摘要：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.
关键词：Recuperação judicial;Variáveis macroeconômicas;Plano de recuperação judicial;Nova lei falimentar
其他关键词：Reorganization;Macroeconomic variables;Reorganization plan;New bankruptcy law
