The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints

The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classi...

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Autores principales:	Tatiane Del Arco Franzotti, Maurício Ribeiro do Valle
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2020
Materias:	financial crisis investment financing financial constraint informational asymmetries Business HF5001-6182
Acceso en línea:	https://doaj.org/article/6299cca34115480a84fb4ab767e4b6ca
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id	oai:doaj.org-article:6299cca34115480a84fb4ab767e4b6ca
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spelling	oai:doaj.org-article:6299cca34115480a84fb4ab767e4b6ca2021-11-11T15:48:08ZThe impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints1807-734X10.15728/bbr.2020.17.2.6https://doaj.org/article/6299cca34115480a84fb4ab767e4b6ca2020-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123063098006https://doaj.org/toc/1807-734XThe purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies.Tatiane Del Arco FranzottiMaurício Ribeiro do ValleFUCAPE Business Schoolarticlefinancial crisisinvestmentfinancingfinancial constraintinformational asymmetriesBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 17, Iss 2, Pp 233-252 (2020)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	financial crisis investment financing financial constraint informational asymmetries Business HF5001-6182
spellingShingle	financial crisis investment financing financial constraint informational asymmetries Business HF5001-6182 Tatiane Del Arco Franzotti Maurício Ribeiro do Valle The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
description	The purpose of this paper is to investigate the impacts of financial crises on investments and financing of constrained and unconstrained Brazilian firms, specifically analyzing the impact of the 2008 subprime crisis and the 2015 Brazilian economic crisis. For this purpose, the companies were classified as constrained or non-constrained by the criterion of the existence or non-existence of ratings, using quarterly data between Q1 2007 and Q3 2016, and adopting the panel analysis as the method. The results indicate that only the Brazilian crisis of 2015 had a negative impact on corporate investments, with this impact being greater on constrained firms, with evidence that cash was more relevant to these firms. Regarding the impact of crises on leverage, the 2008 subprime crisis showed a greater negative impact on the leverage of constrained firms, accompanied by an increase in the proportion of short-term debt, mainly to these companies.
format	article
author	Tatiane Del Arco Franzotti Maurício Ribeiro do Valle
author_facet	Tatiane Del Arco Franzotti Maurício Ribeiro do Valle
author_sort	Tatiane Del Arco Franzotti
title	The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
title_short	The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
title_full	The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
title_fullStr	The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
title_full_unstemmed	The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints
title_sort	impact of crises on investments and financing of brazilian companies: an approach in the context of financial constraints
publisher	FUCAPE Business School
publishDate	2020
url	https://doaj.org/article/6299cca34115480a84fb4ab767e4b6ca
work_keys_str_mv	AT tatianedelarcofranzotti theimpactofcrisesoninvestmentsandfinancingofbraziliancompaniesanapproachinthecontextoffinancialconstraints AT mauricioribeirodovalle theimpactofcrisesoninvestmentsandfinancingofbraziliancompaniesanapproachinthecontextoffinancialconstraints AT tatianedelarcofranzotti impactofcrisesoninvestmentsandfinancingofbraziliancompaniesanapproachinthecontextoffinancialconstraints AT mauricioribeirodovalle impactofcrisesoninvestmentsandfinancingofbraziliancompaniesanapproachinthecontextoffinancialconstraints
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The impact of crises on investments and financing of Brazilian companies: an approach in the context of financial constraints

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