Determinantes internos e externos da estrutura de capital das empresas brasileiras

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DOI:

10.30781/repad.v5i1.11545

Abstract

This article aims to analyze the determinants of corporate indebtedness in Brazil. We propose a differential treatment in this research when evaluating variables internal and external to firms. The endogenous variables reflect the company's financial fundamentals and the exogenous variables express the competitive dynamics in which the company is inserted. The hypothesis of the article is that both dimensions exert an influence on indebtedness. The database was constructed combining annual financial data of public and private companies between 1998 and 2014. The average number of companies in each year was 1,211 firms. From these companies was created a balanced panel with 89 companies active throughout the 16 years studied and with information for all variables. The results show that all the variables related to the foundations of the companies are significant to explain the indebtedness of the companies. However, only one variable related to the dynamics of industry was significant to explain the capital structure. The results show that there is no single theoretical pattern (Pecking Order or Trade-off) to direct the debt strategy.

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Author Biographies

Georgia Saiani Mendes, Universidade de São Paulo

Mestranda em Controladoria e Contabilidade pela Universidade de São Paulo - USP. Graduada em Administração pela Universidade Estadual Paulista - Unesp.

David Ferreira Lopes Santos, Universidade Estadual Paulista - Unesp

Atua como professor adjunto na Faculdade de Ciências Agrárias e Veterinárias de Jaboticabal, Universidade Estadual Paulista "Júlio de Mesquita Filho".

Elton Eustáquio Casagrande, Universidade Estadual Paulista - Unesp

Professor Associado na Faculdade de Ciências e Letras de Araraquara e do Programa de Pós-Graduação em Administração da Universidade Estadual Paulista - Unesp. Tem experiência na área de Economia Aplicada atuando principalmente nos seguintes temas: 1) Teoria do Investimento e Economia Financeira; 2) Indicadores de Desenvolvimento Regional; 3) Finanças Corporativas e Estratégias Empresariais. Atua em projetos empresariais nas áreas de Finanças e Orçamento; Planejamento Estratégico e Medidas de Desempenho.

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Published

2021-04-30

How to Cite

SAIANI MENDES, G.; SANTOS, D. F. L.; EUSTÁQUIO CASAGRANDE, E. Determinantes internos e externos da estrutura de capital das empresas brasileiras. Journal Study and Research in Administration, [S. l.], v. 5, n. 1, 2021. DOI: 10.30781/repad.v5i1.11545. Disponível em: https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545. Acesso em: 3 jul. 2024.

Issue

Vol. 5 No. 1 (2021): Janeiro-Abril (2021)

Section

Artigos

License

Copyright (c) 2021 Georgia Saiani Mendes, David Ferreira Lopes Santos, Elton Eustáquio Casagrande

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