Estrutura de capitais e governança corporativa de empresas negociadas em bolsa, antes, durante e depois da crise financeira de 2008

Abstract

This article intends to identify changes in the capital structure of non-financial exchange-traded Brazilian companies before (2004), during (2008), and after (2012) the international financial crisis. The credit crunch resulting from the crisis in 2008 was prolonged and extended to other regions of the world and may have changed the composition of the capital structure of companies in the sample of 651 firm-years. The possible effects of the crisis were controlled according to determinants of capital structure suggested by literature. The panel data models indicate the reduction of the proportion of foreign currency debt by way of loans from credit institutions and not by reducing the participation of international debt securities on the liabilities of companies. There was no reduction in debt ratios in domestic currency and in total short and longterm debt. It is possible that measures taken by the Brazilian government have mitigated the effects of the crisis and that companies that already used the international capital markets, possibly with better corporate governance practices, were lass affected by the crisis.