Definição de juros na emissão de debêndures: análise da deferenciação de custos de agenciamento para empresas estatais

Abstract

This dissertation analyses the impact of agency costs in the debentures emission, verifying the non-differentiation on emission’s taxes of private and state companies. He research hypothesis is vinculated to the common sense of bad management in state companies is the cause of expensiver agency costs to these kind of companies. It is researched, especially, if there is differentiation in the risk expectative of state and private companies, mainly caused by conflicts between creditors and shareholders. To achieve such goal, initially it is analyzed the Brazilian debenture’s emissions occurred between 1994 and 2008 and the rating indicatives as debenture’s remuneration standard. Following, the econometric analysis of data collected from emission’s samples trough minimum ordinary squares, estimating the effect of each emission’s condition in the additional remuneration to the debenture’s index. It is made conclusion as the non-differentiation of state companies in the index of additional remuneration expectatives. However, considering the specific periods of index additional remuneration and similars rating levels, the state companies present higher taxes.