Life Cycle Stages and Debt Maturity in Brazilian Listed Companies
We have analyzed the association between firms' life cycle stages (LCSs) and their debt maturity (DM). This paper deepens the discussion on capital structure from the perspective of the LCSs' dynamic effect associated with DM. The sample was composed by secondary data from 370 (non-financi...
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| Format: | Article |
| Language: | English |
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FUCAPE Business School
2023-01-01
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| Series: | BBR: Brazilian Business Review |
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| Online Access: | http://www.redalyc.org/articulo.oa?id=123075670003 |
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| author | Leonardo Valter Bregonci Vagner Antônio Marques Bruno Magri Magalhães Pinto Hudson Fernandes Amaral |
| author_facet | Leonardo Valter Bregonci Vagner Antônio Marques Bruno Magri Magalhães Pinto Hudson Fernandes Amaral |
| author_sort | Leonardo Valter Bregonci |
| collection | DOAJ |
| description | We have analyzed the association between firms' life cycle stages (LCSs) and their debt maturity (DM). This paper deepens the discussion on capital structure from the perspective of the LCSs' dynamic effect associated with DM. The sample was composed by secondary data from 370 (non-financial) Brazilian listed companies in the period from 2010 to 2019, gathered quarterly. The data were analyzed through descriptive statistics, tests of differences between means and regression analysis from panel data. The results showed that the DM presents no association with LCS, following an inverted U-shape. It has been observed that the maturity stage had a positive effect on the DM, however, as companies move towards the shake-out and decline stages, DM experiences successive reductions. The findings are relevant for providing insights for future research. In addition, they have the potential to contribute to managers, board members, credit committees, capital providers in general, risk management process, and resource allocation. |
| format | Article |
| id | doaj-art-57130a74f0484ed381a62bd4219292f4 |
| institution | Kabale University |
| issn | 1807-734X |
| language | English |
| publishDate | 2023-01-01 |
| publisher | FUCAPE Business School |
| record_format | Article |
| series | BBR: Brazilian Business Review |
| spelling | doaj-art-57130a74f0484ed381a62bd4219292f42025-02-06T23:39:34ZengFUCAPE Business SchoolBBR: Brazilian Business Review1807-734X2023-01-0120440742510.15728/bbr.2022.1223.enLife Cycle Stages and Debt Maturity in Brazilian Listed CompaniesLeonardo Valter BregonciVagner Antônio MarquesBruno Magri Magalhães PintoHudson Fernandes AmaralWe have analyzed the association between firms' life cycle stages (LCSs) and their debt maturity (DM). This paper deepens the discussion on capital structure from the perspective of the LCSs' dynamic effect associated with DM. The sample was composed by secondary data from 370 (non-financial) Brazilian listed companies in the period from 2010 to 2019, gathered quarterly. The data were analyzed through descriptive statistics, tests of differences between means and regression analysis from panel data. The results showed that the DM presents no association with LCS, following an inverted U-shape. It has been observed that the maturity stage had a positive effect on the DM, however, as companies move towards the shake-out and decline stages, DM experiences successive reductions. The findings are relevant for providing insights for future research. In addition, they have the potential to contribute to managers, board members, credit committees, capital providers in general, risk management process, and resource allocation.http://www.redalyc.org/articulo.oa?id=123075670003life cycle stagesdebt maturitycorporate finance |
| spellingShingle | Leonardo Valter Bregonci Vagner Antônio Marques Bruno Magri Magalhães Pinto Hudson Fernandes Amaral Life Cycle Stages and Debt Maturity in Brazilian Listed Companies BBR: Brazilian Business Review life cycle stages debt maturity corporate finance |
| title | Life Cycle Stages and Debt Maturity in Brazilian Listed Companies |
| title_full | Life Cycle Stages and Debt Maturity in Brazilian Listed Companies |
| title_fullStr | Life Cycle Stages and Debt Maturity in Brazilian Listed Companies |
| title_full_unstemmed | Life Cycle Stages and Debt Maturity in Brazilian Listed Companies |
| title_short | Life Cycle Stages and Debt Maturity in Brazilian Listed Companies |
| title_sort | life cycle stages and debt maturity in brazilian listed companies |
| topic | life cycle stages debt maturity corporate finance |
| url | http://www.redalyc.org/articulo.oa?id=123075670003 |
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