ECONOMIC AND FINANCIAL INDICATORS AND DETERMINANTS OF THE CAPITAL STRUCTURE OF SERVICE SECTOR ENTERPRISES: A PANEL DATA ANALYSIS
Autor(a) principal: | |
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Data de Publicação: | 2016 |
Outros Autores: | , , |
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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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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