RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES
Autor(a) principal: | |
---|---|
Data de Publicação: | 2017 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | ConTexto |
Texto Completo: | https://seer.ufrgs.br/index.php/ConTexto/article/view/61822 |
Resumo: | This study aimed to investigate the relationship between the market timing and the capital structure of high technology companies in Brazil and Chile. The methodology used in the research was characterized as descriptive, with documental procedures and quantitative approach of the problem question. The method used was descriptive statistics, Pearson and Kendall correlation, as well as Game Theory. The data for analysis were collect in the reports of the financial statements, made available in the Thomson® database, from 2006 to 2013. The results showed that the relation between the PER index and the number of companies that increased their paid-in capital were not correlated to evidence the market timing behavior in both Brazil and Chile. The relationship between long-term debt and profitability was positive, being in agreement with the theory of trade-off in both countries. The relationship between capital structure and market timing was not correlated through the Game Theory, since there was little alternation of company positions in established game rankings, indicating that high-tech companies in Brazil and Chile do not present market behavior Timing in the period from 2006 to 2013, that is, these companies do not issue new shares when the market price is high. |
id |
UFRGS-23_3ea548650d5c6656c472c119dcaf3fea |
---|---|
oai_identifier_str |
oai:seer.ufrgs.br:article/61822 |
network_acronym_str |
UFRGS-23 |
network_name_str |
ConTexto |
repository_id_str |
|
spelling |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMESRELAÇÃO ENTRE O MARKET TIMING E A ESTRUTURA DE CAPITAL DE EMPRESAS DE ALTA TECNOLOGIA: UM ESTUDO USANDO A TEORIA DOS JOGOSCapital structureMarket timingHigh tech. Game TheoryEstrutura de capitalMarket timingSetor de alta tecnologiaTeoria dos JogosThis study aimed to investigate the relationship between the market timing and the capital structure of high technology companies in Brazil and Chile. The methodology used in the research was characterized as descriptive, with documental procedures and quantitative approach of the problem question. The method used was descriptive statistics, Pearson and Kendall correlation, as well as Game Theory. The data for analysis were collect in the reports of the financial statements, made available in the Thomson® database, from 2006 to 2013. The results showed that the relation between the PER index and the number of companies that increased their paid-in capital were not correlated to evidence the market timing behavior in both Brazil and Chile. The relationship between long-term debt and profitability was positive, being in agreement with the theory of trade-off in both countries. The relationship between capital structure and market timing was not correlated through the Game Theory, since there was little alternation of company positions in established game rankings, indicating that high-tech companies in Brazil and Chile do not present market behavior Timing in the period from 2006 to 2013, that is, these companies do not issue new shares when the market price is high.Este estudo teve por objetivo investigar a relação entre o market timing e a estrutura de capital das empresas de alta tecnologia do Brasil e do Chile. A metodologia utilizada na pesquisa caracterizou-se como descritiva, com procedimentos documentais e abordagem quantitativa da questão problema. O método utilizado foi estatística descritiva, correlação de Pearson e de Kendall, além da Teoria dos Jogos. Os dados para análise foram coletados nos relatórios das demonstrações contábeis, disponibilizados na base de dados Thomson®, no período de 2006 a 2013. Os resultados mostraram que a relação entre o índice PER e o número de empresas que elevaram seu capital integralizado não foram correlacionados para evidenciar o comportamento de market timing tanto no Brasil quanto no Chile. A relação entre endividamento de longo prazo e rentabilidade foi positiva, estando de acordo com a teoria de trade-off em ambos os países. A relação entre estrutura de capital e market timing não apresentou correlação por meio da Teoria dos Jogos, pois houve pouca alternância das posições das empresas nos rankings de jogos estabelecidos, indicando que as empresas de alta tecnologia do Brasil e do Chile não apresentam comportamento de market timing no período de 2006 a 2013, ou seja, essas empresas não emitem novas ações quando o preço destas no mercado é elevado.UFRGS2017-03-04info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/61822ConTexto - Contabilidade em Texto; v. 16 n. 33 (2016): maio/ago. 2016; 41-572175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/61822/pdfCopyright (c) 2017 ConTextoinfo:eu-repo/semantics/openAccessPadilha, Daniel FernandoSilva, Tarcísio Pedro da2017-03-08T02:42:26Zoai:seer.ufrgs.br:article/61822Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2017-03-08T02:42:26ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES RELAÇÃO ENTRE O MARKET TIMING E A ESTRUTURA DE CAPITAL DE EMPRESAS DE ALTA TECNOLOGIA: UM ESTUDO USANDO A TEORIA DOS JOGOS |
title |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
spellingShingle |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES Padilha, Daniel Fernando Capital structure Market timing High tech. Game Theory Estrutura de capital Market timing Setor de alta tecnologia Teoria dos Jogos |
title_short |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
title_full |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
title_fullStr |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
title_full_unstemmed |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
title_sort |
RELATIONSHIP BETWEEN THE MARKET TIMING AND CAPITAL STRUCTURE OF TECHNOLOGY FIRMS: A STUDY USING THE THEORY OF GAMES |
author |
Padilha, Daniel Fernando |
author_facet |
Padilha, Daniel Fernando Silva, Tarcísio Pedro da |
author_role |
author |
author2 |
Silva, Tarcísio Pedro da |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Padilha, Daniel Fernando Silva, Tarcísio Pedro da |
dc.subject.por.fl_str_mv |
Capital structure Market timing High tech. Game Theory Estrutura de capital Market timing Setor de alta tecnologia Teoria dos Jogos |
topic |
Capital structure Market timing High tech. Game Theory Estrutura de capital Market timing Setor de alta tecnologia Teoria dos Jogos |
description |
This study aimed to investigate the relationship between the market timing and the capital structure of high technology companies in Brazil and Chile. The methodology used in the research was characterized as descriptive, with documental procedures and quantitative approach of the problem question. The method used was descriptive statistics, Pearson and Kendall correlation, as well as Game Theory. The data for analysis were collect in the reports of the financial statements, made available in the Thomson® database, from 2006 to 2013. The results showed that the relation between the PER index and the number of companies that increased their paid-in capital were not correlated to evidence the market timing behavior in both Brazil and Chile. The relationship between long-term debt and profitability was positive, being in agreement with the theory of trade-off in both countries. The relationship between capital structure and market timing was not correlated through the Game Theory, since there was little alternation of company positions in established game rankings, indicating that high-tech companies in Brazil and Chile do not present market behavior Timing in the period from 2006 to 2013, that is, these companies do not issue new shares when the market price is high. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-03-04 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61822 |
url |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61822 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61822/pdf |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 ConTexto info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 ConTexto |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
ConTexto - Contabilidade em Texto; v. 16 n. 33 (2016): maio/ago. 2016; 41-57 2175-8751 1676-6016 reponame:ConTexto instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
ConTexto |
collection |
ConTexto |
repository.name.fl_str_mv |
ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
fernanda.momo@ufrgs.br||contexto@ufrgs.br |
_version_ |
1799766349881278464 |