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2023-09-29T15:51:50Z2023-09-29T15:51:50Z2019122104123http://dx.doi.org/10.14392/asaa.2019120219838611http://hdl.handle.net/1843/59038A estrutura de capital persiste até os dias atuais como um tema de interesse dos pesquisadores das áreas de Contabilidade e Finanças. Isso decorre das divergências observadas em estudos realizados até então, bem como da consideração de evidências empíricas de que as premissas econômicas assumidas são frágeis. Dentre os diversos assuntos discutidos contemporaneamente, destaca-se o nível de homogeneidade/heterogeneidade das dívidas assumidas pelas empresas. Nesse contexto, o objetivo do presente estudo foi analisar o efeito do nível de transparência sobre a heterogeneidade das fontes de financiamentos das empresas brasileiras. Para tanto, analisaram-se dados de 49 empresas divididas em dois grupos (ganhadoras e não ganhadoras do Prêmio de Transparência ANEFAC-SERASA-EXPERIAN). Os dados coletados na BMF&BOVESPA e CVM foram avaliados quantitativamente através da estatística descritiva e inferencial, especificamente, a análise de regressão com dados em painel. Os resultados demonstraram que o nível de transparência afeta negativa e significativamente o IHH – Índice Herfindahl-Hirschman. Quanto mais transparente, mais heterogênea será a distribuição das fontes de capitais de terceiros. Esses achados sugerem maior confiança dos credores e/ou a preferência dos gestores pela lógica da Trade-off Theory, que implica na busca por uma maximização dos benefícios da dívida e a redução dos custos de falência.The capital structure persists to this day as a topic of interest to researchers in the areas of Accounting and Finance. This stems from the divergences observed in previous studies, as well as the consideration of empirical evidence that the economic assumptions assumed are fragile. Among the several issues discussed contemporaneously, the level of homogeneity / heterogeneity of the debts assumed by the companies stands out. In this context, the objective of the present study was to analyze the effect of the level of transparency on the heterogeneity of financing sources of Brazilian companies. For that, we analyzed data from 49 companies divided into two groups (winners and non-winners of the ANEFAC-SERASA-EXPERIAN Transparency Award). The data collected in the BMF & BOVESPA and CVM were quantitatively evaluated through descriptive and inferential statistics, specifically the regression analysis with panel data. The results showed that the level of transparency negatively and significantly affects the HHI - Herfindahl-Hirschman Index. The more transparent, the more heterogeneous will be the distribution of third-party capital sources. These findings suggest a greater confidence of the creditors and / or the preference of the managers for the logic of Trade-off Theory implies the search for a maximization of the benefits of the debts and the reduction of the costs of bankruptcy.porUniversidade Federal de Minas GeraisUFMGBrasilFCE - DEPARTAMENTO DE CIÊNCIAS ADMINISTRATIVASAdvances in Scientific and Applied AccountingEstrutura de capitalContabilidadeFinançasEstrutura de capitalHeterogeneidade da dívidaÍndice-Herfindal-HirschmanO efeito do nível de transparência sobre a heterogeneidade das dívidas: um estudo das empresas ganhadoras e não-ganhadoras do prêmio de transparência Anefac-Serasa-ExperianThe effect of the transparency level on the heterogeneity of debt: a study winning companies and Non-winners of the Anefac-Serasa-Sxperian awardinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleVagner Antônio MarquesNataniel Geraldo Mendes PeixotoErika Michelle da Silva BicalhoHudson Fernandes Amaralinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFMGinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGLICENSELicense.txtLicense.txttext/plain; charset=utf-82042https://repositorio.ufmg.br/bitstream/1843/59038/1/License.txtfa505098d172de0bc8864fc1287ffe22MD51ORIGINALO EFEITO DO NÍVEL DE TRANSPARÊNCIA SOBRE A HETEROGENEIDADE DAS DÍVIDAS.pdfO EFEITO DO NÍVEL DE TRANSPARÊNCIA SOBRE A HETEROGENEIDADE DAS DÍVIDAS.pdfapplication/pdf261644https://repositorio.ufmg.br/bitstream/1843/59038/2/O%20EFEITO%20DO%20N%c3%8dVEL%20DE%20TRANSPAR%c3%8aNCIA%20SOBRE%20A%20HETEROGENEIDADE%20DAS%20D%c3%8dVIDAS.pdf0d65ba5d3824fdadbd3eb140e0649f8eMD521843/590382023-10-02 17:25:35.752oai:repositorio.ufmg.br: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Repositório InstitucionalPUBhttps://repositorio.ufmg.br/oaiopendoar:2023-10-02T20:25:35Repositório Institucional da UFMG - Universidade Federal de Minas Gerais (UFMG)false
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