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Master's Dissertation
DOI
10.11606/D.12.2002.tde-26072004-214459
Document
Author
Full name
Luiz Claudio Barcelos
E-mail
Institute/School/College
Knowledge Area
Date of Defense
Published
São Paulo, 2002
Supervisor
Committee
Carvalho, Antonio Gledson de (President)
Bender, Siegfried
Saito, Richard
Title in Portuguese
Determinantes do acesso ao crédito empresarial no Brasil: teoria e evidências empíricas.
Keywords in Portuguese
Crédito
Finanças
Microeconomia
Abstract in Portuguese
A economia brasileira é uma das maiores do mundo. Entretanto, em termos de crédito, o Brasil se compara às economias menos desenvolvidas do mundo. Este artigo avalia os determinantes do acesso ao crédito ao nível da firma. A amostra utilizada é formada por 9779 observações distribuídas de 1994 a 1998. Utilizamos a existência de dívida de longo prazo como um indicador de acesso ao crédito. Observou-se que empresas abertas têm maior probabilidade de acessarem crédito devido a maiores exigências legais em relação à regras contábeis e publicação de relatórios financeiros. Enquanto a lei de falências é federal, o enforcement é de responsabilidade das cortes estaduais. Verificamos que empresas sediadas em estados de menor enforcement estão mais sujeitas à restrição. Como esperado, o acesso ao crédito é maior para firmas maiores e com maior grau de imobilização.
Title in English
Determinants of corporate credit access in Brazil: theory and empirical evidence.
Keywords in English
Credit
Finance
Microeconomics
Abstract in English
Credit rationing is a well-established fact. The Brazilian economy is among the largest in the world. Nonetheless, in terms of credit Brazil compares to very underdeveloped countries. This article examines access to credit at the firm level (9779 observation corresponding to 2285 firms over the 1994-98 period). We use standing long-term debt as indicator of access to credit. We found that enterprises that due to their business organization are bound by law to more restrictive accounting rules and publication of financial statements have increased probability of accessing credit. The same happens to public companies. While Brazilian bankruptcy law is federal, state courts do the enforcement. We found that enterprises incorporated in states with comparatively poor enforcement are more subject to credit constraint. As expected, access to credit is improved with the size and degree of immobilization.
 
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Tese_mestrado.pdf (4.66 Mbytes)
Publishing Date
2004-07-30
 
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