Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA
Autor(a) principal: | |
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Data de Publicação: | 2018 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Manancial - Repositório Digital da UFSM |
dARK ID: | ark:/26339/001300000zb90 |
Texto Completo: | http://repositorio.ufsm.br/handle/1/18683 |
Resumo: | The following work aims to analyze the structure of the debts of Brazilian companies registered at BM&FBOVESPA. More specifically, to define the types of debts related to their indexers, calculate the degree of diversification of such debts of companies and identify the variables that impact from them. The method used on the research is based in regression models with panel data with fixed effects. The categorization of the debt types was made through their indexer, because it is believed that it is the proper method to evaluate debts and differentiate them. Therefore, the following types of debts were analyzed: Brazilian Development Bank, Lease Operations, Interbank Deposit Rate, Long-term interest rate, Debentures, Foreign Currency, Special System for Settlement and Custody, Equipment and machinery financing, Referential Rate, General prices index – Internal Availability, Market general price index, Extended consumer price index and other types of debts. After the types of debt were identified, a measure capable of distinguishing different companies, with or without registered debts, was stablished. In order to accomplish this test, the Herfindahl- Hirschman calculation was applied, following the same method adopted by Colla, Ippolito and Li (2012) and Póvoa (2013). Finally, the dependent variable of the study was the debt diversification and the independent variables are: profitability, tangibility, total debt, Market value, market to book (M/B), size, volatility, paid dividends, assets maturities, cash in hand, market leverage, research and development expenses (P&D), distance from financial difficulties and crisis. As the main results, the study has found that only 25 companies have IHH equals 1, on the other hand, although HHI values near zero were found, no HHI value is equals zero, showing that there are no companies which are totally diversified in the sample used in the research. It was also verified that the companies which have the biggest debts are the ones that have more different types of debts on their capital structure, and the indexers BNDES, SELIC, IGPDI and IGPM impact this structure, so that the more debts in these indexers, the more diversified in debts is the company. On the other hand, the indexers Foreign Currency and Referential Rate cause diversification decrease, in other words, the more debts in these indexers, the smaller debt diversification. Another important information found of this study was that the indexer Foreign Currency was the main indexer used by the companies. |
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Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPADebt diversification: an analysis of companies listed at BM&FBOVESPATipos de dívidaDiversificação da dívidaIndexadoresType of debtDebt diversificationIndexersCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOThe following work aims to analyze the structure of the debts of Brazilian companies registered at BM&FBOVESPA. More specifically, to define the types of debts related to their indexers, calculate the degree of diversification of such debts of companies and identify the variables that impact from them. The method used on the research is based in regression models with panel data with fixed effects. The categorization of the debt types was made through their indexer, because it is believed that it is the proper method to evaluate debts and differentiate them. Therefore, the following types of debts were analyzed: Brazilian Development Bank, Lease Operations, Interbank Deposit Rate, Long-term interest rate, Debentures, Foreign Currency, Special System for Settlement and Custody, Equipment and machinery financing, Referential Rate, General prices index – Internal Availability, Market general price index, Extended consumer price index and other types of debts. After the types of debt were identified, a measure capable of distinguishing different companies, with or without registered debts, was stablished. In order to accomplish this test, the Herfindahl- Hirschman calculation was applied, following the same method adopted by Colla, Ippolito and Li (2012) and Póvoa (2013). Finally, the dependent variable of the study was the debt diversification and the independent variables are: profitability, tangibility, total debt, Market value, market to book (M/B), size, volatility, paid dividends, assets maturities, cash in hand, market leverage, research and development expenses (P&D), distance from financial difficulties and crisis. As the main results, the study has found that only 25 companies have IHH equals 1, on the other hand, although HHI values near zero were found, no HHI value is equals zero, showing that there are no companies which are totally diversified in the sample used in the research. It was also verified that the companies which have the biggest debts are the ones that have more different types of debts on their capital structure, and the indexers BNDES, SELIC, IGPDI and IGPM impact this structure, so that the more debts in these indexers, the more diversified in debts is the company. On the other hand, the indexers Foreign Currency and Referential Rate cause diversification decrease, in other words, the more debts in these indexers, the smaller debt diversification. Another important information found of this study was that the indexer Foreign Currency was the main indexer used by the companies.O presente trabalho teve como objetivo analisar a estrutura da dívida das empresas brasileiras listadas na BM&FBOVESPA. Mais especificamente, definir os tipos de dívida com relação a seus indexadores, calcular o grau de diversificação da dívida dessas empresas e identificar as variáveis que dela impactam. O método utilizado na pesquisa baseia-se em modelos de regressão com dados em painel com efeitos fixos. A categorização dos tipos de dívida foi feita através do seu indexador, pois acredita-se que é a forma mais adequada de avaliar uma dívida e diferenciá-la umas das outras. Assim, foram analisados os seguintes tipos de dívida: Banco Nacional de Desenvolvimento Econômico e Social, Arrendamento Mercantil, Certificado de Depósito Interbancário, Taxa de Juros de Longo Prazo, Debêntures, Moeda Estrangeira, Sistema Especial de Liquidação e de Custódia, Financiamento de máquinas e equipamentos, Taxa Referencial, Índice Geral de Preços-Disponibilidade Interna, Índice Geral de Preços do Mercado, Índice de Preços ao Consumidor Amplo e outros tipos de dívida. Após identificados os tipos de dívida, foi estabelecido uma medida capaz de realizar a distinção entre empresas diversificadas em dívida ou não. Para tal, foi realizado o cálculo do índice de Herfindahl- Hirschman, seguindo o mesmo método adotado por Colla, Ippolito e Li (2012) e Póvoa (2013). Por fim, a variável dependente do estudo foi a diversificação da dívida e as variáveis independentes são: rentabilidade, tangibilidade, dívida total, valor de mercado, market to book (M/B), tamanho, volatilidade, dividendos pagos, vencimento de ativos, dinheiro em caixa, alavancagem do mercado, gastos com pesquisa e desenvolvimento (P&D), distância para a dificuldade financeira e crise. Como principais resultados, o estudo encontrou que apenas 25 empresas possuem IHH igual a 1 e, na outra extremidade, foram encontrados valores de IHH próximos de zero, porém nenhum IHH com o valor exatamente igual a zero, indicando que não existe nenhuma empresa totalmente diversificada na amostra pesquisada. Também verificou-se que as empresas que possuem dívidas maiores são as que possuem mais tipos diferentes de dívidas em sua estrutura de capital e que os indexadores BNDES, SELIC, IGPDI e IGPM impactam esta estrutura, de forma que quanto mais dívidas nestes indexadores mais diversificada em dívidas a empresa é. Por outro lado, os indexadores ME e TR impactam na redução da diversificação ou seja, quanto mais dívida nestes indexadores menor é a diversificação da dívida. Outro achado importante deste estudo foi que o indexador moeda estrangeira foi o principal indexador utilizado pelas empresas.Universidade Federal de Santa MariaBrasilAdministraçãoUFSMPrograma de Pós-Graduação em AdministraçãoCentro de Ciências Sociais e HumanasCeretta, Paulo Sergiohttp://lattes.cnpq.br/3049029014914257Sonza, Igor Bernardihttp://lattes.cnpq.br/0001554374469356Milani, Brunohttp://lattes.cnpq.br/0005005751598450Dalcin, Lúcio2019-10-25T17:52:18Z2019-10-25T17:52:18Z2018-03-26info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://repositorio.ufsm.br/handle/1/18683ark:/26339/001300000zb90porAttribution-NonCommercial-NoDerivatives 4.0 Internationalhttp://creativecommons.org/licenses/by-nc-nd/4.0/info:eu-repo/semantics/openAccessreponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSM2019-10-26T06:00:21Zoai:repositorio.ufsm.br:1/18683Biblioteca Digital de Teses e Dissertaçõeshttps://repositorio.ufsm.br/ONGhttps://repositorio.ufsm.br/oai/requestatendimento.sib@ufsm.br||tedebc@gmail.comopendoar:2019-10-26T06:00:21Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.none.fl_str_mv |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA Debt diversification: an analysis of companies listed at BM&FBOVESPA |
title |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
spellingShingle |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA Dalcin, Lúcio Tipos de dívida Diversificação da dívida Indexadores Type of debt Debt diversification Indexers CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
title_full |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
title_fullStr |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
title_full_unstemmed |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
title_sort |
Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA |
author |
Dalcin, Lúcio |
author_facet |
Dalcin, Lúcio |
author_role |
author |
dc.contributor.none.fl_str_mv |
Ceretta, Paulo Sergio http://lattes.cnpq.br/3049029014914257 Sonza, Igor Bernardi http://lattes.cnpq.br/0001554374469356 Milani, Bruno http://lattes.cnpq.br/0005005751598450 |
dc.contributor.author.fl_str_mv |
Dalcin, Lúcio |
dc.subject.por.fl_str_mv |
Tipos de dívida Diversificação da dívida Indexadores Type of debt Debt diversification Indexers CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
topic |
Tipos de dívida Diversificação da dívida Indexadores Type of debt Debt diversification Indexers CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The following work aims to analyze the structure of the debts of Brazilian companies registered at BM&FBOVESPA. More specifically, to define the types of debts related to their indexers, calculate the degree of diversification of such debts of companies and identify the variables that impact from them. The method used on the research is based in regression models with panel data with fixed effects. The categorization of the debt types was made through their indexer, because it is believed that it is the proper method to evaluate debts and differentiate them. Therefore, the following types of debts were analyzed: Brazilian Development Bank, Lease Operations, Interbank Deposit Rate, Long-term interest rate, Debentures, Foreign Currency, Special System for Settlement and Custody, Equipment and machinery financing, Referential Rate, General prices index – Internal Availability, Market general price index, Extended consumer price index and other types of debts. After the types of debt were identified, a measure capable of distinguishing different companies, with or without registered debts, was stablished. In order to accomplish this test, the Herfindahl- Hirschman calculation was applied, following the same method adopted by Colla, Ippolito and Li (2012) and Póvoa (2013). Finally, the dependent variable of the study was the debt diversification and the independent variables are: profitability, tangibility, total debt, Market value, market to book (M/B), size, volatility, paid dividends, assets maturities, cash in hand, market leverage, research and development expenses (P&D), distance from financial difficulties and crisis. As the main results, the study has found that only 25 companies have IHH equals 1, on the other hand, although HHI values near zero were found, no HHI value is equals zero, showing that there are no companies which are totally diversified in the sample used in the research. It was also verified that the companies which have the biggest debts are the ones that have more different types of debts on their capital structure, and the indexers BNDES, SELIC, IGPDI and IGPM impact this structure, so that the more debts in these indexers, the more diversified in debts is the company. On the other hand, the indexers Foreign Currency and Referential Rate cause diversification decrease, in other words, the more debts in these indexers, the smaller debt diversification. Another important information found of this study was that the indexer Foreign Currency was the main indexer used by the companies. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-03-26 2019-10-25T17:52:18Z 2019-10-25T17:52:18Z |
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.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/18683 |
dc.identifier.dark.fl_str_mv |
ark:/26339/001300000zb90 |
url |
http://repositorio.ufsm.br/handle/1/18683 |
identifier_str_mv |
ark:/26339/001300000zb90 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.rights.driver.fl_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
publisher.none.fl_str_mv |
Universidade Federal de Santa Maria Brasil Administração UFSM Programa de Pós-Graduação em Administração Centro de Ciências Sociais e Humanas |
dc.source.none.fl_str_mv |
reponame:Manancial - Repositório Digital da UFSM instname:Universidade Federal de Santa Maria (UFSM) instacron:UFSM |
instname_str |
Universidade Federal de Santa Maria (UFSM) |
instacron_str |
UFSM |
institution |
UFSM |
reponame_str |
Manancial - Repositório Digital da UFSM |
collection |
Manancial - Repositório Digital da UFSM |
repository.name.fl_str_mv |
Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM) |
repository.mail.fl_str_mv |
atendimento.sib@ufsm.br||tedebc@gmail.com |
_version_ |
1815172418087419904 |