External debt and exchange rate mismatch of Brazilian companies: evolution and risks in the period 2000-2018

被引：0

作者：

Souza, Francisco E. P. ^{[1
]}

Luporini, Viviane ^{[1
]}

Gutierrez, Margarida ^{[2
]}

Ferreira, Vicente ^{[1
]}

机构：

[1] Univ Fed Rio De Janeiro UFRJ, Inst Econ, Rio De Janeiro, Brazil

[2] Univ Fed Rio De Janeiro UFRJ, Inst COPPEAD Adm, Rio De Janeiro, Brazil

来源：

CEPAL REVIEW | 2024年 / 143期

关键词：

External debt; currencies; exchange rates; financial policy; commercial companies; profit; corporate debt; competitiveness; macroeconomics; Brazil;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper investigates the effects of exchange rate mismatch on the profits of 201 Brazilian non-financial listed companies, over the period from 2010 to 2018. A measure of exchange rate mismatch was constructed from the collection of values of foreign currency derivative contracts, which created an unprecedented database. The results indicate that exchange rate devaluation has a negative differential effect for companies indebted in foreign currency, including exporting companies. When controlling for variables that protect companies indebted in foreign currency, it is observed that the differential effect of devaluation is negative for companies with higher liabilities in foreign currency and positive for companies with higher assets in foreign currency or higher level of coverage (hedge). These results are robust to different specifications.

引用

页数：22