Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016

Detalhes bibliográficos
Autor(a) principal: Rabelo Henrique, Marcelo
Data de Publicação: 2021
Outros Autores: Braz Silva, Sandro, Saporito, Antonio
Tipo de documento: Artigo
Idioma: por
Título da fonte: Gestão e sociedade
Texto Completo: https://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3451
Resumo: This research refers to the determinants of the capital structure, using the multiple regression technique through panel data, of open capital companies in the Brazilian stock exchanges, in order to know the behavior of determinants of the capital structure in relation to the Trade-Off Theory (TOT) and the Pecking Order Theory (POT). Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explanatory of the determinants of the capital structure). It is observed that, with the use of Panel Data, the determinants that seem to have a more accentuated influence on the levels of indebtedness of companies are: current liquidity, tangibility, return to shareholders, return on assets, sales growth, growth of assets, market-to-book and business risk measured by earnings volatility.
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spelling Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016Determinantes da Estrutura de Capital das Empresas Listadas na Bolsa de Valores do Brasil: uma Análise Empírica do Período de 2007 ao 2016Trade-Off theory. Pecking Order theory. Debt. Determinants of the Capital Structure. Data Panel.Teoria de trade-off. Teoria de Pecking Order. Dívida. Determinantes da Estrutura de Capital. Dados em Painel.This research refers to the determinants of the capital structure, using the multiple regression technique through panel data, of open capital companies in the Brazilian stock exchanges, in order to know the behavior of determinants of the capital structure in relation to the Trade-Off Theory (TOT) and the Pecking Order Theory (POT). Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explanatory of the determinants of the capital structure). It is observed that, with the use of Panel Data, the determinants that seem to have a more accentuated influence on the levels of indebtedness of companies are: current liquidity, tangibility, return to shareholders, return on assets, sales growth, growth of assets, market-to-book and business risk measured by earnings volatility.Esta pesquisa refere-se aos determinantes da estrutura de capital, utilizando a técnica de regressão múltipla por meio de dados em painel, de empresas de capital aberto nas bolsas de valores brasileiras, a fim de conhecer o comportamento dos determinantes da estrutura de capital em relação à Teoria do Trade-Off (TOT) e a Teoria da Ordem do Pecking (POT). Foram utilizadas dezesseis variáveis contábeis, das quais cinco são dependentes (relacionadas ao endividamento) e onze são variáveis independentes (explicativas dos determinantes da estrutura de capital). Observa-se que, com a utilização do Painel de Dados, os determinantes que parecem ter influência mais acentuada nos níveis de endividamento das empresas são: liquidez corrente, tangibilidade, retorno aos acionistas, retorno sobre ativos, crescimento das vendas, crescimento dos ativos, market-to-book e risco comercial medido pela volatilidade dos lucros.CEPEAD/FACE - UFMG2021-07-09info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/345110.21171/ges.v15i41.3451Management & Society Electronic Journal; Vol. 15 No. 41 (2021): Janeiro/Abril de 2021; 4163 - 4193Gestão e Sociedade; v. 15 n. 41 (2021): Janeiro/Abril de 2021; 4163 - 41931980-575610.21171/ges.v15i41reponame:Gestão e sociedadeinstname:Universidade Federal de Minas Gerais (UFMG)instacron:UFMGporhttps://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3451/1505Copyright (c) 2021 Gestão e Sociedadeinfo:eu-repo/semantics/openAccessRabelo Henrique, MarceloBraz Silva, SandroSaporito, Antonio2021-07-10T12:47:23Zoai:ojs.pkp.sfu.ca:article/3451Revistahttps://www.gestaoesociedade.org/gestaoesociedadePUBhttps://www.gestaoesociedade.org/gestaoesociedade/oaiges@face.ufmg.br||ricardo.ges.ufmg@gmail.com||1980-57561980-5756opendoar:2021-07-10T12:47:23Gestão e sociedade - Universidade Federal de Minas Gerais (UFMG)false
dc.title.none.fl_str_mv Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
Determinantes da Estrutura de Capital das Empresas Listadas na Bolsa de Valores do Brasil: uma Análise Empírica do Período de 2007 ao 2016
title Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
spellingShingle Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
Rabelo Henrique, Marcelo
Trade-Off theory. Pecking Order theory. Debt. Determinants of the Capital Structure. Data Panel.
Teoria de trade-off. Teoria de Pecking Order. Dívida. Determinantes da Estrutura de Capital. Dados em Painel.
title_short Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
title_full Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
title_fullStr Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
title_full_unstemmed Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
title_sort Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
author Rabelo Henrique, Marcelo
author_facet Rabelo Henrique, Marcelo
Braz Silva, Sandro
Saporito, Antonio
author_role author
author2 Braz Silva, Sandro
Saporito, Antonio
author2_role author
author
dc.contributor.author.fl_str_mv Rabelo Henrique, Marcelo
Braz Silva, Sandro
Saporito, Antonio
dc.subject.por.fl_str_mv Trade-Off theory. Pecking Order theory. Debt. Determinants of the Capital Structure. Data Panel.
Teoria de trade-off. Teoria de Pecking Order. Dívida. Determinantes da Estrutura de Capital. Dados em Painel.
topic Trade-Off theory. Pecking Order theory. Debt. Determinants of the Capital Structure. Data Panel.
Teoria de trade-off. Teoria de Pecking Order. Dívida. Determinantes da Estrutura de Capital. Dados em Painel.
description This research refers to the determinants of the capital structure, using the multiple regression technique through panel data, of open capital companies in the Brazilian stock exchanges, in order to know the behavior of determinants of the capital structure in relation to the Trade-Off Theory (TOT) and the Pecking Order Theory (POT). Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explanatory of the determinants of the capital structure). It is observed that, with the use of Panel Data, the determinants that seem to have a more accentuated influence on the levels of indebtedness of companies are: current liquidity, tangibility, return to shareholders, return on assets, sales growth, growth of assets, market-to-book and business risk measured by earnings volatility.
publishDate 2021
dc.date.none.fl_str_mv 2021-07-09
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3451
10.21171/ges.v15i41.3451
url https://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3451
identifier_str_mv 10.21171/ges.v15i41.3451
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://ges.face.ufmg.br/index.php/gestaoesociedade/article/view/3451/1505
dc.rights.driver.fl_str_mv Copyright (c) 2021 Gestão e Sociedade
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Gestão e Sociedade
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv CEPEAD/FACE - UFMG
publisher.none.fl_str_mv CEPEAD/FACE - UFMG
dc.source.none.fl_str_mv Management & Society Electronic Journal; Vol. 15 No. 41 (2021): Janeiro/Abril de 2021; 4163 - 4193
Gestão e Sociedade; v. 15 n. 41 (2021): Janeiro/Abril de 2021; 4163 - 4193
1980-5756
10.21171/ges.v15i41
reponame:Gestão e sociedade
instname:Universidade Federal de Minas Gerais (UFMG)
instacron:UFMG
instname_str Universidade Federal de Minas Gerais (UFMG)
instacron_str UFMG
institution UFMG
reponame_str Gestão e sociedade
collection Gestão e sociedade
repository.name.fl_str_mv Gestão e sociedade - Universidade Federal de Minas Gerais (UFMG)
repository.mail.fl_str_mv ges@face.ufmg.br||ricardo.ges.ufmg@gmail.com||
_version_ 1797067420237561856

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