Determinantes de dívida no Brasiluma análise desagregada por moeda

Resumo

This study investigates whether the disaggregated debt structure provides any additional information regarding to the determinants of the total indebtedness of Brazilian companies. Using panel data, we test the relevance not only of different specific microeconomic factors, but also macroeconomic factors related to the firm’s choice between domestic and un-hedged dollar-denominated debt and the use of derivatives as currency hedge. Besides the existence of common determinant factors for both types of indebtedness, we also found unique evidences as well as common factors which determine the choice of each debt type, suggesting the importance of examining debt determinants at a disaggregated level.

Ficha do documento

Tipo

Dissertação

Ano

2017

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/18217

Temas

Economia

Palavras-chave

Dívida desagregadaDerivativos cambiaisVolatilidade cambialBrasilDisaggregated debtCurrency derivativesForeign exchange volatilityBrazilEconomiaHedging (Finanças)CâmbioDerivativos (Finanças)