in debenture emission scriptures in Brazil. However, when comparing the expected with the obtained signals, we do not reject four research hypotheses: control concentration (H1), corporate governance level (H2), indebtedness (H3) and debt maturity (H7). As a theoretical contribution, it is highlighted, from the perspective of Agency Theory, that there is a trade-off between investors and managers accepting the use of real guarantees and reducing the debt agency cost but, concomitantly, bearing the cost of opportunity arising from the limitations imposed by real guarantees. In practice, this study contributes by showing that the issuance of debentures has a signaling effect, in addition to drawing creditors' attention to the factors that can determine the choice of the type of guarantee in debt securities.
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spelling DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZILFACTORES QUE DETERMINAN EL USO DE GARANTÍAS REALES EN ESCRITURAS DE EMISIÓN DE DEBENTURAS EN BRASILFATORES DETERMINANTES DO USO DE GARANTIAS REAIS EM ESCRITURAS DE EMISSÕES DE DEBÊNTURES NO BRASILDebt SecuritiesDebenturesSpecie of GuaranteeReal GuaranteeTítulos de DeudaDebenturesEspecie de GarantíaGarantía RealTítulos de DívidaGarantia Real.DebênturesEspécie de GarantiaGarantia RealThis study aimed to identify determinant factors for the use of real guarantees from the perspective of business characteristics and the maturity of debt in debenture emission scriptures by Brazilian public companies between 2012 and 2019. We collected the information in the Economatica database and on the CVM website. The sample consisted of 280 debenture issues carried out by 181 companies. We analyzed the data by logistic regression with panel data. The results indicated that all variables investigated (control concentration, corporate governance level, indebtedness, firm size, asset tangibility, cash flow volatility, and debt maturity) determine the use of real guarantees in debenture emission scriptures in Brazil. However, when comparing the expected with the obtained signals, we do not reject four research hypotheses: control concentration (H1), corporate governance level (H2), indebtedness (H3) and debt maturity (H7). As a theoretical contribution, it is highlighted, from the perspective of Agency Theory, that there is a trade-off between investors and managers accepting the use of real guarantees and reducing the debt agency cost but, concomitantly, bearing the cost of opportunity arising from the limitations imposed by real guarantees. In practice, this study contributes by showing that the issuance of debentures has a signaling effect, in addition to drawing creditors' attention to the factors that can determine the choice of the type of guarantee in debt securities.El objetivo de este estudio fue identificar los factores que determinan el uso de garantías reales desde la perspectiva de las características del negocio y el vencimiento de la deuda en escrituras de emisión de debentures en empresas públicas brasileñas en el período 2012-2019. La información se obtuvo de la base de datos de Economatica y del sitio web de la CVM. La muestra estuvo constituida por 280 emisiones de debentures, realizadas por 181 empresas. El análisis se realizó mediante regresión logística con datos de panel y los resultados indicaron que todas las variables investigadas (concentración de control, nivel de gobierno corporativo, endeudamiento, tamaño de la empresa, tangibilidad de los activos, volatilidad del flujo de efectivo y vencimiento de la deuda) determinan el uso de garantías reales en escrituras de emisiones de debentures en Brasil. Sin embargo, al comparar las señales obtenidas con las esperadas, no se rechazaron cuatro hipótesis de investigación: concentración de control (H1), nivel de gobierno corporativo (H2), endeudamiento (H3) y vencimiento de la deuda (H7). Como contribución teórica, se destaca, desde la perspectiva de la Teoría de la Agencia, que existe un trade-off entre inversores y administradores que aceptan el uso de garantías reales y reducen el costo de agencia de deuda, pero, al mismo tiempo, soportan el costo de oportunidad derivado de las limitaciones que imponen las garantías reales. En la práctica, este estudio contribuye al mostrar que la emisión de debentures tiene un efecto señalizador, además de llamar la atención de los acreedores sobre los factores que pueden determinar la elección del tipo de garantía en títulos de deuda.O objetivo deste estudo foi identificar fatores determinantes do uso de garantias reais sob a perspectiva de características empresariais e da maturidade da dívida, em escrituras de emissão de debêntures em companhias abertas brasileiras, no período entre 2012 e 2019. As informações foram coletadas na base de dados da Economatica e no website da CVM. A amostra foi composta por 280 emissões de debêntures, realizadas por 181 empresas. A análise foi realizada por meio de regressão logística com dados em painel. Os resultados indicaram que todas as variáveis investigadas (concentração de controle, nível de governança corporativa, endividamento, tamanho da empresa, tangibilidade do ativo, volatilidade do fluxo de caixa e maturidade da dívida) determinam o uso de garantias reais em escrituras de emissões de debêntures no Brasil. Contudo, ao comparar os sinais obtidos com os sinais esperados, quatro hipóteses da pesquisa não foram rejeitadas: concentração de controle (H1), nível de governança corporativa (H2), endividamento (H3) e maturidade da dívida (H7). Como contribuição teórica, destaca-se, sob a ótica da Teoria da Agência, que existe um trade-off entre os investidores e gestores aceitarem o uso de garantias reais e reduzirem o custo de agência da dívida, mas, concomitantemente, suportarem o custo de oportunidade oriundo das limitações que as garantias reais impõem. Na prática, este estudo contribui ao mostrar que a emissão de debêntures tem um efeito de sinalização, além de chamar a atenção dos credores para os fatores que podem determinar a escolha do tipo de garantia em títulos de dívida.Universidade Regional de Blumenau2022-09-27info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718Revista Universo Contábil; v. 17 n. 2 (2021)1809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718/5792Copyright (c) 2022 Revista Universo Contábilinfo:eu-repo/semantics/openAccessFerreira, Marília ParanaíbaRibeiro, Alex MussoiPalhares, Cláudia Margareth GomesCarmo, Carlos Henrique Silva do2022-09-27T20:30:42Zoai:ojs.bu.furb.br:article/9718Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2022-09-27T20:30:42Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false
dc.title.none.fl_str_mv DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
FACTORES QUE DETERMINAN EL USO DE GARANTÍAS REALES EN ESCRITURAS DE EMISIÓN DE DEBENTURAS EN BRASIL
FATORES DETERMINANTES DO USO DE GARANTIAS REAIS EM ESCRITURAS DE EMISSÕES DE DEBÊNTURES NO BRASIL
title DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
spellingShingle DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
Ferreira, Marília Paranaíba
Debt Securities
Debentures
Specie of Guarantee
Real Guarantee
Títulos de Deuda
Debentures
Especie de Garantía
Garantía Real
Títulos de Dívida
Garantia Real.
Debêntures
Espécie de Garantia
Garantia Real
title_short DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
title_full DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
title_fullStr DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
title_full_unstemmed DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
title_sort DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
author Ferreira, Marília Paranaíba
author_facet Ferreira, Marília Paranaíba
Ribeiro, Alex Mussoi
Palhares, Cláudia Margareth Gomes
Carmo, Carlos Henrique Silva do
author_role author
author2 Ribeiro, Alex Mussoi
Palhares, Cláudia Margareth Gomes
Carmo, Carlos Henrique Silva do
author2_role author
author
author
dc.contributor.author.fl_str_mv Ferreira, Marília Paranaíba
Ribeiro, Alex Mussoi
Palhares, Cláudia Margareth Gomes
Carmo, Carlos Henrique Silva do
dc.subject.por.fl_str_mv Debt Securities
Debentures
Specie of Guarantee
Real Guarantee
Títulos de Deuda
Debentures
Especie de Garantía
Garantía Real
Títulos de Dívida
Garantia Real.
Debêntures
Espécie de Garantia
Garantia Real
topic Debt Securities
Debentures
Specie of Guarantee
Real Guarantee
Títulos de Deuda
Debentures
Especie de Garantía
Garantía Real
Títulos de Dívida
Garantia Real.
Debêntures
Espécie de Garantia
Garantia Real
description This study aimed to identify determinant factors for the use of real guarantees from the perspective of business characteristics and the maturity of debt in debenture emission scriptures by Brazilian public companies between 2012 and 2019. We collected the information in the Economatica database and on the CVM website. The sample consisted of 280 debenture issues carried out by 181 companies. We analyzed the data by logistic regression with panel data. The results indicated that all variables investigated (control concentration, corporate governance level, indebtedness, firm size, asset tangibility, cash flow volatility, and debt maturity) determine the use of real guarantees in debenture emission scriptures in Brazil. However, when comparing the expected with the obtained signals, we do not reject four research hypotheses: control concentration (H1), corporate governance level (H2), indebtedness (H3) and debt maturity (H7). As a theoretical contribution, it is highlighted, from the perspective of Agency Theory, that there is a trade-off between investors and managers accepting the use of real guarantees and reducing the debt agency cost but, concomitantly, bearing the cost of opportunity arising from the limitations imposed by real guarantees. In practice, this study contributes by showing that the issuance of debentures has a signaling effect, in addition to drawing creditors' attention to the factors that can determine the choice of the type of guarantee in debt securities.
publishDate 2022
dc.date.none.fl_str_mv 2022-09-27
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718
url https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/9718/5792
dc.rights.driver.fl_str_mv Copyright (c) 2022 Revista Universo Contábil
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2022 Revista Universo Contábil
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Regional de Blumenau
publisher.none.fl_str_mv Universidade Regional de Blumenau
dc.source.none.fl_str_mv Revista Universo Contábil; v. 17 n. 2 (2021)
1809-3337
1809-3337
reponame:Revista Universo Contábil
instname:Universidade Regional de Blumenau (FURB)
instacron:FURB
instname_str Universidade Regional de Blumenau (FURB)
instacron_str FURB
institution FURB
reponame_str Revista Universo Contábil
collection Revista Universo Contábil
repository.name.fl_str_mv Revista Universo Contábil - Universidade Regional de Blumenau (FURB)
repository.mail.fl_str_mv ||universocontabil@furb.br
_version_ 1798945117824876544

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