O impacto da crise financeira internacional de 2008 sobre a estrutura de capital das empresas de países desenvolvidos e emergentes

Willian Campos Borges, Tabajara Pimenta Júnior, Marcelo Augusto Ambrozini, Lilian Beraldo Sanches

Resumo


Esta pesquisa teve como objetivo investigar os impactos que a crise financeira internacional de 2008 causou na estrutura de capital de empresas de todo o mundo. Utilizando uma amostra de 29.803 empresas de 48 países diferentes, foram detectados e mensurados os impactos da crise sobre seis indicadores de alavancagem, medidos para o total das empresas e também para dois grupos, um composto pelas empresas localizadas em países em desenvolvimento e outro pelas empresas de países desenvolvidos. Os resultados mostraram que houve alterações estatisticamente consistentes nas estruturas de capital das empresas entre os períodos pré e pós-crise. Em síntese, houve redução nos níveis de alavancagem, resultado este que foi observado para todos os grupos analisados. Os resultados mostraram ainda que a crise afetou de forma similar as empresas de ambos os tipos de países, desenvolvidos e em desenvolvimento.


Palavras-chave


Estrutura de Capital; Crise Financeira; Alavancagem

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Referências


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DOI: https://doi.org/10.5007/2175-8069.2018v15n34p58



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