The effects of privatization on the capital structure of Brazilian firms

被引：1

作者：

Barbosa, Cinthia ^{[1
]}

Costa, Cristiano M. ^{[1
]}

Funchal, Bruno ^{[1
]}

机构：

[1] Fucape Business Sch, BR-29075505 Vitoria, Espirito Santo, Brazil

来源：

APPLIED ECONOMICS LETTERS | 2012年 / 19卷 / 12期

关键词：

capital structure; leverage; privatization; signalling;

D O I：

10.1080/13504851.2011.617687

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the effects of privatization under Brazil's National Privatization Program (PND) during the 1990s on companies' capital structure. Our model suggests that privatized firms increased their market leverage by 10-14% on average relative to the level before privatization. The effect of privatization on book leverage level was 8-12% on average. These results indicate a positive effect of the privatization process on the levels of leverage of privatized firms, as predicted by signalling and agency theories.

引用

页码：1189 / 1192

页数：4

共 50 条

[1] Foreign capital and the privatization of the Brazilian health system
Scheffer, Mario
[J]. CADERNOS DE SAUDE PUBLICA, 2015, 31 (04): : 663 - 666
[2] The system alloy: consulting firms in the privatization of Brazilian telecommunications
Braz, Rodrigo Garcia
Ramos, Murilo Cesar
[J]. EPTIC, 2023, 25 (03): : 120 - 133
[3] EFFECTS OF THE CAPITAL STRUCTURE ON THE MANAGEMENT OF ACCOUNTING RESULTS IN THE BRAZILIAN CAPITAL MARKET
Gomes, Alexandre Cunha
de Macedo, Hugo Costa
Veiga da Costa Marques, Jose Augusto
[J]. SISTEMAS & GESTAO, 2018, 13 (04): : 469 - 481
[4] Foreign activity effects and capital structure: Brazilian evidence
Saito, Richard
Hiramoto, Eduardo
[J]. ACADEMIA-REVISTA LATINOAMERICANA DE ADMINISTRACION, 2010, (45): : 59 - 75
[5] The effects of privatization on productivity and capital adjustment
Mizutani, Fumitoshi
Uranishi, Shuji
[J]. INTERNATIONAL JOURNAL OF TRANSPORT ECONOMICS, 2007, 34 (02) : 197 - 224
[6] Effects of ownership structure on the mergers and acquisitions decisions in Brazilian firms
Nogueira, Nasare Vieira
Kabbach de Castro, Luiz Ricardo
[J]. RAUSP MANAGEMENT JOURNAL, 2020, 55 (02): : 227 - 245
[7] DETERMINANTS OF FIRMS CAPITAL STRUCTURE
TAUB, AJ
[J]. REVIEW OF ECONOMICS AND STATISTICS, 1975, 57 (04) : 410 - 416
[8] ON THE CAPITAL STRUCTURE OF INSURANCE FIRMS
DOHERTY, N
[J]. FINANCIAL MODELS IN INSURANCE SOLVENCY, 1989, : 267 - 281
[9] Exports, productivity and capital intensity: Evidence for Brazilian firms
Casagrande, Dieison
Hidalgo, Alvaro
Feistel, Paulo
[J]. STRUCTURAL CHANGE AND ECONOMIC DYNAMICS, 2024, 70 : 279 - 301
[10] THAI FIRMS' HISTORIES AND THEIR CAPITAL STRUCTURE
Law, Tak Yan
Chong, Terence Tai-Leung
[J]. ANNALS OF FINANCIAL ECONOMICS, 2011, 6 (01)

← 1 2 3 4 5 →