Reorganization Requests in Brazil: An explanation with Economic Variables/Pedidos de Recuperacao Judicial no Brasil: Uma Explicacao com Variaveis Economicas

• Published in: Revista Brasileira de Financas 2018-07, Vol.16 (3), p.429
• Main Authors: Silva, Vinicius Augusto Brunassi, Sampaio, Joelson Oliveira, Netto, Humberto Gallucci
• Format: Article
• Language: Spanish
• ISSN: 1679-0731

This paper examines the relation between reorganization requests and macroeconomic variables in Brazil. Using a sample of 131 reorganization plans, data on the number of reorganization requests and macroeconomic variables between 2005 and 2015, our results suggest that: i) high cost of capital and financing difficulty are among the main reasons identified by the company for reorganization. The result is consistent for companies from different size and industry; ii) there is a positive relation between the cost of capital of companies and the number of reorganization requests; iii) there is a negative relation between the total credit available in the economy and the number of reorganization requests; iv) we identify a positive relation between the exchange rate and the number of reorganization requests. Keywords: Reorganization, Macroeconomic variables, Reorganization plan, New bankruptcy law. Este artigo analisa a relacao entre pedidos de recuperacao judicial e variaveis macroeconomicas no Brasil. Utilizando uma amostra de 131 planos de recuperacao judicial, dados sobre a quantidade de pedidos de recuperacao judicial e variaveis macroeconomicas entre 2005 e 2015, os resultados sugerem que: i) custo de capital elevado e dificuldade para conseguir emprestimos estao entre as principais justificativas apontadas pelas empresas para a solicitacao do pedido de recuperacao judicial. O resultado e consistente para empresas de diferente porte e setor de atuacao; ii) existe relacao positiva entre o custo de captacao das empresas e o numero de pedidos de recuperacao judicial; iii) existe relacao negativa entre o credito total disponivel na economia e o numero de pedidos de recuperacao judicial e; iv) aferimos relacao positiva entre cambio e o numero de pedidos de recuperacao judicial. Palavras-Chave: Recuperacao judicial, Variaveis macroeconomicas, Plano de recuperacao judicial, Nova lei falimentar. JEL Codes: G14.