A Influência do Nível de Intangibilidade na Maturidade das Dívidas das Empresas Listadas na [B

Abstract

Objective: to analyze if intangible assets influence the determination of debt maturity and understand how these two variables relate to publicly traded companies listed in [B] 3 (Brasil, Bolsa, Balcao). Method: econometric regression techniques with panel data were used, with the estimation made by means of fixed effects, according to the adequacy to the variables presented by the tests performed. The sample consists of 145 companies, analyzed from 2010 to 2016. Originality/relevance: the study stands out for analyzing the influence that intangible assets have on the debt maturity of companies. Results: the degree of intangibility of companies positively influences the debt maturity through the Market-to-Book and negatively influences by the ratio of intangible assets to noncurrent assets, at a significance level of 5%. This relationship occurred because the Market-to-Book considers market values, while the other measure uses balance sheet data. Theoretical/Methodological contributions: in addition to verifying Myers's (1977) theory of underinvestment, the results showed that debt maturity decisions involve intangible assets, demonstrating the way the market views these in relation to the abnormal cash flows that these assets are capable of to generate.