{"title":"Public debt and corporate debt: Is there a crowding out effect in Brazil?","authors":"Carlos Stahlhoefer Hoerlle, Eduardo Kazuo Kayo","doi":"10.1016/j.frl.2025.106758","DOIUrl":null,"url":null,"abstract":"This study investigates the impact of public debt on the financing policy of Brazilian listed companies. The capital structure behavior of 451 listed companies from 1999 to 2020 is empirically analyzed using unbalanced panel data estimated with fixed effects. The results suggest a negative relationship between public debt and corporate leverage during this period, with a more significant effect on long-term debt. These results are robust to the inclusion of potential confounding factors, omitted variables, and a difference-in-differences strategy.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"36 1","pages":""},"PeriodicalIF":7.4000,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1016/j.frl.2025.106758","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the impact of public debt on the financing policy of Brazilian listed companies. The capital structure behavior of 451 listed companies from 1999 to 2020 is empirically analyzed using unbalanced panel data estimated with fixed effects. The results suggest a negative relationship between public debt and corporate leverage during this period, with a more significant effect on long-term debt. These results are robust to the inclusion of potential confounding factors, omitted variables, and a difference-in-differences strategy.
期刊介绍：
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
Papers are invited in the following areas:
Actuarial studies
Alternative investments
Asset Pricing
Bankruptcy and liquidation
Banks and other Depository Institutions
Behavioral and experimental finance
Bibliometric and Scientometric studies of finance
Capital budgeting and corporate investment
Capital markets and accounting
Capital structure and payout policy
Commodities
Contagion, crises and interdependence
Corporate governance
Credit and fixed income markets and instruments
Derivatives
Emerging markets
Energy Finance and Energy Markets
Financial Econometrics
Financial History
Financial intermediation and money markets
Financial markets and marketplaces
Financial Mathematics and Econophysics
Financial Regulation and Law
Forecasting
Frontier market studies
International Finance
Market efficiency, event studies
Mergers, acquisitions and the market for corporate control
Micro Finance Institutions
Microstructure
Non-bank Financial Institutions
Personal Finance
Portfolio choice and investing
Real estate finance and investing
Risk
SME, Family and Entrepreneurial Finance
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
