Impacto da atuação do BNDES nos investimentos reais de companhias abertas durante a crise de 2008

Resumo

This study uses the context of uncertainties in the realm of the 2008 Brazil financial crisis to address whether government-directed credit helps mitigate firms’ financial constraints. Using a sample of Brazilian publicly traded firms, we find that BNDES incentives activity minimizes the negative effect of the debt maturity structure on investments. We employ the traditional difference-in-difference approach and our results indicate that firms with large quantity of debt maturing shortly after the 2008 crisis peak and that have received BNDES subsidized funding on the post-crisis period have not reduced investments and firms that have benefited from BNDES subsidized funding not only on the post-crisis period but, in addition, before the occurrence of such financial crisis, were able to increase, in average, investments by 3.5 percentage points compared to firms with similar amount of debt maturing structure but with no access to BNDES incentives.

Ficha do documento

Tipo

Dissertação

Ano

2017

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Não informado

Identificador

oai:repositorio.fgv.br:10438/17862

Temas

EconomiaDesenvolvimento Econômico

Palavras-chave

Debt maturity structureFirms investmentsGovernment-directed creditEstrutura de vencimento de dívidaInvestimentosBNDESCrédito direto do governoAdministração de empresasEmpresas - BrasilBanco Nacional do Desenvolvimento Econômico (Brasil)FinanciamentoCrise financeira