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Abstract(s)
O âmbito deste trabalho consiste na análise empírica dos determinantes da estrutura da maturidade da dívida ao nível setorial de 336 empresas representadas no índice alemão CDAX.
Considerando a literatura relevante, aqui revista, testamos a influência das variáveis relacionadas com as caraterísticas das empresas (oportunidades de crescimento, dimensão, impostos, qualidade da empresa e endividamento) e as variáveis macroeconómicas (estrutura temporal da taxas de juro e taxa de inflação).
De acordo com os resultados obtidos, os setores não aparentam ser influenciados pelas características das empresas da mesma maneira na escolha da maturidade da dívida. Verificamos a existência de uma relação negativa das oportunidades de investimento e uma relação positiva da dimensão da empresa e do endividamento com a maturidade da dívida para todos os setores. A relação entre a maturidade da dívida com os indicadores da qualidade e dos impostos, apesar do resultado de muitos setores não serem estatisticamente relevantes, demonstra que alguns setores contrariam o esperado pela literatura.
Os resultados obtidos no impacto das variáveis macroeconómicas, a estrutura temporal das taxas de juro e a taxa de inflação, na maturidade da dívida não foram estatisticamente relevantes.
The purpose of this empirical work is to examine the determinants of corporate debt maturity structure with a sector analysis of 336 companies represented in the German index CDAX. Considering the relevant literature, revised here, we tested the influence of variables related to the characteristics of companies (growth opportunities, size, taxes, company's quality and debt) and macroeconomic variables (term structure of interest rates and inflation rate). According to the results, the choice of debt maturity by sector do not appear to be influenced by the characteristics of companies in the same way. We note the existence of a negative correlation of investment opportunities and a positive correlation of firm size and debt with debt maturity for all sectors. The relation between debt maturity with the indicators of quality and taxes, despite the result of many sectors not been statistically significant, it shows that some sectors oppose the expected from the literature. The results on the impact of macroeconomic variables, the term structure of interest rates and the inflation rate, in the debt maturity were not statistically significant.
The purpose of this empirical work is to examine the determinants of corporate debt maturity structure with a sector analysis of 336 companies represented in the German index CDAX. Considering the relevant literature, revised here, we tested the influence of variables related to the characteristics of companies (growth opportunities, size, taxes, company's quality and debt) and macroeconomic variables (term structure of interest rates and inflation rate). According to the results, the choice of debt maturity by sector do not appear to be influenced by the characteristics of companies in the same way. We note the existence of a negative correlation of investment opportunities and a positive correlation of firm size and debt with debt maturity for all sectors. The relation between debt maturity with the indicators of quality and taxes, despite the result of many sectors not been statistically significant, it shows that some sectors oppose the expected from the literature. The results on the impact of macroeconomic variables, the term structure of interest rates and the inflation rate, in the debt maturity were not statistically significant.
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Keywords
Maturidade da dívida Estrutura de capitais Dados em painel Análise setorial Debt maturity Capital structure Panel data Sector analysis