THE CAPITAL STRUCTURE AS A RESOURCE AND THE EFFECT ON PERFORMANCE OF FIRMShttp://dx.doi.org/10.5585/riae.v9i1.1661

• Autor(a) principal: Camilo, Silvio Parodi
• Data de Publicação: 2010
• Outros Autores: Xavier, Wlamir Gonçalves, Bandeira De Mello, Rodrigo, Marcon, Rosilene
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Revista Ibero Americana de Estratégia - RIAE
• Texto Completo: https://periodicos.uninove.br/riae/article/view/15173
• topic: Capital structure; Performance; Resource; Estrutura de capital; Desempenho; Recurso.; Estructura de capital; Desempeño; Recurso.

This article aims to expand the current theoretical and empirical understanding of the capital structure as an important resource to research a firms performance, from a financial and strategic perspective. Empirical research on resource-based-view (RBV) has either focused on the effects of technological resources and innovative capacity or resources associated with operational efficiency. One feature deserving attention in turbulent environments, such as in Brazil,is the capital structure, as the combination of funding sources is a vital decision. Data was collected from Bovespa listed firms between 2002 and 2007. Two performance constructs were suggested and assessed; firm performance was measured through return on operational assets (ROA) and return on equity (ROE). Results provide empirical evidence that decisions concerning financial leverage (DFL) are relevant to enhance competitive advantage. This study was inconclusive regarding the capital structures influence on the ROA.