Pandemia no financiamento: influência da covid-19 na velocidade de ajuste da estrutura de capital em empresas listadas na b3
Data
2023-12-15
Autores
Santos, Gabriel Ferreira dos 
Orientadores
Silva, José Milton Almeida da
Tipo
Trabalho de conclusão de curso
Título da Revista
ISSN da Revista
Título de Volume
Resumo
Hodiernamente, os estudos ao entorno da estrutura de capital se tornaram célebres em finanças corporativas, o que outrora mais destacava-se estava situado na parte esquerda do balanço patrimonial, os ativos, contudo com o decorrer do tempo as decisões de financiamento das empresas alcançaram notoriedade e promoveram o desenvolvimento do arcabouço teórico acerca do tema. Portanto, o presente trabalho tem por objetivo compreender os potenciais impactos da pandemia, ocasionada pelo vírus da Covid-19, no âmbito da velocidade de ajuste da estrutura de capital rumo ao nível ótimo à luz da teoria do Trade Off dinâmico. A análise adota o modelo de ajuste parcial em painel de dados dinâmico, por intermédio dos estimadores de Arellano-Bond e Blundell-Bond, abrangendo as empresas de capital aberto listadas na bolsa de valores brasileira e considerando o período de 30 trimestres, entre o primeiro trimestre de 2016 e o segundo trimestre de 2023, sendo que a janela de estimação do período pandêmico compreende 9 trimestres, do primeiro trimestre de 2020 ao primeiro trimestre de 2022. Os resultados auferidos, embasados no modelo Blundell-Bond, denotam redução de 11% para 7% da velocidade de ajuste no período da crise sanitária, indicando assim a influência da Covid 19 na política de endividamento ótimo das empresas da amostra. Por conseguinte, esta pesquisa contribui empiricamente na compreensão dos impactos da pandemia na maneira como as empresas se financiam.
Nowadays, studies around the capital structure have become famous in corporate finance, what once stood out most was located on the left part of the balance sheet, the assets, however over time companies' financing decisions have achieved notoriety and promoted the development of the theoretical framework on the topic. Therefore, the present work aims to understand the potential impacts of the pandemic, caused by the Covid-19 virus, within the scope of the speed of adjustment of the capital structure towards the optimal level in light of the dynamic Trade Off theory. The analysis adopts the partial adjustment model in a dynamic panel data, using the Arellano-Bond and Blundell-Bond estimators, covering publicly traded companies listed on the Brazilian stock exchange and considering the period of 30 quarters, between the first quarter of 2016 and the second quarter of 2023, with the estimation window for the pandemic period comprising 9 quarters, from the first quarter of 2020 to the first quarter of 2022. The results obtained, based on the Blundell-Bond model, denote a reduction of 11% to 7% of the adjustment speed during the health crisis period, thus indicating the influence of Covid-19 on the optimal debt policy of the companies in the sample. Therefore, this research contributes empirically to understanding the impacts of the pandemic on the way companies finance themselves.
Nowadays, studies around the capital structure have become famous in corporate finance, what once stood out most was located on the left part of the balance sheet, the assets, however over time companies' financing decisions have achieved notoriety and promoted the development of the theoretical framework on the topic. Therefore, the present work aims to understand the potential impacts of the pandemic, caused by the Covid-19 virus, within the scope of the speed of adjustment of the capital structure towards the optimal level in light of the dynamic Trade Off theory. The analysis adopts the partial adjustment model in a dynamic panel data, using the Arellano-Bond and Blundell-Bond estimators, covering publicly traded companies listed on the Brazilian stock exchange and considering the period of 30 quarters, between the first quarter of 2016 and the second quarter of 2023, with the estimation window for the pandemic period comprising 9 quarters, from the first quarter of 2020 to the first quarter of 2022. The results obtained, based on the Blundell-Bond model, denote a reduction of 11% to 7% of the adjustment speed during the health crisis period, thus indicating the influence of Covid-19 on the optimal debt policy of the companies in the sample. Therefore, this research contributes empirically to understanding the impacts of the pandemic on the way companies finance themselves.
Descrição
Citação
Santos, Gabriel Ferreira dos. Pandemia no financiamento: influência da covid-19 na velocidade de ajuste da estrutura de capital em empresas listadas na b3. 2023. Trabalho de Conclusão de Curso (Bacharelado em Ciências Contábeis) - Universidade Federal de São Paulo, Escola Paulista de Política, Economia e Negócios, Osasco, 2023.