Firms deliberately but temporarily deviate from permanent leverage targets by issuing transitory debt to fund investment. Leverage targets conservatively embed the option to issue transitory debt, ...with the evolution of leverage reflecting the sequence of investment outlays. We estimate a dynamic capital structure model with these features and find that it replicates industry leverage very well, explains debt issuances/repayments better than extant tradeoff models, and accounts for the leverage changes accompanying investment “spikes.” It generates leverage ratios with slow average speeds of adjustment to target, which are dampened by intentional temporary movements away from target, not debt issuance costs.
O objetivo da presente pesquisa é identificar se a estrutura de capital das empresas abertas brasileiras é influenciada pelo nível de concentração de capital. Adotou-se como amostra as 104 empresas ...brasileiras de capital aberto listadas na BM&FBOVESPA, totalizando 1.258 observações para dados anuais do período de 1º de janeiro de 2008 a 31 de dezembro de 2014. Ao utilizar a análise com dados em painel e levar em consideração as variáveis de controle apontadas como relevantes pela literatura, os principais resultados mostraram que (i) a concentração de capital possui uma relação positiva com o endividamento de mercado e com a dívida líquida de longo prazo sobre Patrimônio Líquido de mercado; (ii) as variáveis tamanho, volatilidade, rentabilidade e tangibilidade, destacadas no arquétipo teórico, evidenciaram uma significativa influência na dívida de longo prazo sobre PL a mercado e contábil, e (iii) não houve qualquer tipo de constatação e/ou inferência que a dívida líquida sobre o EBITDA pode trazer implicações para a concentração de capital dos acionistas. Para estudos futuros, sugere-se i) incrementar observações de empresas de capital fechado brasileiras; ii) comparar os resultados obtidos com a estrutura de capital de outros países, e iii) evidenciar e relacionar outras variáveis da literatura não abordadas pela presente pesquisa.
Objetivo do estudo: analisar a influência do desempenho esportivo e da adesão ao Profut no nível de endividamento dos clubes de futebol brasileiros.Metodologia: foram analisados 23 clubes entre o ...período de 2013 a 2017, por meio de regressão linear com dados em painel, controlando os efeitos fixos.Originalidade/Relevância: há escassez de estudos que analisam a estrutura de capitais dos clubes de futebol, principalmente ao levar em consideração as mudanças contábeis trazidas pela ITG 2003 (2013) e pela Lei 13.155/2015 (PROFUT).Principais resultados: O desempenho esportivo apresentou resultado significativo e positivo, assim como o PROFUT, no nível de endividamento dos clubes, indicando que aqueles com melhores performance esportiva e que aderiram ao PROFUT tendem a ter maior participação de capitais de terceiros em sua estrutura de capital. Os resultados obtidos permitem a conclusão de que o Profut pode não estar sendo eficiente e cumprindo o seu propósito de aumentar o equilíbrio financeiro dos clubes. Diante disso, se faz necessária a avaliação do programa e, principalmente, dos mecanismos de monitoramento e regulação.Contribuições teóricas/metodológicas: ampliar a literatura sobre estrutura de capitais dos clubes de futebol e seus determinantes e análise da adesão ao PROFUT no endividamento das equipes brasileiras.Contribuições sociais/para a gestão: resultados encontrados neste trabalho são relevantes para a gestão dos clubes de futebol, que sofreram historicamente com problemas administrativos e que buscam melhorias na sua gestão e para a avaliação da eficiência do PROFUT.
A capital structure channel of monetary policy Grosse-Rueschkamp, Benjamin; Steffen, Sascha; Streitz, Daniel
Journal of financial economics,
08/2019, Volume:
133, Issue:
2
Journal Article
Peer reviewed
Open access
We study the transmission channels from central banks’ quantitative easing programs via the banking sector when central banks start purchasing corporate bonds. We find evidence consistent with a ...“capital structure channel” of monetary policy. The announcement of central bank purchases reduces the bond yields of firms whose bonds are eligible for central bank purchases. These firms substitute bank term loans with bond debt, thereby relaxing banks’ lending constraints: banks with low tier-1 ratios and high nonperforming loans increase lending to private (and profitable) firms, which experience a growth in investment. The credit reallocation increases banks’ risk-taking in corporate credit.
The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the ...adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations.
This study aims to analyze the influence of corporate governance on the capital structure of companies listed on the IDX. Data collection is done by the method of documentation with secondary data. ...The population of this study are real estate and property companies listed on the IDX, as many as 59 real estate and property companies listed on the IDX from 2017-2021. Determination of the sample using purposive sampling with a final sample of 119 observations after outliers . Analysis of the research data used multiple linear regression analysis using the SPSS Version 23 program. The results showed that foreign ownership, institutional ownership and independent commissioners had a significant effect, while managerial ownership, shareholders and the number of commissioners had no significant effect on capital structure.
Using staggered corporate income tax changes across U.S. states, we show that taxes have a first-order effect on capital structure. Firms increase leverage by around 40 basis points for every ...percentage-point tax increase. Consistent with dynamic tradeoff theory, the effect is asymmetric: leverage does not respond to tax cuts. This is true even within-firm: tax increases that are later reversed nonetheless lead to permanent leverage increases. The treatment effects are heterogeneous and confirm the tax channel: tax sensitivity is greater among profitable and investment-grade firms which respectively have a greater marginal tax benefit and lower marginal cost of issuing debt.
Abstract
This study develops a real options model in which a firm invests in either a sustainable project or an unsustainable project. The sustainable project requires a high investment cost and ...yields cash flows perpetually, whereas the unsustainable project requires a low investment cost and yields cash flows until a random maturity. The random termination of cash flows reflects the project’s environmental, social, and governance (ESG) risk. In the model, the optimal investment choice and timing are analytically derived, and the effects of key parameters on the choice are also examined. Higher ESG risk, growth rate, and volatility, and lower discount rate encourage sustainable investing mainly through their impacts on the net present value and timing option value. The less sustainable firm chooses higher leverage because it cares less about the disadvantages of debt. Therefore, access to debt financing and a higher corporate tax rate (tax shield) discourage sustainable investing.
Surprisingly little is known about the business cycle dynamics of leverage. The existing evidence documents that target leverage evolves pro-cyclically either for all firms or financially constrained ...ones. In contrast, we show that, on average, target leverage ratios evolve counter-cyclically once cyclicality is measured comprehensively, accounting for variation in explanatory variables and model parameters. These counter-cyclical dynamics are robust to different subsamples of firms, data samples, empirical models of leverage, and definitions of leverage. There is a fraction of 10–25% of firms with pro-cyclical dynamics whose characteristics are consistent with counter-cyclical dynamics for loss-given-default and probability of default.
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