Impactos do fluxo internacional de capitais na oferta e no custo do financiamento corporativo: uma análise sobre economias emergentes

Abstract

This research seeks to empirically verify the impact of the International Financial Capital Flow on the financing of companies for a group of emerging countries. To achieve this objective, three hypotheses were created. The first seeks to test whether the volume of resources entering emerging countries influences the volume of capital available for corporate financing. The second aimed to test the relationship between the flow and cost of capital for firms. The third assesses whether the volume of international resources impacts the capital structure, measured by the indebtedness of companies. For this, we use panel data at the country level and at the firm level for the 25 countries that are part of the MSCI Emerging Markets index. The results indicate a positive relationship between the capital flow and the availability of capital for financing, and an also a positive relationship with the level of indebtedness of companies. Both arguments are favourable to those who defend the free capital flow. However, the effect on the cost of capital showed ambiguous results, depending on the sample and the test performed. Considering the context and dependence of emerging countries on international capital, the evidence obtained by this research is relevant for understanding the impacts generated.