A estrutura de capital de empresas brasileiras de capital aberto: uma análise de seus determinantes

João Pedro Bertani Catrib, Paulo Augusto Pettenuzzo de Britto and André Luiz Marques Serrano

No 67/2016, Economics and Politics Working Paper Series from Economics and Politics Research Group (EPRG), University of Brasília

Abstract: The capital structure issue is widely discussed and studied in both academia and professional worlds. The management of capital structure requires constant improvement of its actions in order to mitigate risk and attract investors. The objective of this study was to analyze the capital structure of Brazilian public companies with shares traded on São Paulo Stock Exchanges, from 2010 to 2013. From a review of the literature, which allowed the identification of the main determinants of capital structure, we used a panel data model to explain the level of indebtedness of the companies studied. The results indicate that firm size has a positive impact on the level of indebtedness. On the other hand, profitability has negative impact on the debt. The other variables, namely, risk, fixed assets to net worth ratio, and growth opportunities, as well as the business sector, showed no significant causal relationship.

Keywords: Estrutura de capital; Mercado financeiro; Endividamento; Cias. brasileiras de capital aberto; Capital structure; financial market; indebtedness; Brazilian public companies (search for similar items in EconPapers)
Date: 2016-05-04
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Persistent link: https://EconPapers.repec.org/RePEc:gvn:eprgwp:672016

DOI: 10.5281/zenodo.23594313

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