Estágios do Ciclo de Vida e Maturidade da Dívida em Empresas Brasileiras Listadas

Contribuições de Autoria

LVB: Definição do problema e objetivo, contextualização do tema, revisão teórica, aplicação do método, resultados, análises e conclusões. VAM: Definição do problema e objetivo, suporte na revisão teórica, aplicação do método, resultados, análises e conclusões. BMMP: Suporte na aplicação do método, resultados, análises e conclusões. HFA: Suporte na aplicação do método, resultados, análises e conclusões.

Conflito de interesse

Os autores declaram que não há conflitos de interesses.

	1 Introdução	2 Crescimento	3 Maturidade	4 Turbulência			5 Declínio
FCO - Fluxo de caixa operacional	-	+	+	-	+	+	-	-
FCI - Fluxo de caixa de investimento	-	-	-	-	+	+	+	+
FCF - Fluxo de caixa de financiamento	+	+	-	-	+	-	+	-

Variáveis	ECVs					Obs.	Total
	Introdução	Crescimento	Maturidade	Turbulência	Declínio		µ	σ	CV
	Dif. µ	Dif. µ	Dif. µ	Dif. µ	Dif. µ		µ	σ	CV
MATDIV_it	0,025^****	-0,140^******	-0,026^******	0,110^******	0,238^******	10467	0,566	0,310	0,547
PMPDIV_it	0,433^******	0,160^******	-0,292^******	-0,057	-0,020	4023	6,909	1,013	0,146
RENT_it	0,032^****	-,0061^******	-0,088^******	0,065^******	0,346^******	9738	-0,002	0,438	-219
MTB_it	-3,074	-5,787^******	-6,727^******	-3,346	48,729^******	8942	-2,252	87,985	-39,069
TAM_it	0,324^******	-0,787^******	-0,588^******	0,727^******	2,318^******	10467	21,49	2,130	0,099
TANG_it	0,013^**	-0,028^******	-0,034^******	0,060^******	0,077^******	10300	0,269	0,220	0,817
σRES_it	-0,144	-4,092^******	1,031	3,891^****	2,642	9730	1,277	49,193	38,522
CTRIB_it	0,098	-0,018	0,047	0,039	-0,286^******	10467	0,221	2,469	11,171
IHH_it	0,005^******	0,001	0,007^******	-0,008^******	-0,020^******	10467	0,035	0,048	1,371
CICLOFIN_it	-0,185^******	0,209^******	0,139^******	-0,205^******	-0,667^******	7237	4,982	0,986	0,197
σIPCA_t						10467	0,016	0,005	0,312
Grupo						(%)	Erro Padrão	Intervalo de confiança 95%
Introdução						10,90	0,003	0,103	0,115
Crescimento						26,80	0,004	0,259	0,276
Maturidade						40,10	0,005	0,391	0,410
Turbulência						14,00	0,003	0,134	0,147
Declínio						08,30	0,003	0,078	0,088

		Modelo 1		Modelo 2
Variáveis de interesse		MATDIV_it		PMPDIV_it
Crescimento	(H₁)	0,004	(0,007)	0.020	(0.048)
Maturidade	(H₁)	-0,014^**	(0,007)	0.294^******	(0.049)
Turbulência	(H₁)	-0,019^****	(0,009)	0.312^******	(0.062)
Declínio	(H₁)	-0,034^******	(0,010)	0.110	(0.069)
Variáveis de controle
RENT_it	(+)	0,026^****	(0,011)	-0.104	(0.065)
MTB_it	(-)	-0,000	(0,000)	0.002	(0.001)
TAM_it	(+)	0,074^******	(0,004)	0.109^******	(0.027)
TANG_it	(+)	0,143^******	(0,029)	0.434^****	(0.180)
σRES_it	(-)	3,86e-05	(3,43e-05)	0.000	(0.000)
CTRIB_it	(+/-)	0,000	(0,000)	-0.002	(0.029)
IHH_it	(-)	0,275	(0,463)	-4.283	(3.969)
CICLOFIN_it	(+/-)	-0,012^******	(0,004)	0.257^******	(0.034)
σIPCA_t	(-)	-0,846	(4,269)	-15.230	(25.000)
N1_j	(+/-)	0,070^******	(0,027)	0.001	(0.150)
N2_j	(+/-)	0,066^****	(0,031)	-0.004	(0.143)
NM_i	(+/-)	0,087^******	(0,016)	-0.093	(0.090)
Intercepto		-0,961^******	(0,118)	3.332^******	(0.752)
Wald (x²)		805,46^******		300,25^******
Observações		6,368		2,982
Número de Empresas		261		177
Tipo de Painel		EA		EA
Controle de Setor		Sim		Sim
Controle de Ano		Sim		Sim
Teste de Chow (Pooled x EF)		28,75^******		16,95^******
Teste de Breush-Pagan (Pooled x EA)		17152,8^******		5877,7^******
Teste de Hausman (EF x EA)		201,78^******		71,64^******
Teste de Jarque-Bera (normalidade)		71,87		78,78
Média VIF (multicolinearidade)		1,475		1,456
Teste de Wald (heterocedasticidade)		5,2e+29^******		1,8e+31^******
Teste de Wooldridge (autocorrelação)		467,176^******		70,730^******

Variável	Descrição	Operacionalização	Sinal Esperado	Fundamentação
MATDIV_it	Maturidade da dívida	$\frac{{E F N C}_{i t}}{{P T}_{i t}}$		Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) e Orman e Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
PMPDIV_it	Prazo Médio de Pagamento da Dívida	$l n [\frac{(\frac{{E F T}_{i t} + {E F T}_{i t - 1}}{2})}{{C E F T}_{i t}} * 360]$		Adaptado de Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.)
RENT_it	Rentabilidade	$\frac{{E B I T D A}_{i t}}{{A T}_{i t}}$	(+)	Kayo e Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) e Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
MTB_it	Market-to-book	$\frac{{V M A}_{i t}}{{P L A}_{i t}}$	(-)	Kayo e Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
TAM_it	Tamanho	ln(AT_it)	(+)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) e Orman e Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
TANG_it	Tangibilidade dos ativos	$\frac{{A I}_{i t}}{{A T}_{i t}}$	(+)	Kayo e Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
σRES_it	Volatilidade nos resultados	$\{\frac{σ (\frac{E B I T D A}{A T})}{[\frac{(\frac{{E B I T D A}_{i t}}{{A T}_{i t}} + \frac{{E B I T D A}_{i t - 1}}{{A T}_{i t - 1}})}{2}]}\}$	(-)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) e Orman e Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
CTRIB_it	Carga Tributária	$\frac{{T P}_{i t}}{{L A I R}_{i t}}$	(+/-)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... ) e Orman e Köksal (2017Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.)
IHH_it	Concentração do mercado	$[\frac{({S Q}_{i t} - \frac{1}{n})}{(1 - \frac{1}{n})}]$	(-)	Kayo e Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Smith et al. (2015Smith, D. J., Chen, J., & Anderson, H. D. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting & Finance, 55(4), 1135-1169. https://doi.org/10.1111/acfi.12083 https://doi.org/10.1111/acfi.12083... )
CICLOFIN_it	Ciclo Financeiro	ln(PMREC_it - PMPFORN_it)	(+/-)	Adaptado de Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.)
σIPCA_t	Volatilidade na inflação	$\frac{σ {I P C A}_{t}}{μ {I P C A}_{t}}$	(-)	Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
NIVGOV_it	Nível de Governança Corporativa	Variável dummy que assume valor 1 para o iésimo nível de governança corporativa no ano t, 0 para os demais.	(+/-)	Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )
SEGECON_i	Segmento Econômico	Variável dummy que assume valor 1 para o iésimo setor no ano t, 0 para os demais.	(+/-)	Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )
ANO_it	Controle dos anos	Variável dummy que assume valor 1 para o iésimo setor no ano t, 0 para os demais.	(+/-)	Kirch e Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )

{M A T D I V}_{i t} = β_{0} + \sum_{i = 1}^{4} D_{1} {E C V}_{i t} {+ β}_{1} {R E N T}_{i t} + β_{2} {M T B}_{i t} + β_{3} {T A M}_{i t} + β_{4} {T A N G}_{i t} + β_{5} {σ R E S}_{i t} + β_{6} {C T R I B}_{i t} + β_{7} {I H H}_{i t} + β_{8} {C I C L O F I N}_{i t} + β_{9} {σ I P C A}_{t} + \sum_{i = 1}^{3} D_{2} {N I V G O V}_{i t} + \sum_{i = 1}^{9} D_{3} {S E G E C O N}_{i} + \sum_{i = 1}^{9} D_{4} {A N O}_{i} + ε_{i t}

{A D R T}_{i t} = β_{0} + \sum_{i = 1}^{4} D_{1} {L C S}_{i t} {+ β}_{1} {R E N T}_{i t} + β_{2} {M T B}_{i t} + β_{3} {S I Z E}_{i t} + β_{4} {T A N G}_{i t} + β_{5} {σ R E S}_{i t} + β_{6} {T A X B}_{i t} + β_{7} {H H I}_{i t} + β_{8} {F I N C Y C L E}_{i t} + β_{9} {σ I P C A}_{t} + \sum_{i = 1}^{3} D_{2} {G O V L E V}_{i t} + \sum_{i = 1}^{9} D_{3} {I N D U S T R Y}_{i} + \sum_{i = 1}^{9} D_{4} {Y E A R}_{i} + ε_{i t}

Variable	Description	Operationalization	Signal Expected	Rationale
DEBTMAT_it	Debt Maturity	$\frac{{E F N C}_{i t}}{{P T}_{i t}}$		Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
ADRT_it	Average Debt Repayment Term	$l n [\frac{(\frac{{E F T}_{i t} + {E F T}_{i t - 1}}{2})}{{C E F T}_{i t}} * 360]$		Adapted from Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.)
RENT_it	Profitability	$\frac{{E B I T D A}_{i t}}{{A T}_{i t}}$	(+)	Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) and Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
MTB_it	Market-to-book	$\frac{{V M A}_{i t}}{{P L A}_{i t}}$	(-)	Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
SIZE_it	Size	ln(AT_it)	(+)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
TANG_it	Tangibility of assets	$\frac{{A I}_{i t}}{{A T}_{i t}}$	(+)	Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
σRES_it	Volatility in results	$\{\frac{σ \frac{E B I T D A}{A T}}{[\frac{(\frac{{E B I T D A}_{i t}}{{A T}_{i t}} + \frac{{E B I T D A}_{i t - 1}}{{A T}_{i t - 1}})}{2}]}\}$	(-)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
TAXB_it	Tax Burden	$\frac{{T P}_{i t}}{{L A I R}_{i t}}$	(+/-)	Stephan et al. (2011Stephan, A., Talavera, O., & Tsapin, A. (2011). Corporate debt maturity choice in emerging financial markets. The Quarterly Review of Economics and Finance, 51(2), 141-151. https://doi.org/10.1016/j.qref.2010.12.003 https://doi.org/10.1016/j.qref.2010.12.0... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... ) and Orman and Köksal (2017Orman, C., & Köksal, B. (2017). Debt maturity across firm types: Evidence from a major developing economy. Emerging Markets Review, 30, 169-199. https://doi.org/10.1016/j.ememar.2016.12.001 https://doi.org/10.1016/j.ememar.2016.12... )
HHI_it	Herfindhal-Hirschman Index	$[\frac{({S Q}_{i t} - \frac{1}{n})}{(1 - \frac{1}{n})}]$	(-)	Kayo and Kimura (2011Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371. https://doi.org/10.1016/j.jbankfin.2010.08.015 https://doi.org/10.1016/j.jbankfin.2010.... ); Smith et al. (2015Smith, D. J., Chen, J., & Anderson, H. D. (2015). The influence of firm financial position and industry characteristics on capital structure adjustment. Accounting & Finance, 55(4), 1135-1169. https://doi.org/10.1111/acfi.12083 https://doi.org/10.1111/acfi.12083... )
FINCYCLE_it	Financial Cycle	ln(PMREC_it - PMPFORN_it)	(+/-)	Adapted from Penman (2013Penman, S. (2013). Análise das demonstrações financeiras e security valuation. Elsevier.)
σIPCA_t	Volatility in inflation	$\frac{σ {I P C A}_{t}}{μ {I P C A}_{t}}$	(-)	Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... ); Fan et al. (2012Fan, J. P. H., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and Quantitative Analysis, 47(1), 23-56. https://doi.org/10.1017/S0022109011000597 https://doi.org/10.1017/S002210901100059... )
GOVLEVEL_it	Corporate Governance Level	Dummy variable that assumes value 1 for each corporate governance level in year t, 0 for the others.	(+/-)	Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )
INDUSTRY_i	Economic Segment	Dummy variable that assumes value 1 for each industry in year t, 0 for the others.	(+/-)	Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )
YEARS_it	Control of the years	Dummy variable that assumes value 1 for each year t, 0 for the others.	(+/-)	Kirch and Terra (2012Kirch, G., & Terra, P. R. S. (2012). Determinants of corporate debt maturity in South America: Do institutional quality and financial development matter? Journal of Corporate Finance, 18(4), 980-993. https://doi.org/10.1016/j.jcorpfin.2012.05.004 https://doi.org/10.1016/j.jcorpfin.2012.... )

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