The relationship between the level of debt specialization and financial constraint of Brazilian firms over the time (original) (raw)
Revista Contabilidade & Finanças
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 fi...
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