Endividamento da indústria brasileira: restrição financeira e influência do colateral

• Ano de defesa: 2016
• Autor(a) principal: Vasconcelos, Juliana
• Orientador(a): Meirelles, Jorge Luís Faria
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de São Carlos; Câmpus Sorocaba
• Programa de Pós-Graduação: Programa de Pós-Graduação em Engenharia de Produção - PPGEP-So
• Palavras-chave em Português: Mercado de capitais; Dívidas; Indústrias - Brasil; Endividamento; Restrição financeira; Colateral; Financial constraints
• Palavras-chave em Inglês: Capital market; Debt; Industries - Brazil
• Área do conhecimento CNPq: ENGENHARIAS::ENGENHARIA DE PRODUCAO::ENGENHARIA ECONOMICA
• Link de acesso: https://repositorio.ufscar.br/handle/20.500.14289/8709

The imperfect capital market is related to asymmetry of information. The investment decisions of companies are sensitive due to the availability of internal resources. In this sense, this paper aims to analyze the influence of collateral in the level of indebtedness of companies. The sample used in this study consists of 41 non-financial Brazilian companies from industrials sectors which have shares traded on the BM&F Bovespa and are part of the Economática database between the years of 2004 and 2014. The ratio of debt and the collateral was analyzed by multiple regression. Four collateral types were used, they sorted through their financial status - constraint or unconstrained- adopting as a criterion the issuance of debentures and the size of the company. The main results suggest that companies with financial constraint and financial unconstrained are significant in relation to collateral, a result which confronts other studies that claim that only companies with financial constraint depend on the collateral to be indebted.