Efeito do desempenho de mercado nas formas de financiamento corporativo moderado pelo desvio da dívida-alvo

Clóvis Fiirst; Elcídio Henriques Quiraque; Tarcísio Pedro da Silva; Débora Gomes de Gomes

doi:10.4025/enfoque.v42i3.59163

Clóvis Fiirst Universidade Regional de Blumenau - FURB https://orcid.org/0000-0002-9415-104X
Elcídio Henriques Quiraque Universidade Federal do Rio Grande - Furg https://orcid.org/0000-0002-0881-8371
Tarcísio Pedro da Silva Universidade Regional de Blumenau - FURB https://orcid.org/0000-0002-2370-791X
Débora Gomes de Gomes Universidade Federal do Rio Grande - Furg http://orcid.org/0000-0002-7955-0958

DOI: https://doi.org/10.4025/enfoque.v42i3.59163

Keywords: corporate financing forms; market performance; deviation from the target debt.

Abstract

Objective: Analyze the effect of market performance on corporate financing decisions moderated by the deviation from the target debt.
Method: The methodological design followed a descriptive, documentary, and quantitative research approach. The studied companies are Brazilian non-financial firms listed on the Bolsa Balcão Bovespa (B3), totaling 764. The data covers the time period from 2008 to 2017. Statistical techniques, such as the probit regression model, were employed for analysis.

Originality/Relevance: The innovation of this research lies in its approach to the deviation from the target debt and its relationship with market performance and corporate financing decisions. While the trade-off theory proposed by Myers (1984) has already been suggested, the research investigates how the market is not perceiving this deviation, potentially resulting in an anomaly in the choices between issuing equity and raising debt through loans and financing, affecting the optimal debt level.

Results: The findings of this study propose significant implications for the finance literature, particularly in the context of the trade-off theory proposed by Myers (1984), as the market is not recognizing the deviation from the target debt, leading to a potential anomaly in the choice between issuing equity and raising debt through loans and financing, thus affecting the optimal debt level.

Theoretical/Methodological/Practical Contributions: The study highlights that companies need to carefully consider their financing needs, considering the impact of the deviation from the target debt on resource-raising options. A more conscious and informed approach can result in a more balanced capital structure, enabling more robust decision-making.

Downloads

Download data is not yet available.

Author Biographies

Clóvis Fiirst, Universidade Regional de Blumenau - FURB

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau (FURB) Mestre em Ciências Contábeis e Administração pela Universidade Regional de Blumenau (FURB)

Elcídio Henriques Quiraque , Universidade Federal do Rio Grande - Furg

Doutor em Contabilidade na Universidade Federal do Paraná
Mestre em Contabilidade pelo Programa de Pós-Graduação em Contabilidade da Universidade Federal do Rio Grande (FURG)

Tarcísio Pedro da Silva, Universidade Regional de Blumenau - FURB

Doutor em Ciências Contábeis e Administração pela Universidade Regional de Blumenau (FURB)
Professor do Programa de Pós-Graduação em Ciências Contábeis em Ciências Contábeis e Administração pela Universidade Regional de Blumenau (FURB)

Débora Gomes de Gomes, Universidade Federal do Rio Grande - Furg

Pós-Doutora em Ciências Contábeis pela Universidade do Vale do Rio dos Sinos (Unisinos)
Doutora em Ciências Contábeis e Administração pela Universidade Regional de Blumenau (FURB)
Professora do Programa de Pós-Graduação em Contabilidade da Universidade Federal do Rio Grande (FURG)

References

BASTOS, D. D; NAKAMURA, W. T. Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, v. 20 n.50 p. 75-94, 2009.
BAYLESS, M., CHAPLINSKY, S. Expectations of security type and the information content of debt and equity offers. Journal of Financial Intermediation v. 1, p.195–214, 1990.
CHAUHAN, G. S.; HUSEYNOV, F. Corporate financing and target behavior: New tests and evidence. Journal of Corporate Finance v. 48, p.116-135, 2018.
CHUNG, K. H.; PRUITT, S. W. A simple approximation of Tobin's q. Financial Management, p. 70-74,1994.
CRESWELL, J. W. Projeto de pesquisa: Métodos qualitativo, quantitativo e misto. 2 ed., São Paulo, 2007.
DANIS, A., RETTL, D. A; WHITED, T. M. Refinancing, profitability, and capital structure. Journal of Financial Economics, v. 114 n. 3, p. 424-443, 2014.
DELCOURE, N. The determinants of capital structure in transitional economies. International Review of Economics & Finance, v. 16 n. 3: p. 400-415, 2007.
FAMA, E.; FRENCH, K.Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies n. 15, p. 1–34, 2002.
FÁVERO, L. P. . Análise de dados – Modelos de regressão com EXCEL, STATA e SPSS. Rio de Janeiro: Elsevier, 2015.
FLANNERY, M. J; RANGAN, K. P. Partial adjustment toward target capital structures. Journal of financial economics, v. 79 n. 3, p. 469-506, 2006.
GRAHAM, J. R.; LEARY, M. T. A review of empirical capital structure research and directions for the future. Annu. Rev. Financ. Econ., v. 3 n. 1, p. 309-345, 2011.
GRAHAM, J. Debt and the marginal tax rate. Journal of Financial Economics. N. 41, p. 41–74, 1996.
GREENE, W. H. The econometric approach to efficiency analysis. The measurement of productive efficiency and productivity growth, v. 1, n. 1, p. 92-250, 2008.
HOVAKIMIAN, A., HOVAKIMIAN, G.; TEHRANIAN, H. Determinants of target capital structure: The case of dual debt and equity issues. Journal of Financial Economics, n. 71, p. 517–540, 2004.
HOVAKIMIAN, A., OPLER, T.; TITMAN, S.The debt-equity choice. Journal of Financial and Quantitative analysis, v. 36 n. 1, p. 1-24, 2001.
JALILVAND, A., HARRIS, R. S. Corporate behavior in adjusting to capital structure and dividend targets: An econometric study. The journal of Finance, v. 39 n. 1, p. 127-145, 1984.
JENSEN, M. Theory of the firm: managerial behavior, agency costs and ownwership structure. Jornal of Finacial Economics, v.3 n. 4, 1976.
JUNG, K., KIM, Y.-C.; STULZ, R., Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics, v. 42, p. 157–185, 1996.
MACKIE-MASON, J., Do firms care who provides their financing? In: Hubbard, R.G. (Ed.), Asymmetric Information, Corporate Finance, and Investment: A National Bureau of Economic Research Project Report. University of Chicago Press, Chicago and London, p. 63–104, 1990.
MARSH, P. The choice between equity and debt: An empirical study. The Journal of finance, v. 37 n. 1, p. 121-144. 1982.
MODIGLIANI, F.; MILLER, M. The costs of capital, corporation finance, and the theory of investment. The American Economic Review, v. 48 n. 3, p. 261-297, 1958.
MYERS, S. C. The Capital Structure Puzzle. The Journal of Finance, v. 39 n. 3: p. 187-221, 1984.
MYERS, S. Determinants of corporate borrowing. Journal of Financial Economics, v. 5, p. 147–175, 1977.
MYERS, S.; MAJLUF, N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics v. 13, p. 187–221, 1984.
RAJAN, R. G; ZINGALES, L. What do we know about capital structure? Some evidence from international data. The Journal of Finance, v. 50, n. 5, p. 1421-1460, 1995.
SHYAM-SUNDER, L.; MYERS, S. Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, v. 51, n. 2, p. 219-244, 1999.
TITMAN, S; Wessels, R. The determinants of capital structure choice. The Journal of finance, v. 43 n. 1, p. 1-19, 1988.
WHITE, M.J. Corporate Bankruptcy as Filering Device: Chapter 11 Reorganizations and Out-of-Court Debt Restructuring, Journal of Law, Economics, Organization v. 10: p. 268-295.

Effect of market performance on forms of corporate financing moderated by the deviation of target debt

Abstract

Downloads

Author Biographies

References