O efeito do nível de transparência sobre a heterogeneidade das dívidas: um estudo das empresas ganhadoras e não-ganhadoras do prêmio de transparência Anefac-Serasa-Experian

Abstract

The capital structure persists to this day as a topic of interest to researchers in the areas of Accounting and Finance. This stems from the divergences observed in previous studies, as well as the consideration of empirical evidence that the economic assumptions assumed are fragile. Among the several issues discussed contemporaneously, the level of homogeneity / heterogeneity of the debts assumed by the companies stands out. In this context, the objective of the present study was to analyze the effect of the level of transparency on the heterogeneity of financing sources of Brazilian companies. For that, we analyzed data from 49 companies divided into two groups (winners and non-winners of the ANEFAC-SERASA-EXPERIAN Transparency Award). The data collected in the BMF & BOVESPA and CVM were quantitatively evaluated through descriptive and inferential statistics, specifically the regression analysis with panel data. The results showed that the level of transparency negatively and significantly affects the HHI - Herfindahl-Hirschman Index. The more transparent, the more heterogeneous will be the distribution of third-party capital sources. These findings suggest a greater confidence of the creditors and / or the preference of the managers for the logic of Trade-off Theory implies the search for a maximization of the benefits of the debts and the reduction of the costs of bankruptcy.