The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³
Autor(a) principal: | |
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Data de Publicação: | 2020 |
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Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | Contabilidade, Gestão e Governança |
Texto Completo: | https://revistacgg.org/index.php/contabil/article/view/2203 |
Resumo: | Objective: to analyze if intangible assets influence the determination of debt maturity and understand how these two variables relate to publicly traded companies listed in [B] 3 (Brasil, Bolsa, Balcão).Method: econometric regression techniques with panel data were used, with the estimation made by means of fixed effects, according to the adequacy to the variables presented by the tests performed. The sample consists of 145 companies, analyzed from 2010 to 2016.Originality/relevance: the study stands out for analyzing the influence that intangible assets have on the debt maturity of companies.Results: the degree of intangibility of companies positively influences the debt maturity through the Market-to-Book and negatively influences by the ratio of intangible assets to noncurrent assets, at a significance level of 5%. This relationship occurred because the Market-to-Book considers market values, while the other measure uses balance sheet data.Theoretical/Methodological contributions: in addition to verifying Myers's (1977) theory of underinvestment, the results showed that debt maturity decisions involve intangible assets, demonstrating the way the market views these in relation to the abnormal cash flows that these assets are capable of to generate. |
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Contabilidade, Gestão e Governança |
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The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³A influência do Nível de Intangibilidade na Maturidade das Dívidas das Empresas Listadas na [B]³Intangible assetsMaturity of debtsMarket-to-bookLevel of the intangibility.Ativos intangíveisMaturidade das dívidasMarket-to-BookNível de intangibilidade.Objective: to analyze if intangible assets influence the determination of debt maturity and understand how these two variables relate to publicly traded companies listed in [B] 3 (Brasil, Bolsa, Balcão).Method: econometric regression techniques with panel data were used, with the estimation made by means of fixed effects, according to the adequacy to the variables presented by the tests performed. The sample consists of 145 companies, analyzed from 2010 to 2016.Originality/relevance: the study stands out for analyzing the influence that intangible assets have on the debt maturity of companies.Results: the degree of intangibility of companies positively influences the debt maturity through the Market-to-Book and negatively influences by the ratio of intangible assets to noncurrent assets, at a significance level of 5%. This relationship occurred because the Market-to-Book considers market values, while the other measure uses balance sheet data.Theoretical/Methodological contributions: in addition to verifying Myers's (1977) theory of underinvestment, the results showed that debt maturity decisions involve intangible assets, demonstrating the way the market views these in relation to the abnormal cash flows that these assets are capable of to generate.Objetivo: analisar se os ativos intangíveis influenciam a determinação da maturidade das dívidas e compreender a forma com que essas duas variáveis se relacionam em empresas de capital aberto listadas na [B]³ (Brasil, Bolsa, Balcão).Método: foram usadas técnicas econométricas de regressão com dados em painel, com a estimativa feita por meio de efeitos fixos, conforme a adequação às variáveis apresentada pelos testes realizados. A amostra consiste de 145 companhias, analisadas no período de 2010 a 2016.Originalidade/relevância: o estudo destaca-se por analisar a influência que os ativos intangíveis têm sobre a maturidade das dívidas das empresas.Resultados: o grau de intangibilidade das empresas influencia positivamente a maturidade das dívidas usando o Market-Book e influencia negativamente a proporção do ativo intangível em relação ao ativo não circulante, em um nível de 5% de significância. Essa relação ocorreu porque o Market-to-Book considera valores de mercado, enquanto uma outra medida utiliza dados do balanço patrimonial.Contribuições teóricas / metodológicas: além de verificar a teoria de Myers (1977) sobre o subinvestimento, os resultados são mostrados como decisões de maturidade das dívidas envolvidas nos ativos intangíveis, demonstrando a forma como o mercado enxerga essas empresas em relação aos valores de caixa anormais que esses ativos são capazes de gerar.Contabilidade Gestão e Governança2020-04-29info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/220310.51341/1984-3925_2020v23n1a5Contabilidade Gestão e Governança; v. 23 n. 1 (2020); 76-921984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/2203/PDF_Enhttps://revistacgg.org/index.php/contabil/article/view/2203/PDF_PtCopyright (c) 2020 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessSousa, Daniela Gonçalves Gomes deCunha, Moisés Ferreira da2021-09-23T10:42:22Zoai:oai.jamg.cloud:article/2203Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2021-09-23T10:42:22Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false |
dc.title.none.fl_str_mv |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ A influência do Nível de Intangibilidade na Maturidade das Dívidas das Empresas Listadas na [B]³ |
title |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
spellingShingle |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ Sousa, Daniela Gonçalves Gomes de Intangible assets Maturity of debts Market-to-book Level of the intangibility. Ativos intangíveis Maturidade das dívidas Market-to-Book Nível de intangibilidade. |
title_short |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
title_full |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
title_fullStr |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
title_full_unstemmed |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
title_sort |
The Influence of the Level of Intangibility in the Maturity of the Debts of the Companies Listed in [B]³ |
author |
Sousa, Daniela Gonçalves Gomes de |
author_facet |
Sousa, Daniela Gonçalves Gomes de Cunha, Moisés Ferreira da |
author_role |
author |
author2 |
Cunha, Moisés Ferreira da |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Sousa, Daniela Gonçalves Gomes de Cunha, Moisés Ferreira da |
dc.subject.por.fl_str_mv |
Intangible assets Maturity of debts Market-to-book Level of the intangibility. Ativos intangíveis Maturidade das dívidas Market-to-Book Nível de intangibilidade. |
topic |
Intangible assets Maturity of debts Market-to-book Level of the intangibility. Ativos intangíveis Maturidade das dívidas Market-to-Book Nível de intangibilidade. |
description |
Objective: to analyze if intangible assets influence the determination of debt maturity and understand how these two variables relate to publicly traded companies listed in [B] 3 (Brasil, Bolsa, Balcão).Method: econometric regression techniques with panel data were used, with the estimation made by means of fixed effects, according to the adequacy to the variables presented by the tests performed. The sample consists of 145 companies, analyzed from 2010 to 2016.Originality/relevance: the study stands out for analyzing the influence that intangible assets have on the debt maturity of companies.Results: the degree of intangibility of companies positively influences the debt maturity through the Market-to-Book and negatively influences by the ratio of intangible assets to noncurrent assets, at a significance level of 5%. This relationship occurred because the Market-to-Book considers market values, while the other measure uses balance sheet data.Theoretical/Methodological contributions: in addition to verifying Myers's (1977) theory of underinvestment, the results showed that debt maturity decisions involve intangible assets, demonstrating the way the market views these in relation to the abnormal cash flows that these assets are capable of to generate. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-04-29 |
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://revistacgg.org/index.php/contabil/article/view/2203 10.51341/1984-3925_2020v23n1a5 |
url |
https://revistacgg.org/index.php/contabil/article/view/2203 |
identifier_str_mv |
10.51341/1984-3925_2020v23n1a5 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
https://revistacgg.org/index.php/contabil/article/view/2203/PDF_En https://revistacgg.org/index.php/contabil/article/view/2203/PDF_Pt |
dc.rights.driver.fl_str_mv |
Copyright (c) 2020 Revista Contabilidade, Gestão e Governança info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2020 Revista Contabilidade, Gestão e Governança |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
publisher.none.fl_str_mv |
Contabilidade Gestão e Governança |
dc.source.none.fl_str_mv |
Contabilidade Gestão e Governança; v. 23 n. 1 (2020); 76-92 1984-3925 1984-3925 reponame:Contabilidade, Gestão e Governança instname:Universidade de Brasília (UnB) instacron:UNB |
instname_str |
Universidade de Brasília (UnB) |
instacron_str |
UNB |
institution |
UNB |
reponame_str |
Contabilidade, Gestão e Governança |
collection |
Contabilidade, Gestão e Governança |
repository.name.fl_str_mv |
Contabilidade, Gestão e Governança - Universidade de Brasília (UnB) |
repository.mail.fl_str_mv |
jamg.cgg@gmail.com |
_version_ |
1798315268178444288 |