Abstract
Este artigo examina o efeito do nível de desenvolvimento institucional dos diversos estados brasileiros sobre as escolhas de financiamento externos das empresas brasileiras. Nossa análise baseiea-se em um banco de dados único, o Investment Climate Survey (ICS) do Banco Mundial, estratificado para ser representativo em termos de tamanho de empresa, 13 estados da federação e nove setores industriais. Nossos principais resultados indicam que a corrupção e ineficiência do sistema judiciário exercem um efeito negativo sobre o acesso ao financiamento bancário e fontes formais de financiamento. O desenvolvimento financeiro apresenta efeito positivo sobre as mesmas fontes. Além do mais, os efeitos acima são mais severos em empresas pequenas. Estes resultados sugerem que baixo desenvolvimento institucional pode promover repressão financeira, fazendo com que as empresas tenham que recorrer mais intensamente a fontes informais de financiamento ou, de outro modo, limitar seus investimentos. Isso tamém sugere que o baixo desenvolvimento instucional tem o efeito perverso de promover a concentração industrial.
Highlights
Corporate financing choices are determined by a combination of factors that are related to the characteristics of the firm as well as to its environment
This study focuses on how the level of institutional development across the different Brazilian states explains the choice of external1 financing of Brazilian firms
We use a cross-state approach based on the existing variation across Brazilian states in terms of corruption, inefficiency of the judicial system and financial development
Summary
Corporate financing choices are determined by a combination of factors that are related to the characteristics of the firm as well as to its environment. Overall the theory suggests that imperfections resulting from conflict of interest and informational asymmetries between corporate insiders and investors constrain firms in their ability or desire to access the diverse sources of external financing The magnitude of these imperfections depends on the level of institutional development. Beck et al (2008) point out that empirical results in these papers, while consistent with the corporate finance theory, are based on narrow evidence that does not support generalization Their main shortcomings are that they 1) compare the largest firms of each country (maybe the least representative); 2) consider only two sources of external funds, debt and equity, not taking into consideration that firms may use other sources; and 3) investigate access to external capital, they do not model the firm-level self-selection that occurs when accessing a particular source of financing.
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