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Abstract(s)
O objetivo do presente estudo consiste na análise empírica dos determinantes
da maturidade da dívida e foi realizado com recurso a 505 empresas alemãs e
inglesas cotadas não financeiras num horizonte temporal de 2002 a 2012. Para
tal, usando técnicas de dados em painel (modelos de efeitos fixos e aleatórios),
analisamos a influência das variáveis das características das empresas à luz da
teoria do custo de agência, sinalização, risco de liquidez e efeito fiscal. Por
outro lado, analisamos também as variáveis das características dos países,
nomeadamente o sistema financeiro, o sistema jurídico, variáveis
macroeconómicas e a cultura. Em conjunto, os resultados empíricos para
ambos os países no período supradito evidenciam uma forte influência da
teoria do custo de agência e da sinalização, endividamento, volatilidade das
taxas de juro e da dimensão dos mercados de capitais sobre a maturidade da
dívida. Os resultados também apontam para uma fraca evidência da influência
da taxa de crescimento do PIB, tipo do sistema jurídico, dimensão do setor
bancário e nível de atividade do mercado acionista sobre a maturidade.
Todavia, encontramos evidência do impacto contrário ao expectado do rating de
crédito, taxa de imposto efetiva, taxa de inflação, índice de corrupção e de
aversão à incerteza sobre a maturidade da dívida. Em separado destacamos, a
falta de suporte empírico quanto à teoria do custo de agência (exceto para a
variável da maturidade dos ativos) e sinalização nas empresas alemãs. Também
destacamos, o registo do efeito positivo e significativo da dimensão do mercado
de capital bem como a falta de suporte empírico quanto à volatilidade da taxa
de inflação nas empresas inglesas.
The purpose of this study is the empirical analysis of the determinants of debt maturity. This is done using 505 German and British companies listed nonfinancial a time horizon from 2002 to 2012. Therefore, using panel data techniques (models of fixed and random effects), we analyzed the influence of the variables of the business characteristics of the light theory of agency cost, signaling, liquidity risk and tax effect. Furthermore, we evaluated the variables of the characteristics of countries, including the financial system, the legal system, macroeconomic variables and the culture. Together, the empirical results for both countries in the aforesaid period show a strong influence of the theory of agency cost and signaling, volatility of interest rates and the size of capital markets on the debt maturity. The results also point to a weak evidence of the influence of the GDP growth rate, type of legal system, size of the banking sector and the level of equity market activity on debt maturity. However, we found evidence of the impact contrary to what was expected for the credit rating, effective tax rate, inflation, corruption index and aversion to uncertainty on debt maturity. Separately, we highlighted the lack of empirical support of the theory of agency cost (except for the variable maturity of assets) and signaling in German companies. We also highlighted the positive and significant effect of the size of the capital market and the lack of empirical support for the volatility of the inflation rate in British companies.
The purpose of this study is the empirical analysis of the determinants of debt maturity. This is done using 505 German and British companies listed nonfinancial a time horizon from 2002 to 2012. Therefore, using panel data techniques (models of fixed and random effects), we analyzed the influence of the variables of the business characteristics of the light theory of agency cost, signaling, liquidity risk and tax effect. Furthermore, we evaluated the variables of the characteristics of countries, including the financial system, the legal system, macroeconomic variables and the culture. Together, the empirical results for both countries in the aforesaid period show a strong influence of the theory of agency cost and signaling, volatility of interest rates and the size of capital markets on the debt maturity. The results also point to a weak evidence of the influence of the GDP growth rate, type of legal system, size of the banking sector and the level of equity market activity on debt maturity. However, we found evidence of the impact contrary to what was expected for the credit rating, effective tax rate, inflation, corruption index and aversion to uncertainty on debt maturity. Separately, we highlighted the lack of empirical support of the theory of agency cost (except for the variable maturity of assets) and signaling in German companies. We also highlighted the positive and significant effect of the size of the capital market and the lack of empirical support for the volatility of the inflation rate in British companies.
Description
Keywords
Maturidade da dívida Modelo de efeitos fixos Modelo de efeitos aleatórios Debt maturity Fixed effects model Random effects model