DETERMINANT FACTORS FOR THE USE OF REAL GUARANTEES IN DEBENTURE EMISSION SCRIPTURES IN BRAZIL
Keywords:
Debt Securities, Debentures, Specie of Guarantee, Real GuaranteeAbstract
This study aimed to identify determinant factors for the use of real guarantees from the perspective of business characteristics and the maturity of debt in debenture emission scriptures by Brazilian public companies between 2012 and 2019. We collected the information in the Economatica database and on the CVM website. The sample consisted of 280 debenture issues carried out by 181 companies. We analyzed the data by logistic regression with panel data. The results indicated that all variables investigated (control concentration, corporate governance level, indebtedness, firm size, asset tangibility, cash flow volatility, and debt maturity) determine the use of real guarantees in debenture emission scriptures in Brazil. However, when comparing the expected with the obtained signals, we do not reject four research hypotheses: control concentration (H1), corporate governance level (H2), indebtedness (H3) and debt maturity (H7). As a theoretical contribution, it is highlighted, from the perspective of Agency Theory, that there is a trade-off between investors and managers accepting the use of real guarantees and reducing the debt agency cost but, concomitantly, bearing the cost of opportunity arising from the limitations imposed by real guarantees. In practice, this study contributes by showing that the issuance of debentures has a signaling effect, in addition to drawing creditors' attention to the factors that can determine the choice of the type of guarantee in debt securities.
Downloads
References
ANBIMA - ASSOCIAÇÃO BRASILEIRA DAS ENTIDADES DOS MERCADOS FINANCEIROS E DE CAPITAIS. Boletim de Mercado de Capitais. 2020. Disponível em https://www.anbima.com.br/pt_br/informar/relatorios/mercado-de-capitais/boletim-de-mercado-de-capitais/emissoes-domesticas-registram-volume-de-r-14-8-bilhoes-em-janeiro.htm
ANDIMA - ASSOCIAÇÃO NACIONAL DAS INSTITUIÇÕES DO MERCADO ABERTO. Estudos especiais: SDN – Sistema Nacional de Debêntures. Rio de Janeiro, 1998. Disponível em http://www.debentures.com.br/downloads/textostecnicos/SND_10anos.pdf
ANDIMA - ASSOCIAÇÃO NACIONAL DAS INSTITUIÇÕES DO MERCADO ABERTO; ABRASCA - ASSOCIAÇÃO BRASILEIRAS DAS COMPANHIAS ABERTAS. O que são debêntures. 2008. Disponível em <http://www.debentures.com.br/downloads/textostecnicos/cartilha_debentures.pdf>
ANG, J. S.; LIN, J. W.; TYLER, F. Evidence on the lack of separation between business and personal risks among small businesses. Journal of Small Business Finance, v. 4, n. 2/3, p. 197-210, 1995.
ASHBAUGH-SKAIFE, H.; COLLINS, D. W.; LAFOND, R. The effects of corporate governance on firms’ credit ratings. Journal of Accounting and Economics, v. 42, n. 1-2, p. 203-243, 2006.
BERGER, A. N.; UDELL, G. F. (1990). Collateral, loan quality and bank risk. Journal of Monetary Economics, v. 25, n. 1, p. 21-42, 1990.
BESTER, H. Screening vs. rationing in credit markets with imperfect information. The American Economic Review, v. 75, n. 4, p. 850-855, 1985.
BM&FBOVESPA. Guia de Debêntures. (2015). Disponível em <http://www.bmfbovespa.com.br/lumis/portal/file/fileDownload.jsp?fileId=8AA8D09752D531A301530A03D2B6181D>
BOOT, A. W.; THAKOR, A. V. Moral hazard and secured lending in an infinitely repeated credit market game. International Economic Review, v. 35, n. 4, p. 899-920, 1994.
BRASIL. DELIBERAÇÃO CVM Nº 234. Dispõe sobre a apresentação de informações dos aumentos de capital mediante subscrição particular de ações e subscrições particulares dos demais valores mobiliários. (1997). Disponível em http://www.cvm.gov.br/export/sites/cvm/legislacao/deliberacoes/anexos/0200/deli234.pdf
BRASIL. LEI Nº 6.404. Dispõe sobre as Sociedades por Ações. Presidência da República Casa Civil - Subchefia para Assuntos Jurídicos. (1976). Disponível em <http://www.planalto.gov.br/ccivil_03/Leis/L6404consol.htm>
BRADLEY, M.; ROBERTS, M. R. The structure and pricing of corporate debt covenants. The Quarterly Journal of Finance, v. 5, n. 2, p. 1550001, 2015.
CAI, K. The cost of debt for Yankee and domestic bonds. Journal of Multinational Financial Management, v. 40, p. 1-13, 2017.
CHAN, Y. S.; KANATAS, G. Asymmetric valuations and the role of collateral in loan agreements. Journal of Money, Credit and Banking, v. 17, n. 1, p. 84-95, 1985.
CHAN, Y. S.; THAKOR, A. V. Collateral and competitive equilibria with moral hazard and private information. The Journal of Finance, v. 42, n. 2, p. 345-363, 1987.
COELHO, R. D. P.; LAMOUNIER, W. M.; MARANHÃO, R. K. A. Systematic risk variations (beta) convertible debenture brazilian companies. Brazilian Business Review, v. 7, n. 3, p. 1-22, 2010.
DEGRYSE, H.; VAN CAYSEELE, P. Relationship lending within a bank-based system: Evidence from European small business data. Journal of Financial Intermediation, v. 9, n. 1, p. 90-109, 2000.
DEMIRGÜÇ-KUNT, A.; MAKSIMOVIC, V. Institutions, financial markets, and firms debt maturity. Journal of Financial Economics, v.54, n. 3, p. 295-336, 1999.
DIAMOND, D. W. Reputation acquisition in debt markets. Journal of Political Economy, v. 97, n. 4, p. 828-862, 1989.
DUKE, J. C.; HUNT, H. G. An empirical examination of debt covenant restrictions and accounting-related debt proxies. Journal of Accounting and Economics, v. 12, n. 1-3, p. 45-63, 1990.
EISFELDT, A. L.; RAMPINI, A. A. Leasing, ability to repossess, and debt capacity. The Review of Financial Studies, v. 22, n. 4, p. 1621-1657, 2009.
ELSAS, R.; KRAHNEN, J. P. Collateral, default risk, and relationship lending: An empirical study on financial contracting. CFS Working Paper, 2000.
ERFURTH, A. E.; BEZERRA, F. A. Gerenciamento de resultados nos diferentes níveis de governança corporativa. Revista Base (Administração e Contabilidade) da UNISINOS, v. 10, n. 1, p. 32-42, 2013.
FÁVERO, L. P.; BELFIORE, P. Manual de análise de dados: estatística e modelagem multivariada com Excel®, SPSS® e Stata®. Elsevier Brasil, 2017.
FÁVERO, L. P.; BELFIORE, P.; TAKAMATSU, R. T.; SUZART, J. Métodos quantitativos com Stata®. Elsevier Brasil, 2014.
GAN, J. Collateral, debt capacity, and corporate investment: Evidence from a natural experiment. Journal of Financial Economics, v. 85, n. 3, p. 709-734, 2007.
GARRIDO, I. L.; KRETSCHMER, C.; VASCONCELLOS, S. L.; GONÇALO, C. R. Debêntures, Proteção dos Credores e Alocação de Ativos por Fundos Multimercados. BBR. Brazilian Business Review, v. 17, n. 2, p. 132-150, 2020.
GHOUMA, H. How does managerial opportunism affect the cost of debt financing?. Research in International Business and Finance, v. 39, p. 13-29, 2017.
GUIMARÃES, T. M.; MALAQUIAS, R. F. Alocações em Debêntures e a Performance dos Fundos no Brasil. Revista Universo Contábil, v. 15, n. 3, p. 83-95, 2019.
HARHOFF, D.; KÖRTING, T. Lending relationships in Germany–Empirical evidence from survey data. Journal of Banking & Finance, v. 22, n. 10-11, p. 1317-1353, 1998.
JACKSON, T. H.; KRONMAN, A. T. Secured financing and priorities among creditors. The Yale Law Journal, v. 88, n. 6, p. 1143-1182, 1979.
JENSEN, M. C.; MECKLING, W. H. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, v. 3, n. 4, p. 305-360, 1976.
JÚNIOR, C. V. D. O. C.; DIAS FILHO, J. M. Impactos da Aplicação de Recursos Captados Através de Debêntures e do Valor da Empresa no Preço das Ações: uma análise no Brasil. Contextus, v. 6, n. 2, 2008.
KONRAHT, J. M.; CONSONI, S.; FONSECA, M. W. A relação entre a estrutura de propriedade e o custo da dívida captada via emissão de debêntures no Brasil. Revista de Educação e Pesquisa em Contabilidade (REPeC), v. 14, n. 2, p. 177-194, 2020.
KONRAHT, J. M.; VICENTE, E. Determinantes da utilização de covenants contábeis nas debêntures emitidas pelas empresas listadas na Bolsa Brasil Balcão. Advances in Scientific and Applied Accounting, v. 1, n. 1, p. 101-119, 2019.
LA PORTA, R.; LOPEZ-DE-SILANES, F.; SHLEIFER, A.; VISHNY, R. W. Legal determinants of external finance. The Journal of Finance, v. 52, n. 3, p. 1131-1150, 1997.
LA PORTA, R.; LOPEZ-DE-SILANES, F.; SHLEIFER, A.; VISHNY, R. W. Investor protection and corporate governance. Journal of Financial Economics, v. 58, n. 1-2, p. 3-27, 2000.
LEETH, J. D.; SCOTT, J. A. The incidence of secured debt: evidence from the small business community. Journal of Financial and Quantitative Analysis, v. 24, n. 3, p. 379-394, 1989.
LIN, J. R.; WANG, C. J.; CHOU, D. W.; CHUEH, F. C. Financial constraint and the choice between leasing and debt. International Review of Economics & Finance, v. 27, p. 171-182, 2013.
LIU, C. L.; DAI, T. S.; WANG, C. J. Evaluating corporate bonds and analyzing claim holders’ decisions with complex debt structure. Journal of Banking & Finance, v. 72, n. 1, p. 151-174, 2016.
MANN, R. J. The role of secured credit in small-business lending. The Georgetown Law Journal, v. 86, p. 1-44, 1997.
MANOVE, M.; PADILLA, A. J.; PAGANO, M. Collateral versus project screening: A model of lazy banks. Rand Journal of Economics, v. 32, n. 4, p. 726-744, 2001.
MATSUMOTO, G. S.; BARALDI, G. P.; JUCÁ, M. N. Estudo de Eventos sobre o Anúncio da Emissão de Debêntures. Revista Brasileira de Finanças, v. 16, n. 3, p. 493-520, 2018.
MEZA, D.; SOUTHEY, C. The borrower's curse: optimism, finance and entrepreneurship. The Economic Journal, v. 106, n. 435, p. 375-386, 1996.
MULIER, K.; SCHOORS, K.; MERLEVEDE, B. Investment-cash flow sensitivity and financial constraints: Evidence from unquoted European SMEs. Journal of Banking & Finance, v. 73, p. 182-197, 2016.
MYERS, S. C. Determinants of corporate borrowing. Journal of Financial Economics, v. 5, n. 2, p. 147-175, 1977.
ORTIZ-MOLINA, H.; PENAS, M. F. Lending to small businesses: The role of loan maturity in addressing information problems. Small Business Economics, v. 30, n. 4, p. 361-383, 2008.
PAIVA, E. V. S.; SAVOIA, J. R. F. Pricing corporate bonds in Brazil: 2000 to 2004. Journal of Business Research, v. 62, n. 9, p. 916-919, 2009.
PALHARES, C. M. G.; CARMO, C. H.; FERREIRA, M. P.; RIBEIRO, A. M. Efeitos da concentração de propriedade e da estrutura do conselho de administração nos covenants de debêntures emitidas pelas empresas brasileiras de capital aberto. Revista de Contabilidade e Organizações, v. 13, p. e158820, 2019.
REISEL, N. On the value of restrictive covenants: Empirical investigation of public bond issues. Journal of Corporate Finance, v. 27, p. 251-268, 2014.
SAITO, R.; SHENG, H. H.; BANDEIRA, M. L. Governança corporativa embutida nas escrituras de debêntures emitidas no Brasil. Revista de Administração, v. 42, n. 3, p. 280-292, 2007.
SCHULZE, W. S.; LUBATKIN, M. H.; DINO, R. N. Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, v. 46, n. 2, p. 179-194, 2003.
SILVA, E. S.; SANTOS, J. F.; ALMEIDA, M. A. Os efeitos dos mecanismos de governança corporativa sobre os ratings de crédito das debêntures. Revista de Negócios, v. 17, n. 3, p. 80-93, 2012.
SND - SISTEMA NACIONAL DE DEBÊNTURES. Espaço do investidor. (2016). Disponível em http://www.debentures.com.br/espacodoinvestidor/introducaoadeben tures.asp.
SMITH, C. W.; WARNER, J. B. Bankruptcy, secured debt, and optimal capital structure: Comment. The Journal of Finance, v. 34, n. 1, p. 247-251, 1979.
STULZ, R.; JOHNSON, H. An analysis of secured debt. Journal of Financial Economics, v. 14, n. 4, p. 501-521, 1985.
THAKOR, A. V.; UDELL, G. F. Secured lending and default risk: equilibrium analysis, policy implications and empirical results. The Economic Journal, v. 101, n. 406, p. 458-472, 1991.
TITMAN, S.; WESSELS, R. The determinants of capital structure choice. The Journal of Finance, v. 43, n. 1, p. 1-19, 1988.
WILNER, B. S. The exploitation of relationships in financial distress: The case of trade credit. The Journal of Finance, v. 55, n. 1, p. 153-178, 2000.
Published
How to Cite
Issue
Section
License
The copyright for papers published in this journal belong to the author, with rights of first publication for the journal. As the papers appears in this publicly accessed journal, the papers are for free use, receiving their credit, in educational and non-commercial uses. The journal will allow the use of the papers published for non-commercial purposes, including the right to send the paper to publicly accessed databases.
