Initial public offerings in Brazil: the perceptions of financial executives

O presente estudo investigou as percepções dos executivos financeiros (CFO) sobre as Initial Public Offerings (IPOs) no Brasil, replicando grande parte da pesquisa de Brau, Ryan, e DeGraw (2006) nos Estados Unidos. Foi aplicada uma survey com 32 executivos financeiros de empresas que lançaram IPOs entre 2004 e 2008 no Brasil, e foram testadas duas teorias financeiras: a Teoria do Ciclo de Vida e a Teoria de Market Timing. Os resultados mostraram que os executivos no Brasil confirmam tanto as teorias do ciclo de vida quanto a teoria de Market Timing, e a teoria da estrutura ótima de capital. Os executivos não consideram os IPOs como forma de alterar o controle da empresa, e não consideram como desvantagens a perda de controle e confidencialidade com o IPO.This study examines financial executives' perceptions of Initial Public Offerings (IPOs) in Brazil, replicating in large part the research of Brau, Ryan, and DeGraw (2006) in the United States. We surveyed 32 chief financial executives of companies that conducted an IPO between 2004 and 2008 in Brazil and tested two financial theories: the Life Cycle Theory and the Market Timing Theory. The results show that the financial executives in Brazil confirm the life cycle theory as well as market timing and static trade-off theories. The financial executives do not consider an IPO to be a way to change company control, and they do not perceive the disadvantages of the loss of control and confidentiality that result from an IPO