文章基本信息

标题：Effects of credit rating changes on capital structure of Latin American firms
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作者：Thiago Botta Paschoal ; Matheus da Costa Gomes ; Mauricio Ribeiro do Valle 等
期刊名称：Revista de Contabilidade e Organizações
电子版ISSN：1982-6486
出版年度：2019
卷号：13
页码：1-14
DOI：10.11606/issn.1982-6486.rco.2019.154005
出版社：Universidade de São Paolo
摘要：This study investigates whether non-financial Latin American firms adjust their capital structure in order to maintain certain rating levels. The credit rating-capital structure (CR-CS) hypothesis suggests that firms assume less debt after rating downgrades, aiming to retrieve necessary conditions to restore a better rating. Through panel data analysis for the 2000-2014 period and by using the generalized method of moments (GMM), we show that a rating downgrade does not accelerate the speed of adjustment to the target, indicating that firms do not target minimum rating levels, as predicted by the CR-CS hypothesis. Although, rating changes are related to firms’ capital structure, we conclude that Latin American firms do not adjust their capital structure to maintain certain rating levels.
关键词：Capital structure; Credit rating; Partial adjustment; Target leverage; Latin American firms.
其他关键词：Estrutura de Capital; Rating de Crédito; Ajuste parcial; Endividamento-alvo; Empresas latino-americanas.