Impacto da especificidade de ativos nos custos de transação, na estrutura de capital e no valor da empresa

• Autor(a) principal: Pohlmann, Marcelo Coletto
• Data de Publicação: 2004
• Outros Autores: Aguiar, Andson Braga de, Bertolucci, Aldo, Martins, Eliseu
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Contabilidade & Finanças (Online)
• Texto Completo: https://www.revistas.usp.br/rcf/article/view/34123
• topic: custos da transação; especificidade de ativos; avaliação de empresas; estrutura de capitais; concentração industrial; transaction costs; assets specificity; valuation; capital structure; industrial concentration

This paper discusses the assets specificity concept and its role in Transaction Cost Theory and explores its effects on capital structure and company value. Adopting an empirical-analytical approach, the purpose is to explain how assets specificity influences the decisions and behavior of economics agents. A wide variety of earlier studies prove the existence of relevant effects derived from this factor. The hypothesis is tested that low levels of general and long-term indebtedness would be associated with firms active in markets with a higher degree of industrial concentration. Firms displaying this kind of behavior for these variables would probably have a higher degree of assets specificity. A multivariate Cluster Analysis is applied to a sample of companies from Exame Melhores e Maiores for the year 2001. Results were statistically significant, with two different clusters: companies with a higher probable degree of assets specificity, as opposed to those with a lower probable degree of assets specificity.