Fatores determinantes para abertura de capital de empresas brasileiras / IPO determinants of Brazilian Companies

AUTOR(ES)
FONTE

IBICT - Instituto Brasileiro de Informação em Ciência e Tecnologia

DATA DE PUBLICAÇÃO

13/12/2011

RESUMO

IPO has a wide international literature with many papers published on this subject. However, in Brazil, there are a few researchers who are dedicated to study this phenomenon, considering that the relevant growth of the national capital market is still recent. The objective of this study is to identify, based on accounting and market indicators and firm characteristics, which are the determining factors for the IPO of Brazilian companies. The methodology used in this study was the pooled logistic regression and the panel logistic regression. The total sample contains 1720 firm years between 2004 and 2010, of which 182 belongs to companies that went public on this period. The results indicate that the companies which made an equity offering in the period were investing on their expansion, increased their debt structure and/or had higher profitability. IPO was an alternative to adjust their capital structure and/or to raise funds to continue investing on their growth. In addition, the firms that went public took advantage of the windows opportunity (market timing) they had in the period to sell their shares. The size of companies was not statistically significant, since relatively small and preoperating firms began trading their shares. Also, several other companies with relevant size did not do their IPO due to any specific reason. Moreover, the age of the company affects negatively the probability of going public, since the Brazilian market already has well established corporate governance regulation and these rules contribute to increase investor\ s confidence on the companies, even if they are still young firms. Another result of this research indicate that firms located in the Southeast of Brazil are more likely to go public, because the entrepreneurs of other regions are far away from the Brazilian financial center, with a less intense business environment and, consequently, with less attitude to search for funding alternatives (less importance is given for the benefits to go public). Finally, the study has identified that subsidiaries and state-owned companies are less likely to go public, as expected. This work also includes the discussion of possible arguments of the potential growth decrease of stock markets in Brazil and the reasons why many companies are still not motivated to sell their shares in the market.

ASSUNTO(S)

ações capital market investimentos investments mercado de capitais shares

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