Dupla listagem, alavancagem e maturidade da dívida

Abstract

This paper aims to study the relationship between cross‐listing, in the United States (USA) or Spain, and leverage and debt maturity of publicly traded firms in Brazil. Multiple regression equations were estimated by ordinary least squares and by two‐stage least squares to treat the possible problem of simultaneity. Data are from 2010 of a sample of 162 firms. It was observed weak negative relationships between cross‐listing and leverage, and weak negative relationships between cross‐listing and maturity. It was not observed any significant relationship between leverage and maturity, rejecting the simultaneity hypothesis. Some characteristics commonly cited as determinants of capital structure appeared significant, with the expected signs: growth opportunities (‐) and size (+), in the leverage equation; and asset maturity (+), corporate governance (+), growth opportunities (‐) and size (+), in the maturity one. It was also observed a positive relationship between BNDESPAR being a shareholder and leverage; and between execution of IPO in 2010 and debt maturity.