Fatores determinantes da estrutura de capital das instituições de pagamento do Brasil

• Autor(a) principal: Silva, Ícaro Luiz de Sousa
• Data de Publicação: 2024
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://repositorio.pucsp.br/jspui/handle/handle/41278
• topic: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS; Estrutura de Capital; Instituições de Pagamento; Finanças Corporativas; Brasil; Capital Structure; Payment Institutions; Corporate Finance; Brazil

The study of the "Determining Factors of the Capital Structure of Payment Institutions in Brazil" is crucial to understanding how these entities finance their operations and, consequently, influence the country's financial and economic scenario. The historical context highlights the evolution of payment methods, from “charge cards” to debit and credit cards, playing an essential role in the global economy. In Brazil, the payment industry has undergone significant transformations, such as a break in exclusivity between brands and acquirers. However, the lack of empirical evidence on the capital structure of these institutions motivated the present research. The objective is to identify the determining factors of this structure, filling a gap in the financial literature, which traditionally focuses on consolidated sectors. Considering classic capital structure theories, such as Trade-Off and Pecking Order, the study will analyze variables such as size, profitability, growth, tangibility and taxes. The results regarding ETR, growth and risk are significant statistically and show applicability with respect to Pecking Order and Trade-off theory in some way. This research can provide valuable insights for regulators, investors, creditors and other stakeholders, contributing to a deeper understanding of how payment institutions finance themselves and how they can optimize their financing strategies, as well as promoting more efficient and equitable regulation in the sector