Impacto da alteração do rating soberano no custo de capital de empresas brasileiras, 2005-2015

Abstract

In the last 15 years, Brazil has experienced highs and lows in terms of its risk classification (sovereign risk). Obtaining and maintaining the degree of investment is important for both companies and countries. Among the benefits that a rating upgrade can bring to companies may be the potential reduction in their cost of capital. This paper aims to identify if the change in the sovereign risk classification impacts on the cost of capital of the Brazilian companies listed on the BM&FBovespa between 2005 and 2015. In methodological terms, this is a descriptive research, with a quantitative approach, elaborated with secondary data Annual data from a sample of 20 companies using a multiple regression model with dynamic panel data. In general terms, there was a reduction in the cost of capital of companies, mainly equity cost (Ke) in face of upgrades of the sovereign risk of the country.