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

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