Diversificação da dívida: uma análise em empresas brasileiras listadas na BM&FBOVESPA

Detalhes bibliográficos
Autor(a) principal: Dalcin, Lúcio
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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spelling 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
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