Estrutura de Maturidade das Dívidas das Empresas Brasileiras: um Estudo Empírico

Abstract

The main objective of this study is to analyze the main factors for the maturity structure of debt based on theories relating to market imperfections, and also to understand the debt profile of large Brazilian companies, owners of bank debt and issuers of debentures. The sample consists of 38 large Brazilian companies, issuers of debt, analyzed between 2002 and 2007, using econometric cross-section techniques and panel data to test the hypotheses concerning the maturity structure of Brazilian company debt. The Growth opportunity (OPOCR), Net operating revenue (LNROL), Leverage (ALAV), Asset maturity (MATA) and High Rating (RATA) variables provided statistically significant results. However, the opposite sign was presented, diverging from the theory's hypotheses. Analyzing this based on the theoretical reference raised, it was observed that only the Effective tax rate (TAXE) variable influences debt maturity behavior.

Keywords

• indebtedness
• debt maturity
• market imperfections
• panel data.