Determinantes internos e externos da estrutura de capital das empresas brasileiras
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Estudos e Pesquisas em Administração |
Texto Completo: | https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545 |
Resumo: | 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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Revista Estudos e Pesquisas em Administração |
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Determinantes internos e externos da estrutura de capital das empresas brasileirasThis 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.Este artigo teve por objetivo analisar os determinantes do endividamento das empresas no Brasil. Propõem-se um tratamento diferenciado nessa pesquisa ao avaliar variáveis internas e externas às firmas. As variáveis endógenas refletem os fundamentos financeiros da empresa e as variáveis exógenas expressam a dinâmica setorial competitiva em que a empresa está inserida. A hipótese do artigo é que ambas as dimensões exercem influência no endividamento. A base de dados foi construída combinando dados financeiros anuais de empresas de capital aberto e fechado entre os anos de 1998 a 2014. A média de empresas em cada ano foi de 1.211 firmas. A partir destas empresas criou-se um painel balanceado com 89 empresas ativas ao longo dos 16 anos estudados e com informações para todas as variáveis. Os resultados demonstram que todas as variáveis relacionadas aos fundamentos das empresas são significativas para explicar o endividamento das empresas. No entanto, somente uma variável relativa à dinâmica setorial foi significativa para explicar a estrutura de capital. Os resultados evidenciam que não há um único padrão teórico (Pecking Order ou Trade-off) para direcionar a estratégia de endividamento.Universidade Federal de Mato Grosso - repadufmt@gmail.com2021-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado pelos paresapplication/pdftext/htmlhttps://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/1154510.30781/repad.v5i1.11545Journal Study and Research in Administration; Vol. 5 No. 1 (2021): Janeiro-Abril (2021)Revista Estudos e Pesquisas em Administração; v. 5 n. 1 (2021): Janeiro-Abril (2021)2594-7559reponame:Revista Estudos e Pesquisas em Administraçãoinstname:Universidade Federal de Mato Grosso (UFMT)instacron:UFMTporhttps://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545/8150https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545/8151Copyright (c) 2021 Georgia Saiani Mendes, David Ferreira Lopes Santos, Elton Eustáquio Casagrandehttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSaiani Mendes, GeorgiaSantos, David Ferreira LopesEustáquio Casagrande, Elton2021-05-19T17:02:45Zoai:periodicoscientificos.ufmt.br:article/11545Revistahttps://periodicoscientificos.ufmt.br/ojs/index.php/repadPUBhttps://periodicoscientificos.ufmt.br/ojs/index.php/repad/oaicardoso9778@gmail.com||repadufmt@gmail.com2594-75592594-7559opendoar:2021-05-19T17:02:45Revista Estudos e Pesquisas em Administração - Universidade Federal de Mato Grosso (UFMT)false |
dc.title.none.fl_str_mv |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
title |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
spellingShingle |
Determinantes internos e externos da estrutura de capital das empresas brasileiras Saiani Mendes, Georgia |
title_short |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
title_full |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
title_fullStr |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
title_full_unstemmed |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
title_sort |
Determinantes internos e externos da estrutura de capital das empresas brasileiras |
author |
Saiani Mendes, Georgia |
author_facet |
Saiani Mendes, Georgia Santos, David Ferreira Lopes Eustáquio Casagrande, Elton |
author_role |
author |
author2 |
Santos, David Ferreira Lopes Eustáquio Casagrande, Elton |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Saiani Mendes, Georgia Santos, David Ferreira Lopes Eustáquio Casagrande, Elton |
description |
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. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-04-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545 10.30781/repad.v5i1.11545 |
url |
https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545 |
identifier_str_mv |
10.30781/repad.v5i1.11545 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545/8150 https://periodicoscientificos.ufmt.br/ojs/index.php/repad/article/view/11545/8151 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 Georgia Saiani Mendes, David Ferreira Lopes Santos, Elton Eustáquio Casagrande https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 Georgia Saiani Mendes, David Ferreira Lopes Santos, Elton Eustáquio Casagrande https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf text/html |
dc.publisher.none.fl_str_mv |
Universidade Federal de Mato Grosso - repadufmt@gmail.com |
publisher.none.fl_str_mv |
Universidade Federal de Mato Grosso - repadufmt@gmail.com |
dc.source.none.fl_str_mv |
Journal Study and Research in Administration; Vol. 5 No. 1 (2021): Janeiro-Abril (2021) Revista Estudos e Pesquisas em Administração; v. 5 n. 1 (2021): Janeiro-Abril (2021) 2594-7559 reponame:Revista Estudos e Pesquisas em Administração instname:Universidade Federal de Mato Grosso (UFMT) instacron:UFMT |
instname_str |
Universidade Federal de Mato Grosso (UFMT) |
instacron_str |
UFMT |
institution |
UFMT |
reponame_str |
Revista Estudos e Pesquisas em Administração |
collection |
Revista Estudos e Pesquisas em Administração |
repository.name.fl_str_mv |
Revista Estudos e Pesquisas em Administração - Universidade Federal de Mato Grosso (UFMT) |
repository.mail.fl_str_mv |
cardoso9778@gmail.com||repadufmt@gmail.com |
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1797239962393903104 |