Qual o papel dos covenants contábeis no Brasil sob a perspectiva do banker?

• Ano de defesa: 2018
• Autor(a) principal: Torello, Mauro de Freitas
• Orientador(a): Dultra de-Lima, Ronaldo Gomes
• Banca de defesa: Mendonça Neto, Octávio Ribeiro de, Nisiyama, Edelcio Koitiro
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Programa de Pós-Graduação: Controladoria e Finanças Empresariais
• Departamento: Centro de Ciências Sociais e Aplicadas (CCSA)
• País: Brasil
• Palavras-chave em Português: covenants contábeis; contratos de dívida; papel dos covenants
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS
• Link de acesso: http://dspace.mackenzie.br/handle/10899/26399

Objective of the work: The robust literature of the researched topic allows and subsidizes a practical research, concretized by and supported by pillars which have already been proven by renowned authors. Thus, the current research has the main objective of bringing, through the perception of Banker, the cardinal role of "covenants accounting" in private contracts of debt in Brazil. Additionally, the results have presented other important roles carried out by covenants and their characteristics. Design / Methodology / Approach: This research is an exploratory and qualitative one; the analyzed data was attained by interviewing ten individual Bankers. Those who were interviewed were selected from the author’s social circle and the number was set by means of theoretical saturation, when no new relevant data longer arose despite increasing the sample. By applying a semi-structured questionnaire, the questions were recorded, transcribed, and codified according to their classification and later analyzed using content analysis techniques. Results: It was observed that the main role of accounting covenants, with the majority of mentions by interviewees, is in the category of using clauses as a trigger of renegotiation in case of covenant breakdown, and, more specifically, in the use of covenants for the reconstitution of remuneration of the creditor, in view of the increase of credit risk. However, it was demonstrated that despite the main role of accounting covenants, these clauses have other roles of equal importance as the central one in each phase of the loan contract. From the release of the funds until their entire payment, and during the expected period of the agreement, covenants serve to restrict the actions of agents and avoid expropriation of the creditors’ rights, while simultaneously having the role of monitoring the performance of the debtor, both relative to the contract in force as in new operations that come to happen. When a breach of accounting covenants is detected, if they occur, these clauses give the control of the contract to the creditor and serve as a trigger for renegotiation. The results also reveal that, according to the interviewees, the most used covenants are: debt coverage (Net Debt/EBITDA) and interest coverage (EBITDA/ Financial Expenses). Practical Implications:This study shows practical implications to those who work on both sides, lenders and debtors. For lenders, it provides insight of how and for what accounting covenants are used, and whether its practices are aligned and if they are carried out by their pairs of other financial institutions. For debtors, it brings to light how accounting covenants are important and what their practical implications are in case of breach, which can help in the negotiation of limits and in the types of accounting covenants to be inserted in new loan agreements. Originality and Contributions: In literature about the topic, few are the researches that bring qualitative data for analysis, in addition to the natural restriction on related studies of private debt contracts. In this sense, this study can contribute to new complementary researches and its finding to the interaction between the market and the academy.