Fluxos de caixa livres e endividamento em operadoras de planos de saúde

Este estudo visou analisar o efeito dos fluxos de caixa livres (free cash flows – FCF) sobre o endividamento das operadoras de planos de saúde (OPS) brasileiras entre os anos de 2010 e 2018. Para isso, foram analisados dados públicos econômico-financeiros dessas operadoras, coletados junto à Agência Nacional de Saúde Suplementar (ANS). A pesquisa pode ser classificada como descritiva e quantitativa e a análise dos dados foi realizada por meio da análise de regressão com dados em painel. Os resultados do estudo evidenciam que as variáveis risco de falência, fluxo de caixa, crescimento, lucratividade e rentabilidade são determinantes nas estruturas de capital das organizações. Por outro lado, a variável escudos fiscais não provenientes de dívidas não foi significante nos modelos estimados. A hipótese de pesquisa de que quanto maior o endividamento das OPS menor é o nível de FCF foi confirmada. Os resultados denotam que o nível desses fluxos de caixa da organização afeta negativamente o seu endividamento, minimizando, assim, os conflitos de agência. A principal limitação desta pesquisa, considera-se a falta de dados que não permitiu uma conclusão com todos os modelos propostos. Ressalta-se ainda a amostra limitada e não probabilística, o que impossibilita a generalização dos resultados. Entretanto, apesar das limitações, os achados da pesquisa contribuem para a compreensão do caráter disciplinador das dívidas nas organizações pesquisadas e, salienta-se a relevância do estudo sobre a teoria dos fluxos de caixa livres, considerando a escassez de pesquisas sobre o tema no mercado brasileiro. Palavras-chave: Endividamento. Fluxos de caixa livre (FCF). Operadoras de planos de saúde (OPS). Free cash flows and indebtedness in health plan operators Abstract This study aimed to analyze the effect of free cash flows (FCF) on the indebtedness of Brazilian health plan operators, between the years 2010 and 2018. In this sense, it was analyzed the public economic-financial data of these operators which were collected from the National Supplementary Health Agency. The research can be classified as descriptive and quantitative and the data analysis was fulfilled through regression analysis with panel data. The results of the study show that the variables bankruptcy risk, cash flow, growth, profitability and profitability are determinant in the capital structures of organizations. On the other hand, the variable tax shields not originated from debt was not significant in the estimated models. The research hypothesis that the higher the health plan operators’ indebtedness, the lower the FCF level was confirmed. The results show that the level of these cash flows of the organization affects negatively its indebtedness, minimizing agency conflicts. The main limitation of this research is the lack of data that did not allow a conclusion with all the proposed models. The limited and non-probabilistic sample is also noteworthy, which makes it impossible to generalize the results. However, despite the limitations, the research findings contribute to the understanding of the disciplinary nature of debts in the organizations surveyed, and the relevance of the study on the theory of free cash flows is highlighted, considering the scarcity of research on the topic considering the Brazilian market. Keywords: Indebtedness. Free cash flows (FCF). Health plan operators (OPS).

The Effect of Investment Decision, Financing Decision, Dividend Policy on Firm Value

This study aims to determine the influence of investment decision, financing decision, dividend policy on firm value. Using purposive sampling method, 22 firms in the food and beverage industry listed in Indonesia Stock Exchange for the period 2016-2018 were selected as samples. Data were analyzed using multiple linear regression. It is concluded that Investment Decision (PER) has a positive and significant effect on firm value, supports the Signaling Theory which explains the relationship between investment decision and firm value. Financing Decision (DER) has no effect on firm value, according to Trade Off Theory which explains that at a certain level of debt, tax savings (tax shields) from additional debt will be equal to the cost of financial distress. Dividend Policy (DPR) has a positive and significant effect on firm value, supported by the Signaling Theory which states that good quality firms will deliberately give signals to the market. The results of the suitability test model show that simultaneously investment decision (PER), financing decision (DER) and dividend policy (DPR) influence firm value. Keywords: Firm value, investment decision, financing decision, dividend policy ABSTRAK Penelitian ini bertujuan untuk mengetahui pengaruh keputusan investasi, keputusan pendanaan, dan kebijakan dividen terhadap nilai perusahaan. Dengan menggunakan metode purposive sampling, 22 perusahaan di industri makanan dan minuman yang terdaftar di Bursa Efek Indonesia periode 2016-2018 dipilih sebagai sampel. Analisis data menggunakan regresi linier berganda. Disimpulkan bahwa Keputusan Investasi (PER) berpengaruh positif dan signifikan terhadap nilai perusahaan, mendukung teori Signaling yang menjelaskan hubungan keputusan investasi dengan nilai perusahaan. Keputusan Pembiayaan (DER) tidak berpengaruh terhadap nilai perusahaan, menurut Trade Off Theory yang menjelaskan bahwa pada tingkat hutang tertentu, penghematan pajak (tax shields) dari tambahan hutang akan sama dengan biaya financial distress. Kebijakan Dividen (DPR) berpengaruh positif dan signifikan terhadap nilai perusahaan, didukung oleh Signaling Theory yang menyatakan bahwa kualitas perusahaan yang baik akan dengan sengaja memberikan sinyal kepada pasar. Hasil uji kesesuaian model menunjukkan bahwa secara simultan keputusan investasi (PER), keputusan pendanaan (DER) dan kebijakan dividen (DPR) berpengaruh terhadap nilai perusahaan. Kata kunci: nilai perusahaan, keputusan investasi, keputusan pendanaan, kebijakan dividen

Impact of Tax Effects on Profit Optimisation. Review of International Approaches

Research background: Deteriorating economic conditions and the risk of an impending crisis underline the need for significant profit optimization, especially in the area of taxation. Purpose of the article: The aim of this paper is to analyse and evaluate the conditions for the creation of a tax shield in the V4 countries on a theoretical level and to confront these findings with the value of the total tax shield in the countries in question. Methods: This study uses the method of two-way analysis of variance with interaction, while also testing the assumptions of the model by normality tests, homogeneity test and post hoc tests (Scheffé and Tukey methods). Findings & Value added: A review of the sources of the tax shield shows that the tax systems in all the countries examined offer similar conditions for the application of tax shields. In a sample of more than 90000 companies, it was found that the level of the total tax shield given as the effective tax rate is similar in all countries examined (except Hungary). The branch of affiliation plays a role only in the environment of Hungarian companies, on the contrary, Slovak companies show homogeneity of the reported effective tax rate. Country and industry affiliation does not have sufficient explanatory power to predict the total tax shield. Conversely, other indicators of financial performance (operating profit) may be suitable indicators of the effective tax rate.

Determinants of capital structure: evidence from Jordanian service companies

This paper examines capital structure determinants for service companies in Jordan between 2014 and 2018. Secondary data from 45 companies were analyzed using the panel regression approach. The results show that the independent variables, suggested as capital structure determinants, have an effect on the debt ratio made by the service companies. Size and non-debt tax shield have a positive significant effect on the debt ratio, while profitability and business risk have a negative significant impact on the debt ratio. In general, the findings support the notion that the trade-off, bankruptcy cost, agency cost and pecking order theories are crucial in explaining the capital structure of Jordanian service companies except for non-debt tax shields and tangibility factors. Jordanian service companies do not use fixed assets as collateral or companies with higher collateral value tend to borrow less debt. Although the coefficient of institutional investors is statistically insignificant, it is still negative and economically significant. This paper concludes that size, profitability, business risk, non-debt tax shields and institutional ownership factors are fundamental in terms of shaping the capital structure in Jordanian service companies.

FAKTOR-FAKTOR PENENTU STRUKTUR MODAL PADA PERUSAHAAN PROPERTY, REAL ESTATE, AND BUILDING CONSTRUCTION YANG TERDAFTAR DI BURSA EFEK INDONESIA

This research aims to analyze how much influence the profitability, tangibility, growth opportunities, non-debt tax shields, free cash flow on capital structure with company size as a moderating variable. Data analysis model used in this research is descriptive statistical analysis and inference. The population in this research are property, real estate and building construction companies listed on the Indonesia Stock Exchange during the period of 2013-2017. The samples were selected by using purposive sampling of 45 companies which sample companies collected with the criteria of having financial reports in a row during the research period. The research results show that the variable of profitability, tangibility, free cash flow had a negative and significant effect on capital structure. While the growth opportunity variable has a positive and significant effect on capital structure. Non-debt tax shields have no effect on capital structure. In addition, company size as a moderating variable has a significant effect as moderation between the relationship of tangibility to capital structure and growth opportunities to capital structure, but does not moderate the relationship of profitability to capital structure, non-debt tax shields to capital structure and free cash flow to capital structure.

FACTOR-FAKTOR PENENTU STRUKTUR MODAL

In this article, a literature review on the determinants of capital structure is presented from research conducted, both in Indonesia and internationally, in recent years.Furthermore, the results of the review will conclude the factors that determine the capitalstructure that generally affects the company's leverage. From the results of the review, itis known that the variables that influence the capital structure are; Corporate tax rates,debt costs, dividend payout ratios, firm age, company size, growth opportunities,liquidity, non-tax shields, profitability, tangibility Keywords: Capital Structure; Leverage; Determining Factors

Optimal Capital Structure for Maximizing the Firm Value

Capital structure decisions of management affect the value of a firm. This fact leads to the creation of an extremely rich capital structure literature over the last 60 years. This chapter explains main theories of capital structure and discusses the concept of target leverage which maximizes the firm value. The roles of tax payments, profitability, firm size, asset tangibility, growth opportunities, income volatility, and non-debt tax shields are examined as determinants of capital structure. The current status of capital structure research and some important empirical issues are discussed. Considerations for future research are presented.

Legal Origins and the Financial Conservatism of Private Firms

Following the literature of corporate law and finance, our study emphasizes on differences of legal origins and their laws influencing the capital structures of the private firms following suboptimal conservative policies. The countries considered in each legal origin represents common law countries (UK, Australia, India, Pakistan and Thailand) and Roman backed civil law countries (Japan, South Korea, Germany) respectively. The time series considered for the study is 2000-2017. The findings provide that the conservative private firms are smaller in size with less investments but are positively related with profitability in both legal origins. However, the dividend payouts and non-debt tax shields have significant positive relation with conservative policies in civil law countries. It shows that the presence of minority shareholders’ protection law in civil law countries directs the firms to pay more dividends which may also help them in reducing agency costs. We further exhibit that, before financial crises of 2008, the conservative firms in both legal origins are less directed towards dividends, especially in common law countries. Nevertheless, private conservative firms of civil law countries are more inclined towards dividend payouts after financial crises. The study implicates that the difference of laws in legal origins affect the capital structures of the conservative private firms. It further provides that because of the less effective credit markets, private firms may also be forced to adopt conservative policies in civil law countries but may also have less agency problems due to high probability of having dividend payouts.

Gross and net tax shield valuation

Purpose The purpose of this paper is to show that distinguishing between gross and net tax shields arising from interest deductions is important to firm valuation. The distinction affects the interpretation but not valuation of tax shields for the famous Miller’s (1977) model with corporate and personal taxes. However, for the well-known Miles and Ezzell’s (1985) model, the authors show that the valuation of tax shields can be materially affected. Implications to the cost of equity and optimal capital structure are discussed. Design/methodology/approach This paper proposed a simple tax shield clarification that distinguishes between gross and net tax shields. Net tax shields equal gross tax shields minus personal taxes on debt. When an after-tax riskless rate is used to discount shareholders’ tax shields, this distinction affects the interpretation but not valuation results of the Miller’s model. However, when the after-tax unlevered equity rate is used to discount tax shields under the well-known Miles and Ezzell’s (1985) model, the difference between gross and net tax shields can materially affect valuation results. According to the traditional ME model, both gross tax shields and debt interest tax payments (i.e. net tax shields) are discounted at the after-tax unlevered equity rate. By contrast, the proposed revised ME model discounts gross tax shields at the unlevered equity rate but personal taxes on debt income at the riskless rate (like debt payments). Because personal taxes on debt are nontrivial, traditional ME valuation results can noticeably differ from the revised ME model to the extent that after-tax unlevered equity and debt rates differ from one another. Findings For comparative purposes, the authors provide numerical examples of the traditional and revised ME models. The following constant tax rates and market discount rates are assumed: Tc=0.30, Tpb=0.20, Tps=0.10, r=0.06, and ρ=0.10. Table I compares these two models’ valuation results. Maximum firm value for the traditional ME model is 7.89 compared to 7.00 for the revised ME model. At a 50 percent leverage ratio, equity value is reduced from 3.71 to 3.49, respectively. Importantly, the traditional ME model suggests that firm value linearly increases with leverage and implies an all-debt capital structure, whereas firm value stays relatively constant as leverage increases in the revised ME model. These capital structure differences arise due to discounting debt tax payments with the unlevered equity rate (riskless rate) in the traditional ME (revised ME) model. Figure 1 graphically summarizes these results by comparing the traditional ME model (thin lines) to the revised ME model (bold lines). Research limitations/implications Textbook treatments of leverage gains to firms or projects with corporate and personal taxes should be amended to take into account this previously unrecognized tradeoff. Also, empirical analyses of capital structure are recommended on the sensitivity of leverage ratios to the gross-tax-gain/debt-personal taxes tradeoff. Practical implications Financial managers need to understand how to value interest tax shields on debt in making capital structure decisions, computing the cost of capital, and valuing the firm. Social implications The valuation of interest tax shields in finance is a long-standing controversy. Nobel prize winners Modigliani and Miller (MM) wrote numerous papers on this subject and gained fame from their ideas in this area. However, application of their ideas has changed over time due to the Miles and Ezzell’s (ME) model of firm valuation. The present paper adapts the pathbreaking ideas of MM to the valuation framework of ME. Students and practitioners in finance can benefit by the valuation results in the paper. Originality/value No previous studies have recognized the valuation issues resolved in the paper on the application of the popular and contemporary ME model of firm valuation to the MM valuation concepts. The new arguments in the paper are easy to understand and readily applied to firm valuation.