Efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro no vencimento da dívida em empresas chilenas
DOI:
https://doi.org/10.18046/j.estger.2019.153.3374Palavras-chave:
maturidade, propriedade estrangeira, qualidade de créditoResumo
O objetivo deste artigo é determinar os efeitos da propriedade estrangeira e das Normas Internacionais de Relato Financeiro (IFRS) no ven- cimento da dívida em empresas chilenas. O estudo utiliza um Modelo de Resposta Fracionária (MRF) em 20.586 empresas. Os resultados mostram que a propriedade estrangeira tem efeito negativo e não linear, tornando-se um meio de controle substituto em relação à dívida de longo prazo. O IFRS reduz a maturidade em grandes empresas e as estende em Pequenas e Médias Empresas (PMEs). Esses resultados sugerem que, para grandes empresas, é mais importante controlar conflitos entre agências, enquanto para as PMEs é mais importante reduzir as assimetrias de informações.
Downloads
Referências
Alcock, J., Finn, F., & Keng, K. (2012). The determinants of debt maturity in Australian firms. Accounting and Finance, 52(2), 313-341. https://doi.org/10.1111/j.1467-629X.2010.00397.x
Ang, J., Cole, R., & Lin, J. (2000). Agency costs and ownership structure. The Journal of Finance, 55(1), 81-106. https://doi.org/10.1111/0022-1082.00201
Arslan, O., & Karan, M. (2006). Ownership and control structure as determinants of corporate debt maturity: A panel study of an emerging market. Corporate Governance: An International Review, 14(4), 312-324. https://doi.org/10.1111/j.1467-8683.2006.00509.x
Azofra, V., Saona, P., & Vallelado, E. (2004). Estructura de propiedad y oportunidades de crecimiento como determinantes del endeudamiento de las empresas chilenas. Revista Abante, 7(2), 105-145.
Baba, N. (2009). Increased presence of foreign investors and dividend policy of Japanese firms. Pacific-Basin Finance Journal, 17(2), 163-174. https://doi.org/10.1016/j.pacfin.2008.04.001
Bae, K., Tan, H., & Welker, M. (2008). International GAAP differences: The impact on foreign analysts. The Accounting Review, 83(3), 593-628. https://doi.org/10.2308/accr.2008.83.3.593
Ball, R., Bushman, R., & Vasvari, F. (2008). The debt-contracting value of accounting information and loan syndicate structure. Journal of Accounting Research, 46(2), 247-287. https://doi.org/10.1111/j.1475-679X.2008.00273.x
Ball, R., Xi, L., & Shivakumar, L. (2014). Mandatory IFRS adoption, fair value accounting and accounting information in debt contracts. Working paper, SSRN Electronic Journal. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://www.researchgate.net/publication/272245555_Mandatory_IFRS_Adoption_Fair_Value_Accounting_and_Accounting_Information_in_Debt_Contracts
Barclay, M., Marx, L., & Smith, C. (2003). The joint determination of leverage and maturity. Journal of Corporate Finance, 9(2), 149-167. https://doi.org/10.1016/S0929-1199(02)00003-2
Barclay, M., & Smith, C. (1995). The maturity structure of corporate debt. The Journal of Finance, 50(2), 609-631. https://doi.org/10.1111/j.1540-6261.1995.tb04797.x
Barth, M., Landsman, W., & Lang, M. (2008). International accounting standards and accounting quality. Journal of Accounting Research, 46(3), 467-498. https://doi.org/10.1111/j.1475-679X.2008.00287.x
Benmelech, E. (2006). Managerial entrenchment and debt maturity: Theory and evidence. Working paper, Harvard University. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://scholar.harvard.edu/files/benmelech/files/entrenchment.pdf
Beneish, M., Miller, B., & Yohn, T. (2015). Macroeconomic evidence on the impact of mandatory IFRS adoption on equity and debt markets. Journal of Accounting and Public Policy, 34(1), 1-27. https://doi.org/10.1016/j.jaccpubpol.2014.10.002
Berger, P., Ofek, E., & Yermack, D. (1997). Managerial entrenchment and capital structure decisions. The Journal of Finance, 52(4), 1411-1438. https://doi.org/10.1111/j.1540-6261.1997.tb01115.x
Bhat, G., Callen, J., & Segal, D. (2016). Testing the transparency implications of mandatory IFRS adoption: The spread/maturity relation of credit default swaps. Management Science, 62(12), 3472-3493. https://doi.org/10.1287/mnsc.2015.2318
Billet, M., King, T., & Mauer, D. (2007). Growth opportunities and the choice of leverage, debt maturity and covenants. The Journal of Finance, 62(2), 697- 730. https://doi.org/10.1111/j.1540-6261.2007.01221.x
Cao, L., Du, Y., & Hansen, J. (2017). Foreign institutional investors and dividend policy: Evidence from China. International Business Review, 26(5), 816-827. https://doi.org/10.1016/j.ibusrev.2017.02.001
Chaplinsky, S., & Ramchand, L. (2004). The impact of SEC rule 144A on corporate debt issuance by international firms. The Journal of Business, 77(4), 1073-1098. http://dx.doi.org/10.1086/422441
Chen, C., & Zhu, S. (2013). Financial reporting quality, debt maturity, and the cost of debt: Evidence from China. Emerging Markets Finance and Trade, 49(4), 236-253. https://doi.org/10.2753/REE1540-496X4905S416
Chen, T., Chen, C., Wang, S., & Yao, Y. (2015). The effects of financial reporting on bank loan contracting in global markets: Evidence from mandatory IFRS adoption. Journal of International Accounting Research, 14(2), 45-81. https://doi.org/10.2308/jiar-51031
Chevalier, A., Prasetyantoko, A., & Rokhim, R. (2006). Foreign ownership and corporate governance practices in Indonesia. Working paper. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://www.researchgate.net/publication/266863413_Foreign_Ownership_and_Corporate_Governance_Practices_in_Indonesia
Choi, Y., & Choi, J. (2013). The foreign ownership and the debt maturity structure. International Journal of Digital Content Technology and its Applications, 7(13), 491-495.
Cronqvist, H., & Fahlenbrach, R. (2009). Large shareholders and corporate policies. The Review of Financial Studies, 22(10), 3941-3976. https://doi.org/10.1093/rfs/hhn093
Dahlquist, M., & Robertsson, G. (2001). Direct foreign ownership, institutional investors, and firm characteristics. Journal of Financial Economics, 59(3), 413-440. https://doi.org/10.1016/S0304-405X(00)00092-1
Dang, V. (2011). Leverage, debt maturity and firm investment: An empirical analysis. Journal of Business Finance and Accounting, 38(1) & (2), 225-258. https://doi.org/10.1111/j.1468-5957.2010.02215.x
Daske, H., Hail, L., Leuz, C., & Verdi, R. (2008). Mandatory IFRS reporting around the world: Early evidence on the economic consequences. Journal of Accounting Research, 46(5), 1085-1142. https://doi.org/10.1111/j.1475-679X.2008.00306.x
Daske, H. , Hail, L. , Leuz, C. , & Verdi, R. (2013). Adopting a label: Heterogeneity in the economic consequences around IAS/IFRS adoptions. Journal of Accounting Research, 51(3), 495-547. https://doi.org/10.1111/1475-679X.12005
Datta, S., Iskandar-Datta, M., & Raman, K. (2005). Managerial stock ownership and the maturity structure of corporate debt. The Journal of Finance, 60(5), 2333-2350. https://doi.org/10.1111/j.1540-6261.2005.00800.x
De Franco, G., Vasvari, F., & Wittenberg-Moerman, R. (2009). The information role of bond analysts. Journal of Accounting Research, 47(5), 1201-1248. https://doi.org/10.1111/j.1475-679X.2009.00348.x
DeFond, M., Hu, X., Hung, M., & Li, S. (2011). The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability. Journal of Accounting and Economics, 51(3), 240-258. https://doi.org/10.1016/j.jacceco.2011.02.001
Diamond, D. (1991). Debt maturity structure and liquidity risk. The Quarterly Journal of Economics, 106(3), 709-737. https://doi.org/10.2307/2937924
Ding, Y., Hope, O., Jeanjean, T., & Stolowy, H. (2007). Differences between domestic accounting standards and IAS: Measurement, determinants and implications. Journal of Accounting and Public Policy, 26(1), 1-38. https://doi.org/10.1016/j.jaccpubpol.2006.11.001
Dye, R. (1990). Mandatory versus voluntary disclosures: The cases of financial and real externalities. Accounting Review, 65(1), 1-24.
Easley, D., & O’Hara, M. (2004). Information and the cost of capital. The Journal of Finance, 59(4), 1553-1583. https://doi.org/10.1111/j.1540-6261.2004.00672.x
Ezeoha, A., Ogamba, E., & Onyiuke, N. (2008). Corporate nationality, foreign control and capital structure decisions in Nigeria. Corporate Ownership & Control, 6(1-3), 371-381. http://doi.org/10.22495/cocv6i1c3p4
Flannery, M. (1986). Asymmetric information and risky debt maturity choice. The Journal of Finance, 41(1), 19-37. https://doi.org/10.1111/j.1540-6261.1986.tb04489.x
Fleming, G., Heaney, R., & McCosker, R. (2005). Agency costs and ownership structure in Australia. Pacific-Basin Finance Journal, 13(1), 29-52. https://doi.org/10.1016/j.pacfin.2004.04.001
Florou, A., & Kosi, U. (2008). IAS/IFRS Adoption and debt contracting: Evidence from the UK (October 1, 2008). AAA 2009 Mid-Year International Accounting Section (IAS) Meeting. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://ssrn.com/abstract=1276478
Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate debt financing?. Review of Accounting Studies, 20(4), 1407-1456. https://doi.org/10.1007/s11142-015-9325-z
Frost, C. (2007). Credit rating agencies in capital markets: A review of research evidence on selected criticisms of the agencies. Journal of Accounting Auditing and Finance, 22(3), 469-492. https://doi.org/10.1177/0148558X0702200306
Gillan, S., & Starks, L. (2003). Corporate governance, corporate ownership, and the role of institutional investors: A global perspective. Journal of Applied Finance, 13(2), 4-22.
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107-156. https://doi.org/10.1162/00335530360535162
Guney, Y., & Ozkan, A. (2005). New insights on the importance of agency costs for corporate debt maturity decisions. Applied Financial Economics Letters, 1(4), 233-238. https://doi.org/10.1080/17446540500117610
Hail, L. , Leuz, C., & Wysocki, P. (2010). Global accounting convergence and the potential adoption of IFRS by the US (Part I): Conceptual underpinnings and economic analysis. Accounting Horizons, 24(3), 355-394. https://doi.org/10.2308/acch.2010.24.3.355
Harford, J., Li, K., & Zhao, X. (2008). Corporate boards and the leverage and debt Maturity choices. International Journal of Corporate Governance, 1(1), 3-27. https://doi.org/10.1504/IJCG.2008.017648
Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and capital structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
Jeon, J., Lee, C., & Moffett, C. (2011). Effects of foreign ownership on payout policy: Evidence from the Korean market. Journal of Financial Markets, 14(2), 344-375. https://doi.org/10.1016/j.finmar.2010.08.001
Jiraporn, P., & Tong, S. (2008). Debt maturity structure, agency costs and firm value. Working paper, Pennsylvania State University.
Johnson, S. (2003). Debt maturity and effects of growth opportunities and liquidity risk on leverage. Review of Financial Studies, 16(1), 209-236. https://doi.org/10.1093/rfs/16.1.0209
Jones, G. (2006). Nationality and multinationals in historical perspective. Harvard Business Review, October. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: http://www.hbs.edu/faculty/PublicationFiles/06-052.pdf
Kim, J., Tsui, J., & Yi, C. (2011). The voluntary adoption of international financial reporting standards and loan contracting around the world. Review of Accounting Studies, 16(4), 779-811. https://doi.org/10.1007/s11142-011-9148-5
Kimura, F., & Kiyota, K. (2007). Foreign-owned versus domestically-owned firms: Economic performance in Japan. Review of Development Economics, 11(1), 31-48. https://doi.org/10.1111/j.1467-9361.2006.00347.x
Kosi, U., & Florou, A. (2009). The economic consequences of mandatory IFRS adoption for debt financing. Working Paper No. MRTN-CT-2006-035850 INTACCT.
Lambert, R., Leuz, C. , & Verrecchia, R. (2007). Accounting information, disclosure, and the cost of capital. Journal of Accounting Research, 45(2), 385-420. https://doi.org/10.1111/j.1475-679X.2007.00238.x
Lasfer, M. (1999). Debt structure, agency costs and firm’s size: An empirical investigation. Working paper, City University Business School, London. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://pdfs.semanticscholar.org/bacf/471d75d8a094fb782487ddbef769e23a4883.pdf
Leland, H. (1998). Agency costs, risk management and capital structure. The Journal of Finance, 53(4), 1213-1243. https://doi.org/10.1111/0022-1082.00051
Leuz, C. , & Verrecchia, R. (2000). The economic consequences of increased disclosure. Journal of Accounting Research, 38, 91-124.
Li., K., Yue, H., & Zhao, L. (2009). Ownership, institutions, capital structure: Evidence from China. Journal of Comparative Economics, 37(3), 471-490. https://doi.org/10.1016/j.jce.2009.07.001
Li, S. (2010). Does mandatory adoption of international financial reporting standards in the European Union reduce the cost of equity capital?”. The Accounting Review, 85(2), 607-636. https://doi.org/10.2308/accr.2010.85.2.607
Simmer de Lima, V., Sampaio, G., & Gotti, G. (2018). Effects of the adoption of IFRS on the credit market: Evidence from Brazil. The International Journal of Accounting, 53(2), 77-101. https://doi.org/10.1016/j.intacc.2018.04.001
Muñoz, J., & Sepúlveda, S. (2016). Does managerial discretion affect debt maturity in Chilean firms? An agency cost and asymmetric information approach. Ecos de Economía: A Latinamerican Journal of Applied Economics, 20(43), 65-87. https://doi.org/10.17230/ecos.2016.43.4
Myers, S. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
Myers, S., & Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
Nguyen, P. (2012). The impact of foreign investors on the risk-taking of Japanese firms. Journal of the Japanese and International Economies, 26(2), 233-248. https://doi.org/10.1016/j.jjie.2012.03.001
Ozkan, A. (2000). An empirical analysis of corporate debt maturity structure. European Financial Management, 6(2), 197-212. https://doi.org/10.1111/1468-036X.00120
Ozkan, A. (2002). The determinants of corporate debt maturity: Evidence from UK firms. Applied Financial Economics, 12(1), 19-24. https://doi.org/10.1080/09603100110102691
Papke, L., & Wooldridge, J. (1996). Econometric methods for fractional response variables with an application to 401 (K) plan participation rates. Journal of Applied Econometrics, 11, 619-632. https://doi.org/10.1002/(SICI)1099-1255(199611)11:6<619::AID-JAE418>3.0.CO;2-1
Schmukler, S., & Vesperoni, E. (2006). Financial globalization and debt maturity in emerging economies. Journal of Development Economics, 79(1), 183-207. https://doi.org/10.1016/j.jdeveco.2004.12.006
Sengupta, P. (1998). Corporate disclosure quality and the cost of debt. The Accounting Review, 73(4), 459-474.
Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94(3), 461-488. http://dx.doi.org/10.1086/261385
Stohs, M., & Mauer, D. (1996). The determinants of corporate debt maturity structure. The Journal of Business, 69(3), 279-312.
Tanaka, T. (2015). Managerial discretion and the maturity structure of corporate public debt: Evidence from Japan. Working paper, Ritsumeikan University. Retrieved on 25-august-2019, from: Retrieved on 25-august-2019, from: https://acfr.aut.ac.nz/data/assets/pdf_file/0005/29768/581142-T-Tanaka-Paper-takanori-tanaka.pdf
Verrecchia, R. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. https://doi.org/10.1016/S0165-4101(01)00025-8
Zhang, J. (2008). The contracting benefits of accounting conservatism to lenders and borrowers. Journal of Accounting and Economics, 45(1), 27-54. https://doi.org/10.1016/j.jacceco.2007.06.002
Downloads
Publicado
Edição
Seção
Licença
Os autores dos artigos serão responsáveis dos mesmos e, assim, não comprometam os princípios ou políticas da Universidade Icesi nem do Conselho Editorial da revista Estudios Gerenciales. Os autores autorizam e aceitam a transferência de todos os direitos para a revista Estudios Gerenciales para a publicão impressa ou eletrônica. Após a publicação do artigo, pode ser reproduzido sem a permissão do autor ou da revista, se mencionar o(s) autor(es), o ano, o título, o volume e o número e o intervalo de páginas da publicação, e Estudios Gerenciales como fonte (se abster de utilizar Revista Estudios Gerenciales).
Como Citar
