Determinantes da emissão de instrumentos financeiros híbridos por seguradoras sob a perspectiva do IAS 32
DOI:
https://doi.org/10.1590/Palavras-chave:
instrumentos financeiros híbridos, instrumentos financeiros com características de patrimônio, companhias de seguros, IAS 32, teoria da hierarquia de financiamentoResumo
Este estudo tem como objetivo avaliar a relação entre a emissão de instrumentos financeiros híbridos por empresas de seguros e vários potenciais determinantes. Especificamente, investigar de que modo fatores como tamanho do ativo, custo de capital, lacunas de duração, taxas de imposto efetivas e índices de liquidez e solvência influenciam a propensão das seguradoras a emitir títulos híbridos. A pesquisa empírica muitas vezes ignora empresas financeiras, como companhias de seguros, ao examinar títulos híbridos, tornando difícil avaliar suas motivações e processos de tomada de decisão. Nosso estudo visa preencher essa lacuna. Em novembro de 2023, o Conselho de Normas Internacionais de Contabilidade (IASB) publicou o Rascunho de Exposição Instrumentos Financeiros com Características de Patrimônio – Emendas Propostas ao IAS 32 Instrumentos Financeiros. O conselho aguardou comentários e propostas sobre o texto até o final de março de 2024. Portanto, um estudo aprofundado de sua relação com instrumentos híbridos é oportuno. Nosso estudo tem como objetivo adicionar novos elementos à discussão sobre a estrutura de capital das empresas. A proposta de emenda à IAS 32 certamente influenciará as decisões das empresas em relação à sua estrutura de capital. Aplicou-se um modelo de regressão logit utilizando a metodologia de dados em painel a um conjunto de dados de 207 seguradoras ativas operando em 25 países diferentes (empresas de capital aberto). Construímos um banco de dados de várias seguradoras internacionais de capital aberto localizadas em diferentes países para avaliar suas diferenças em termos de propensão a emitir instrumentos financeiros híbridos. Nosso estudo revela que a probabilidade de emissão de títulos híbridos aumenta para empresas de seguros maiores com custos de capital e alavancagem mais altos, particularmente em jurisdições com lacunas de duração significativas. Essas descobertas apoiam a teoria da saúde financeira/ordem de precedência e contribuem com valiosas percepções tanto para a literatura acadêmica quanto para a prática da indústria. Ao examinar os determinantes da emissão de instrumentos financeiros híbridos, esta pesquisa fornece uma compreensão sutil dos processos de tomada de decisão dentro do setor de seguros e preenche uma lacuna notável em estudos empíricos.
Downloads
Referências
Altman, E. I. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Finance, 23(4), 589-609. https://doi.org/10.2307/2978933.
Basu, A. K., & Dulleck, U. (2020). Why do (some) consumers purchase complex financial products? An experimental study on investment in hybrid securities. Economic Analysis and Policy, 67, 203–220. https://doi.org/10.1016/j.eap.2020.07.005
Bruner, R., Eades, K., Harris, R., & Higgins, R. (1998). Best Practices in Estimating the Cost of Capital: Survey and Synthesis. Financial Practice and Education, 8(1), 13-28.
Chen, L., Ng, J., & Tsang, A. (2015). The effect of mandatory IFRS adoption on international cross-listings. The Accounting Review, 90(4), 1395–1435. https://doi.org/10.2308/accr-50982
Chen, R., & Wong, K. A. (2004). The Determinants of Financial Health of Asian Insurance Companies. The Journal of Risk and Insurance, 71(3), 469–499. https://doi.org/10.1111/j.0022-4367.2004.00099.x
Clor-Proell, S., Koonce, L., & White, B. (2016). How Do Experienced Users Evaluate Hybrid Financial Instruments? Journal of Accounting Research, 54(5), 1267–1296. https://doi.org/10.1111/1475-679X.12129
Culp, C. L. (2009). Contingent Capital vs. Contingent Reverse Convertibles for Banks and Insurance Companies. Journal of Applied Corporate Finance, 21(4), 17-27. https://doi.org/10.1111/j.1745-6622.2009.00247.x
Cummins, J. D., & Rubio-Misas, M. (2021). Country Factors Behavior for Integration Improvement of European Life Insurance Markets. Economic Analysis and Policy. https://doi.org/10.1016/j.eap.2021.08.004
De Cesari, A., Dutordoir, M., & Mehmood, Z. (2023). The impact of CEO education on convertible bond issuance. European Journal of Finance, 29(12), 1382–1405. https://doi.org/10.1080/1351847X.2022.2131450
De Mey, J. (2007). Insurance and the capital markets. Geneva Papers on Risk and Insurance: Issues and Practice, 32(1), 35–41. https://doi.org/10.1057/palgrave.gpp.2510114
Deboben, D., & Wurtz, S. (2015). The impact of hybrid capital on insurance companies ’ performance: A study in the context of Solvency II. Umeå School of Business and Economics.
Dutordoir, M., Lewis, C., Seward, J., & Veld, C. (2014). What we do and do not know about convertible bond financing. Journal of Corporate Finance, 24(June 2011), 3–20. https://doi.org/10.1016/j.jcorpfin.2013.10.009
Dutordoir, M., & Van de Gucht, L. (2007). Are there windows of opportunity for convertible debt issuance? Evidence for Western Europe. Journal of Banking and Finance, 31(9), 2828–2846. https://doi.org/10.1016/j.jbankfin.2007.02.010
EFRAG. (2018). Financial instruments with characteristics of equity: early-stage impact assessment draft report. https://www.efrag.org/Assets/Download?assetUrl=%2Fsites%2Fwebpublishing%2FMeeting Documents%2F1708160937330925%2F04-03 FICE Early-Stage Impact Assessment Draft Report -Board TEG 18-12-19.pdf
EFRAG. (2024). Financial instruments with characteristics of equity (FICE): summary of survey results on the IASB´s exposure draft ED/2023/5. https://www.efrag.org/Assets/Download?assetUrl=%2Fsites%2Fwebpublishing%2FMeeting Documents%2F2402131133165456%2F01-05 - FICE - Summary of survey results - EFRAG FR TEG 24-04-05.pdf
EIOPA. (2014). EIOPA Insurance Stress Test 2014. https://eiopa.europa.eu/Publications/Surveys/Stress Test Report 2014.pdf
Fargher, N., Sidhu, B. K., Tarca, A., & Zyl, W. Van. (2019). Accounting for financial instruments with characteristics of debt and equity : finding a way forward. Accounting & Finance, 59(November 2016), 7–58. https://doi.org/10.1111/acfi.12280
Finnerty, J. D., & Kuan, M. (2007). When the Insurance Regulators Sneeze, the Hybrid Market Can Catch a Cold. Journal of Insurance Regulation, 25(4), 87–120. https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=26378014&site=ehost-live
Flores, E., Carvalho, J. V. F., & Sampaio, J. O. (2021). Impact of interest rates on the life insurance market development: Cross-country evidence. Research in International Business and Finance, 58(April). https://doi.org/10.1016/j.ribaf.2021.101444
Flores, E., Carvalho, N., Fasan, M., & Lopes, A. B. (2020). Financial Instruments with Characteristics of Equity: Determinants and Consequences of Accounting Classification. XX USP International Conference in Accounting, 1–20.
Florou, A., & Kosi, U. (2015). Does mandatory IFRS adoption facilitate debt financing? Review of Accounting Studies, 20(4), 1407–1456. https://doi.org/10.1007/s11142-015-9325-z
Goes, K. C., Sheng, H. H., & Schiozer, R. F. (2016). Contingent Convertibles and their Impacts on the Optimization of the Capital Structure of Brazilian Banks Under Basel III. Revista Contabilidade e Financas, 27(70), 80–97. https://doi.org/10.1590/1808-057x201501350
Hanlon, D. (2019). Mandatory accounting change and debt covenant violation: Additional evidence from SFAS 150. Australian Journal of Management, 44(3), 355–387. https://doi.org/10.1177/0312896218818639
IASB. (2018). Discussion Paper Financial Instruments with Characteristics of Equity. In Discussion Paper DP/2018/1. https://www.ifrs.org/content/dam/ifrs/project/fice/discussion-paper/published-documents/dp-fice-june-2018.pdf
IASB. (2023a). Basis for Conclusions on Exposure Draft Financial Instruments with Characteristics of Equity. In IASB/ED/2023/5. https://www.ifrs.org/content/dam/ifrs/project/fice/exposure-draft/iasb-ed-2023-5.pdf
IASB. (2023b). Exposure Draft Financial Instruments with Characteristics of Equity Proposed amendments to IAS 32, IFRS 7 and IAS 1. In IASB/ED/2023/5. https://www.ifrs.org/content/dam/ifrs/project/fice/exposure-draft/iasb-ed-2023-5.pdf
Jian, M., & Koh, W. C. (2023). Accounting for Singapore Airlines Limited’s mandatory convertible bonds. Journal of Accounting Education, 65(October 2022), 100869. https://doi.org/10.1016/j.jaccedu.2023.100869
Johannesen, N. (2014). Tax avoidance with cross-border hybrid instruments. Journal of Public Economics, 112, 40–52. https://doi.org/10.1016/j.jpubeco.2014.01.011
Kim, W. S., Oh, S., & Kiymaz, H. (2023). Motives and market reactions to convertible bonds and bonds with warrants issuance in an emerging market. International Journal of Finance and Economics, 28(3), 2449–2474. https://doi.org/10.1002/ijfe.2544
Kim, Y. J., Choi, S., Lee, E. Y., & Lee, S. J. (2023). Perpetual securities and stock prices: Korean evidence. Journal of Contemporary Accounting and Economics, 19(1), 100340. https://doi.org/10.1016/j.jcae.2022.100340
Kimmel, P., & Warfield, T. (1995). The usefulness of hybrid security classifications: Evidence from redeemable preferred stock. The Accounting Review, 70(1), 151–167.
King, T. E., & Ortegren, A. K. (1988). Accounting for Hybrid Securities: The Case of Adjustable Rate Convertible Notes. Accounting Review, 63(3), 522–535. http://links.jstor.org/sici?
sici=0001-4826%28198807%2963%3A3%3C522%3AAFHST
C%3E2.0.CO%3B2-P
Lee, H. W., & Figlewicz, R. E. (1999). Characteristics of firms that issue convertible debt versus convertible preferred stock. Quarterly Review of Economics and Finance, 39(4), 547–563. https://doi.org/10.1016/s1062-9769(99)00038-1
Lee, H. W., & Gentry, J. A. (1995). An empirical study of the corporate choice among common stock, convertible bonds and straight debt: A cash flow interpretation. Quarterly Review of Economics and Finance, 35(4), 397–419. https://doi.org/10.1016/1062-9769(95)90042-X
Levi, S., & Segal, B. (2015). The Impact of Debt-Equity Reporting Classifications on the Firm’s Decision to Issue Hybrid Securities. European Accounting Review, 24(4), 801–822. https://doi.org/10.1080/09638180.2014.909290
Libby, R., Bloomfield, R., & Nelson, M. W. (2002). Experimental research in financial accounting, 27, 775–810. https://doi.org/10.1016/S0361-3682(01)00011-3
Luhnen, M. (2009). Determinants of efficiency and productivity in german property-liability insurance: Evidence for 1995-2006. Geneva Papers on Risk and Insurance: Issues and Practice, 34(3), 483–505. https://doi.org/10.1057/gpp.2009.10
Möhlmann, A. (2020). Interest rate risk of life insurers: Evidence from accounting data. Financial Management, 50(2), 587–612. https://doi.org/10.1111/fima.12305
Moody´s. (2015). Low Interest Rates are Credit Negative for Insurers Globally, but Risks Vary by Country (Issue Global Insurance Themes).
Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of
Finance, 39(3), 574-592. https://doi.org/10.1111/j.1540-6261.
tb03646.x
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
Panteghini, P. M. (2012). Corporate Debt, Hybrid Securities, and the Effective Tax Rate. Journal of Public Economic Theory, 14(1), 161–186. https://doi.org/10.1111/j.1467-9779.2011.01537.x
Pasiouras, F., & Gaganis, C. (2013). Regulations and soundness of insurance firms: International evidence. Journal of Business Research, 66(5), 632–642. https://doi.org/10.1016/j.jbusres.2012.09.023
Ryu, D., & Yu, J. (2020). Hybrid Bond Issuances by Insurance Firms. Emerging Markets Review, 33. https://doi.org/10.1016/j.colsurfa.2020.124658
Santos, M. A. dos, Fávero, L. P. L., & Distadio, L. F. (2016). Adoption of the International Financial Reporting Standards (IFRS) on companies’ financing structure in emerging economies. Finance Research Letters, 16, 179–189. https://doi.org/10.1016/j.frl.2015.11.002
Savoia, J. R. F., Securato, J. R., Bergmann, D. R., & Silva, F. L. da. (2019). Comparing results of the implied cost of capital and capital asset pricing models for infrastructure firms in Brazil. Utilities Policy, 56(January), 149–158. https://doi.org/10.1016/j.jup.2018.12.004
Suchard, J. A., & Singh, M. (2006). The determinants of the hybrid security issuance decision for Australian firms. Pacific Basin Finance Journal, 14(3), 269–290. https://doi.org/10.1016/j.pacfin.2005.10.004
Walravens, F. (2017). Corporate Hybrid Bonds : Solvay Case Study. Université Catholique de Louvain.
Yu, J., & RYU, D. (2019). Predicting banks’ subordinated bond issuances. Romanian Journal of Economic Forecasting, 22(4), p. 87-99. https://scholarx.skku.edu/handle/2021.sw.skku/11902
Downloads
Publicado
Edição
Seção
Licença
Copyright (c) 2025 Bruno Paisano, Eduardo Flores, Bruno Meirelles Salotti
Este trabalho está licenciado sob uma licença Creative Commons Attribution 4.0 International License.
O conteúdo do(s) artigo(s) publicados na RC&F são de inteira responsabilidade do(s) autores, inclusive quanto a veracidade, atualização e precisão dos dados e informações. Os autores cedem, antecipadamente, os direitos autorais à Revista, que adota o sistema CC-BY de licença Creative Commons. Leia mais em: https://creativecommons.org/licenses/.
A RC&F não cobra taxa para a submissão de artigos. A submissão de artigo(s) à RC&F implica na autorização do(s) autor(es) para sua publicação, sem pagamento de direitos autorais.
A submissão de artigos autoriza a RC&F a adequar o texto do(s) artigo(s) a seus formatos de publicação e, se necessário, efetuar alterações ortográficas, gramaticais e normativas.
