The Effects of Monetary Policies on the Capital Structures of the Firms
The purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utili...
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| Format: | Article |
| Language: | English |
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FUCAPE Business School
2022-01-01
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| Series: | BBR: Brazilian Business Review |
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| Online Access: | http://www.redalyc.org/articulo.oa?id=123075330001 |
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| author | Octávio Valente Campos Wagner Moura Lamounier |
| author_facet | Octávio Valente Campos Wagner Moura Lamounier |
| author_sort | Octávio Valente Campos |
| collection | DOAJ |
| description | The purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utility. The data collected refer to the years from 2009 to 2019, and the methodology used for data analysis is through quantile regressions and panel data models, using the GMM approach. According to the results, it can be concluded-in the light of the market timing theory, in line with the Austrian theory of economic cycles-that the capital structures of firms can be determined by the market moments, as defined by monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain. |
| format | Article |
| id | doaj-art-ab9c1fea66b448b9aef52c85dfdd6716 |
| institution | Kabale University |
| issn | 1807-734X |
| language | English |
| publishDate | 2022-01-01 |
| publisher | FUCAPE Business School |
| record_format | Article |
| series | BBR: Brazilian Business Review |
| spelling | doaj-art-ab9c1fea66b448b9aef52c85dfdd67162025-02-06T23:39:34ZengFUCAPE Business SchoolBBR: Brazilian Business Review1807-734X2022-01-01196584606http://dx.doi.org/10.15728/bbr.2022.19.6.1.ptThe Effects of Monetary Policies on the Capital Structures of the FirmsOctávio Valente CamposWagner Moura LamounierThe purpose of this paper is to analyze the influence that monetary policies have on the financing decisions of Brazilian corporations. From this purpose, two hypotheses will be derived. The study sample is composed of 220 companies: 84 of consumer goods, 89 of capital assets, and 47 of public utility. The data collected refer to the years from 2009 to 2019, and the methodology used for data analysis is through quantile regressions and panel data models, using the GMM approach. According to the results, it can be concluded-in the light of the market timing theory, in line with the Austrian theory of economic cycles-that the capital structures of firms can be determined by the market moments, as defined by monetary policies, so that such influence is different depending on the sector to which the companies are located in the production chain.http://www.redalyc.org/articulo.oa?id=123075330001capital structuremarket timing theoryaustrian business cycle theory |
| spellingShingle | Octávio Valente Campos Wagner Moura Lamounier The Effects of Monetary Policies on the Capital Structures of the Firms BBR: Brazilian Business Review capital structure market timing theory austrian business cycle theory |
| title | The Effects of Monetary Policies on the
Capital Structures of the Firms |
| title_full | The Effects of Monetary Policies on the
Capital Structures of the Firms |
| title_fullStr | The Effects of Monetary Policies on the
Capital Structures of the Firms |
| title_full_unstemmed | The Effects of Monetary Policies on the
Capital Structures of the Firms |
| title_short | The Effects of Monetary Policies on the
Capital Structures of the Firms |
| title_sort | effects of monetary policies on the capital structures of the firms |
| topic | capital structure market timing theory austrian business cycle theory |
| url | http://www.redalyc.org/articulo.oa?id=123075330001 |
| work_keys_str_mv | AT octaviovalentecampos theeffectsofmonetarypoliciesonthecapitalstructuresofthefirms AT wagnermouralamounier theeffectsofmonetarypoliciesonthecapitalstructuresofthefirms AT octaviovalentecampos effectsofmonetarypoliciesonthecapitalstructuresofthefirms AT wagnermouralamounier effectsofmonetarypoliciesonthecapitalstructuresofthefirms |