文章基本信息

标题：An Empirical Analysis of the Financing Policies Adopted by Brazilian Public Companies
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作者：Fernando Nascimento Oliveira ; Pedro Góes Monteiro de Oliveira
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2009
卷号：7
期号：4
页码：459-484
语种：Portuguese
出版社：Link to the Brazilian Society of Finance
摘要：The Static Tradeoff and Pecking Order models speciﬁed in Shyam-Sunder and Myers (1999) were employed to analyze the ﬁnancing policies adopted by Brazilian public ﬁrms. At a ﬁrst glance, it seems that both models correctly describe the way in which ﬁrms in the sample ﬁnance their investments, although the Pecking Order model explains a greater percentage of the time series variance in the debt level. But when the power to reject the alternative hypothesis of each of the two models is considered, we conclude that the adopted policy is actually of the pecking order type. The factors that inﬂuence the decision to issue debt or equity to ﬁnance cash deﬁcits, for the ﬁrms in the sample, were also studied with the help of two nonlinear probability models of the “Probit” type. The results show that equity is issued when market conditions are favorable, and not only when there is a substantial risk of default, pointing to a pecking order policy of the “complex” type.
其他摘要：The Static Tradeoff and Pecking Order models speciﬁed in Shyam-Sunder and Myers (1999) were employed to analyze the ﬁnancing policies adopted by Brazilian public ﬁrms. At a ﬁrst glance, it seems that both models correctly describe the way in which ﬁrms in the sample ﬁnance their investments, although the Pecking Order model explains a greater percentage of the time series variance in the debt level. But when the power to reject the alternative hypothesis of each of the two models is considered, we conclude that the adopted policy is actually of the pecking order type. The factors that inﬂuence the decision to issue debt or equity to ﬁnance cash deﬁcits, for the ﬁrms in the sample, were also studied with the help of two nonlinear probability models of the “Probit” type. The results show that equity is issued when market conditions are favorable, and not only when there is a substantial risk of default, pointing to a pecking order policy of the “complex” type.
关键词：capital structure;cash deﬁcit;ﬁnancial leverage;static tradeoff;pecking order;Estrutura de Capital, Deficit de Caixa, Endividamento, Estrutura Ótima de Capital, Hierarquia de Fontes de Financiamento.
其他关键词：economics, business;capital structure; cash deﬁcit; ﬁnancial leverage; static tradeoff; pecking order;G30; G32