The relationship between the level of debt specialization and financial constraint of Brazilian firms over the time

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dc.contributor.authorGranzotto A.
dc.contributor.authorSonza I.B.
dc.contributor.authorNakamura W.T.
dc.contributor.authorMendes J.S.
dc.date.accessioned2024-03-12T19:12:04Z
dc.date.available2024-03-12T19:12:04Z
dc.date.issued2023
dc.description.abstract© 2023 Universidade de Sao Paulo. All rights reserved.This article sought to analyze the historical evolution, the composition, and the determinants of debt specialization of Brazilian firms traded on Brasil, Bolsa, Balcão (B3) from 2004 to 2019 in aggregate terms and in accordance with their financial constraints. This paper differs from the few studies on this topic carried out in Brazil and in other countries by promoting a discussion on the specialization of the debt structure in a context of financial constraints, as they are a relevant idiosyncrasy of emerging markets, such as in Brazil. The relevance of the study is to identify that debt specialization is a feature of only of financially constrained firms and not of the financially unconstrained ones. The impact of the study lies in a better understanding of why Brazilian firms are reducing their debt specialization, unlike other international evidences, such as the U.S. Descriptive statistics and regressions were estimated using the probit and tobit methods for 246 Brazilian firms between 2004 and 2019. The main result is that financial constrained firms are more likely to specialize their debt structure. Despite this propensity, these companies were the ones that most decreased their debt specialization between 2004 and 2019 (-27.77%), compared to the general sample (-27.5%) and unconstrained firms (-19.48%), revealing a behavior contrary to the U.S. scenario in which companies are increasingly specialists.
dc.description.issuenumber92
dc.description.volume34
dc.identifier.doi10.1590/1808-057x20221701.en
dc.identifier.issn1519-7077
dc.identifier.urihttps://dspace.mackenzie.br/handle/10899/34209
dc.relation.ispartofRevista Contabilidade e Financas
dc.rightsAcesso Aberto
dc.subject.otherlanguagedebt structure
dc.subject.otherlanguageemerging market
dc.subject.otherlanguagefinancial constraint
dc.subject.otherlanguagespecialization
dc.titleThe relationship between the level of debt specialization and financial constraint of Brazilian firms over the time
dc.typeArtigo
local.scopus.citations0
local.scopus.eid2-s2.0-85163861344
local.scopus.updated2024-12-01
local.scopus.urlhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85163861344&origin=inward
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