Custos de ajustamento e a dinâmica da estrutura de capital em empresas brasileiras

• Autor(a) principal: Machado, Guilherme Lelis Bernardo
• Data de Publicação: 2009
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: http://hdl.handle.net/10438/2689
• topic: Adjustment costs; Trade-off models; Pecking order; Market timing; Managerial inertia; Capital structure; Duration models; Estrutura de capital; Modelos de duration; Custos de ajustamento; Modelos de trade-off; Momento de mercado; Inércia gerencial; Economia; Finanças; Estrutura de capital; Modelos econométricos

Several studies in Corporate Finance consider adjustment costs of companies’ capital structure irrelevant in its form and magnitude. This paper empirically examined adjustment costs influence on dynamic rebalancing behavior of capital structure of Brazilian listed companies from 1999 to 2007. Leverage ratios were presented under three different scenarios, considering fixed costs, proportional costs and a composition of fixed and proportional costs using a simulated reduced model of the capital structure. A non-parametric data analysis reveals that companies present a dynamic behavior in its financing decisions of capital structure adjustment, but that is far from continuous. A duration model proved to be the best choice to measure time between companies’ capital structure adjustments. Results are strongly relevant and support the theory of companies’ dynamic rebalancing behavior around an optimal range. However, adjustments do not occur immediately and the persistence shocks to capital structure accounts in its great part to adjustments costs instead of a possible indifference toward capital structure. This is a pioneer paper accounting for a djustment cost of capital structure in Brazilian market, which makes room for discussion around optimal capital structure on Brazilian companies.