Capital structure of Brazilian public companies: Normality, global financial crisis and economic recession

Flavio Paulino Ramos Júnior (), Isabela dos Santos, Luiz Gaio, Nelson Oliveira Stefanelli and Ivan Carlin Passos
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Flavio Paulino Ramos Júnior: Fundação Hermínio Ometto/Uniararas, Brazil
Isabela dos Santos: Fundação Hermínio Ometto/Uniararas, Brazil
Nelson Oliveira Stefanelli: Fundação Hermínio Ometto/Uniararas, Brazil
Ivan Carlin Passos: Fundação Hermínio Ometto/Uniararas, Brazil

Contaduría y Administración, 2019, vol. 64, issue 1, 5-6

Abstract: This article aims to identify the determinants of the capital structure of Brazilian companies and compare it with financial theories. In addition, the normality periods (2007, 2009–2014) and financial crisis periods (2008 and 2015) will be considered in the analysis. The sample has 114 Brazilian public companies in the periods from 2007 to 2015. The methodology used for data analysis was multiple regression for panel data. The results showed that there are differences between the determinants of the capital structure in periods of crisis and of normality. Some of the hypotheses tested were accepted. These hypotheses relate financial theory to empirical analysis. Finally, the research contributed by demonstrating the main determinants of the capital structure in the analyzed periods, showing changes between such determinants.

Keywords: Capital structure; Indebtedness; Corporate finance. (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (1)

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