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Corporate Financial Policies and the Exchange Rate Regime: Evidence from Brazil

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  • José Luiz Rossi Júnior

Abstract

Este trabalho analisa o relacionamento entre a política financeira das empresas e o regime cambial para uma amostra de empresas brasileiras não-financeiras no período de 1996 a 2006. Os resultados indicam que, além de reduzir a proporção da dívida expressa em moeda estrangeira e aumentar a utilização de derivativos, a adoção de um regime de câmbio flutuante leva a um maior casamento monetário entre a ativo e o passivo das firmas. O trabalho mostra que esta melhora no gerenciamento de risco das firmas dá-se, principalmente, nas firmas mais expostas ao risco cambial. Os resultados confirmam que o regime cambial exerce um papel importante na determinação da vulnerabilidade externa das firmas.

Suggested Citation

  • José Luiz Rossi Júnior, 2008. "Corporate Financial Policies and the Exchange Rate Regime: Evidence from Brazil," Business and Economics Working Papers 027, Unidade de Negocios e Economia, Insper.
    • Handle: RePEc:aap:wpaper:027
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