ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS

Detalhes bibliográficos
Autor(a) principal: Vieira Brunozi, Marcelo Afonso
Data de Publicação: 2016
Outros Autores: Lima Gonçalves, Rosiane Maria, Arantes, Rita de Cássia, Júnior, Antônio Carlos Brunozi
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Ambiente Contábil
Texto Completo: https://periodicos.ufrn.br/ambiente/article/view/7600
Resumo: Research on the capital structure has meaningful and relevant participation in Finance. Several empirical and theoretical approaches seek to explain the determinants and the choices of capital structures in firms. In this sense, the present study analyzed the determinants of capital structure for the companies of the Brazilian service sector with the theoretical argument of the Pecking Order (POT). Discussed the hierarchy of sources of financing in companies. Methodologically, the research considered publicly traded companies in the service sector from 2007 to 2013. With the Data Panel application are considered to model the composition of the debt variable (dependent), size, tangibility, market to book, profitability, liquidity (financial clearance), operating cycle and asset turnover (independent). The results showed a partial acceptance of the hypothesis. It was observed that only tangibility not presented as an explanatory metric for the capital structure. The variables financial slack and profitability were significant and corroborated with the POT presuppositions. In contrast, despite having significance to the capital structure, the variables, market to book, indicating preferences for the issuance of shares and size, operating cycle and asset turnover, with directions to the debts, contradicted the POT.Keywords: Capital Structure. Pecking Order Theory. Determinants of Capital Structure. Service sector. Panel Data.
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spelling ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSISINDICADORES ECONÓMICOS Y FINANCIEROS Y LOS DETERMINANTES DE LA ESTRUCTURA DE CAPITAL DE LAS EMPRESAS DEL SECTOR DE SERVICIOS: UN ANÁLISIS DE DATOS DE PANELINDICADORES ECONÔMICO-FINANCEIROS E OS DETERMINANTES DA ESTRUTURA DE CAPITAL DAS EMPRESAS DO SETOR DE SERVIÇOS: UMA ANÁLISE DE DADOS EM PAINELResearch on the capital structure has meaningful and relevant participation in Finance. Several empirical and theoretical approaches seek to explain the determinants and the choices of capital structures in firms. In this sense, the present study analyzed the determinants of capital structure for the companies of the Brazilian service sector with the theoretical argument of the Pecking Order (POT). Discussed the hierarchy of sources of financing in companies. Methodologically, the research considered publicly traded companies in the service sector from 2007 to 2013. With the Data Panel application are considered to model the composition of the debt variable (dependent), size, tangibility, market to book, profitability, liquidity (financial clearance), operating cycle and asset turnover (independent). The results showed a partial acceptance of the hypothesis. It was observed that only tangibility not presented as an explanatory metric for the capital structure. The variables financial slack and profitability were significant and corroborated with the POT presuppositions. In contrast, despite having significance to the capital structure, the variables, market to book, indicating preferences for the issuance of shares and size, operating cycle and asset turnover, with directions to the debts, contradicted the POT.Keywords: Capital Structure. Pecking Order Theory. Determinants of Capital Structure. Service sector. Panel Data.La investigación sobre la estructura de capital tiene una participación significativa y relevante en Finanzas. Varios enfoques empíricos y teóricos tratan de explicar los determinantes y las opciones de estructuras de capital en las empresas. En este sentido, el presente estudio analiza los determinantes de la estructura de capital de las empresas del sector de servicios de Brasil con el argumento teórico de la Pecking Order (POT). Discutido la jerarquía de las fuentes de financiación en las empresas. Metodológicamente, fueron considerados empresas de capital abierto en el sector de servicios, de 2007 a 2013. Con la aplicación del datos de panel se entienden para modelar la composición de la deuda de la variable (dependiente), el tamaño, la tangibilidad, el mercado de reserva, la rentabilidad, la liquidez (liquidación financiera), ciclo de trabajo y la rotación de activos (independiente). Los resultados mostraron una aceptación parcial de la hipótesis. Se observó que sólo tangibilidad no presenta como una métrica de motivos de la estructura de capital. La holgura financiera y la rentabilidad de variables fueron significativas y corroborada con las presuposiciones POT. Por el contrario, a pesar de tener importancia para la estructura de capital, las variables, el mercado para reservar, lo que indica las preferencias para la emisión de acciones y tamaño, ciclo de trabajo y la rotación de activos, con las direcciones a las deudas, contradicho el POT.Palabras clave: Estructura de capital. Pecking Order Theory. Determinantes de la estructura de capital. Sector de los servicios. Datos de Panel.Pesquisas sobre a estrutura de capital das empresas possuem participação significativa e relevante na área de Finanças. Diversas abordagens empíricas e teóricas buscam explicar os determinantes e as escolhas das estruturas de capital nas firmas. Nesse sentido, o presente estudo analisou os fatores determinantes da estrutura de capital nas empresas do setor de serviços brasileiras com a argumentação teórica da Pecking Order (POT). Discutiu-se a hierarquia das fontes de financiamentos nas empresas. Metodologicamente, a pesquisa considerou empresas de capital aberto do setor de serviços no período de 2007 a 2013. Com a aplicação de Dados em Painel consideraram-se para a composição do modelo as variáveis de endividamento (dependente), tamanho, tangibilidade, market to book, lucratividade, liquidez (folga financeira), ciclo operacional e giro do ativo (independentes). Os resultados mostraram a aceitação parcial das hipóteses. Observou-se que, somente tangibilidade não se apresentou como métrica explicativa para a estrutura de capital. As variáveis folga financeira e lucratividade foram significativas e corroboraram com as pressuposições da POT. Em contrapartida, apesar de apresentarem significâncias com a estrutura de capital, as variáveis, market to book, indicando preferências para a emissão de ações e, tamanho, ciclo operacional e giro do ativo, com direcionamentos às dívidas, contradisseram a POT.Palavras-chave: Estrutura de Capital. Pecking Order Theory. Determinantes da Estrutura de Capital. Setor de Serviços. Dados em Painel.Portal de Periódicos Eletrônicos da UFRN2016-04-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufrn.br/ambiente/article/view/760010.21680/2176-9036.2016v8n2ID7600REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 8 No. 2 (2016): Jul./Dez.; 110-135REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 8 Núm. 2 (2016): Jul./Dez.; 110-135REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 8 n. 2 (2016): Jul./Dez.; 110-1352176-903610.21680/2176-9036.2016v8n2reponame:Revista Ambiente Contábilinstname:Universidade Federal do Rio Grande do Norte (UFRN)instacron:UFRNporhttps://periodicos.ufrn.br/ambiente/article/view/7600/6396Copyright (c) 2016 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036info:eu-repo/semantics/openAccessVieira Brunozi, Marcelo AfonsoLima Gonçalves, Rosiane MariaArantes, Rita de CássiaJúnior, Antônio Carlos Brunozi2021-10-19T23:27:03Zoai:periodicos.ufrn.br:article/7600Revistahttps://periodicos.ufrn.br/ambientePUBhttps://periodicos.ufrn.br/ambiente/oai||prof.mauriciocsilva@gmail.com2176-90362176-9036opendoar:2021-10-19T23:27:03Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)false
dc.title.none.fl_str_mv ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
INDICADORES ECONÓMICOS Y FINANCIEROS Y LOS DETERMINANTES DE LA ESTRUCTURA DE CAPITAL DE LAS EMPRESAS DEL SECTOR DE SERVICIOS: UN ANÁLISIS DE DATOS DE PANEL
INDICADORES ECONÔMICO-FINANCEIROS E OS DETERMINANTES DA ESTRUTURA DE CAPITAL DAS EMPRESAS DO SETOR DE SERVIÇOS: UMA ANÁLISE DE DADOS EM PAINEL
title ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
spellingShingle ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
Vieira Brunozi, Marcelo Afonso
title_short ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
title_full ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
title_fullStr ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
title_full_unstemmed ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
title_sort ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
author Vieira Brunozi, Marcelo Afonso
author_facet Vieira Brunozi, Marcelo Afonso
Lima Gonçalves, Rosiane Maria
Arantes, Rita de Cássia
Júnior, Antônio Carlos Brunozi
author_role author
author2 Lima Gonçalves, Rosiane Maria
Arantes, Rita de Cássia
Júnior, Antônio Carlos Brunozi
author2_role author
author
author
dc.contributor.author.fl_str_mv Vieira Brunozi, Marcelo Afonso
Lima Gonçalves, Rosiane Maria
Arantes, Rita de Cássia
Júnior, Antônio Carlos Brunozi
description Research on the capital structure has meaningful and relevant participation in Finance. Several empirical and theoretical approaches seek to explain the determinants and the choices of capital structures in firms. In this sense, the present study analyzed the determinants of capital structure for the companies of the Brazilian service sector with the theoretical argument of the Pecking Order (POT). Discussed the hierarchy of sources of financing in companies. Methodologically, the research considered publicly traded companies in the service sector from 2007 to 2013. With the Data Panel application are considered to model the composition of the debt variable (dependent), size, tangibility, market to book, profitability, liquidity (financial clearance), operating cycle and asset turnover (independent). The results showed a partial acceptance of the hypothesis. It was observed that only tangibility not presented as an explanatory metric for the capital structure. The variables financial slack and profitability were significant and corroborated with the POT presuppositions. In contrast, despite having significance to the capital structure, the variables, market to book, indicating preferences for the issuance of shares and size, operating cycle and asset turnover, with directions to the debts, contradicted the POT.Keywords: Capital Structure. Pecking Order Theory. Determinants of Capital Structure. Service sector. Panel Data.
publishDate 2016
dc.date.none.fl_str_mv 2016-04-18
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://periodicos.ufrn.br/ambiente/article/view/7600
10.21680/2176-9036.2016v8n2ID7600
url https://periodicos.ufrn.br/ambiente/article/view/7600
identifier_str_mv 10.21680/2176-9036.2016v8n2ID7600
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://periodicos.ufrn.br/ambiente/article/view/7600/6396
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Portal de Periódicos Eletrônicos da UFRN
publisher.none.fl_str_mv Portal de Periódicos Eletrônicos da UFRN
dc.source.none.fl_str_mv REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 8 No. 2 (2016): Jul./Dez.; 110-135
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 8 Núm. 2 (2016): Jul./Dez.; 110-135
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 8 n. 2 (2016): Jul./Dez.; 110-135
2176-9036
10.21680/2176-9036.2016v8n2
reponame:Revista Ambiente Contábil
instname:Universidade Federal do Rio Grande do Norte (UFRN)
instacron:UFRN
instname_str Universidade Federal do Rio Grande do Norte (UFRN)
instacron_str UFRN
institution UFRN
reponame_str Revista Ambiente Contábil
collection Revista Ambiente Contábil
repository.name.fl_str_mv Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)
repository.mail.fl_str_mv ||prof.mauriciocsilva@gmail.com
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