Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3

Detalhes bibliográficos
Autor(a) principal: Rocha, Carlos Henrique
Data de Publicação: 2023
Outros Autores: Silva, Francisco Gildemir Ferreira da, Ferreira, Gustavo Mamede Dias
Tipo de documento: Artigo
Idioma: por
Título da fonte: Revista Ambiente Contábil
Texto Completo: https://periodicos.ufrn.br/ambiente/article/view/31355
Resumo: Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories. Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in each of the eleven years. The data is in balanced panel form, with 264 observations in total. The source of the data was the Economatica® platform. The regression method was ordinary least squares, considering so-called fixed effects and random effects. Results: The results showed that the larger the electric company the higher the debt and the higher the tangible assets and the growth rate of the company the lower the debt. The trade-off theory generally prevailed. Contributions of the Study: The empirical findings showed that the Brazilian electricity sector presented a conservative posture between 2010 and 2020. It is safe to say that there is no evidence of a financial collapse in the sector due to debt. 
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spelling Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3Determinantes del endeudamiento de las empresas brasileñas de energía eléctrica negociadas en B3Determinantes do endividamento das companhias brasileiras de energia elétrica negociadas na B3Electric companies.capital structure.pecking order approach.trade-off approach.Companhias elétricas.estrutura de capital.abordagem pecking order.abordagem trade-off.Finanças corporativasEmpresas eléctricas.estructura de capital.enfoque pecking order.enfoque trade-off.Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories. Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in each of the eleven years. The data is in balanced panel form, with 264 observations in total. The source of the data was the Economatica® platform. The regression method was ordinary least squares, considering so-called fixed effects and random effects. Results: The results showed that the larger the electric company the higher the debt and the higher the tangible assets and the growth rate of the company the lower the debt. The trade-off theory generally prevailed. Contributions of the Study: The empirical findings showed that the Brazilian electricity sector presented a conservative posture between 2010 and 2020. It is safe to say that there is no evidence of a financial collapse in the sector due to debt. Objetivo: Este trabajo investiga los determinantes del endeudamiento de las empresas eléctricas brasileñas que cotizan en bolsa, considerando las teorías del pecking order y del trade-off. Metodología: Se estudiaron 24 empresas entre 2010 y 2020. Hay el mismo número de empresas transversales en la muestra en cada uno de los once años. Los datos se presentan en forma de panel equilibrado, con 264 observaciones en total. La fuente de los datos fue la plataforma Economatica®. El método de regresión fue el de mínimos cuadrados ordinarios, considerando los denominados efectos fijos y efectos aleatorios. Resultados: Los resultados mostraron que cuanto mayor era la empresa eléctrica mayor era la deuda y cuantos mayores eran los activos tangibles y la tasa de crecimiento de la empresa menor era la deuda. En general, prevaleció la teoría de la compensación. Contribuciones del Estudio: Los resultados empíricos mostraron que el sector eléctrico brasileño presentó una postura conservadora entre 2010 y 2020. Se puede afirmar sin temor a equivocarse que no hay indicios de colapso financiero en el sector como consecuencia del endeudamiento. Objetivo: Este estudo objetiva investigar os determinantes do endividamento das companhias brasileiras de energia elétrica listadas, considerando as teorias pecking order e trade-off. Metodologia: Foram estudadas 24 empresas entre 2010 e 2020. Na amostra há o mesmo número de companhias de corte transversal em cada um dos onze anos. Os dados estão na forma de painel equilibrado, com 264 observações no total. A fonte dos dados foi a plataforma Economatica®. O método de regressão foi o dos mínimos quadrados ordinários, considerando os chamados efeitos fixos e os efeitos aleatórios. Resultados: Os resultados mostraram que quanto maior a companhia elétrica maior o endividamento e quanto maiores os ativos tangíveis e a taxa de crescimento da companhia menor o endividamento. Prevaleceu, em geral, a teoria trade-off. Contribuições do Estudo: Os achados empíricos mostraram que o setor elétrico brasileiro apresentou uma postura conservadora entre 2010 e 2020. É seguro dizer que não há indícios de apagão financeiro no setor em função do endividamento.  Portal de Periódicos Eletrônicos da UFRN2023-07-04info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://periodicos.ufrn.br/ambiente/article/view/3135510.21680/2176-9036.2023v15n2ID31355REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 No. 2 (2023): Jul./Dez.; 61-76REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 Núm. 2 (2023): Jul./Dez.; 61-76REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 15 n. 2 (2023): Jul./Dez.; 61-762176-903610.21680/2176-9036.2023v15n2reponame:Revista Ambiente Contábilinstname:Universidade Federal do Rio Grande do Norte (UFRN)instacron:UFRNporhttps://periodicos.ufrn.br/ambiente/article/view/31355/17134Copyright (c) 2023 REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036http://creativecommons.org/licenses/by-nc-sa/4.0info:eu-repo/semantics/openAccessRocha, Carlos HenriqueSilva, Francisco Gildemir Ferreira da Ferreira, Gustavo Mamede Dias2024-01-05T10:59:21Zoai:periodicos.ufrn.br:article/31355Revistahttps://periodicos.ufrn.br/ambientePUBhttps://periodicos.ufrn.br/ambiente/oai||prof.mauriciocsilva@gmail.com2176-90362176-9036opendoar:2024-01-05T10:59:21Revista Ambiente Contábil - Universidade Federal do Rio Grande do Norte (UFRN)false
dc.title.none.fl_str_mv Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
Determinantes del endeudamiento de las empresas brasileñas de energía eléctrica negociadas en B3
Determinantes do endividamento das companhias brasileiras de energia elétrica negociadas na B3
title Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
spellingShingle Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
Rocha, Carlos Henrique
Electric companies.
capital structure.
pecking order approach.
trade-off approach.
Companhias elétricas.
estrutura de capital.
abordagem pecking order.
abordagem trade-off.
Finanças corporativas
Empresas eléctricas.
estructura de capital.
enfoque pecking order.
enfoque trade-off.
title_short Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
title_full Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
title_fullStr Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
title_full_unstemmed Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
title_sort Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
author Rocha, Carlos Henrique
author_facet Rocha, Carlos Henrique
Silva, Francisco Gildemir Ferreira da
Ferreira, Gustavo Mamede Dias
author_role author
author2 Silva, Francisco Gildemir Ferreira da
Ferreira, Gustavo Mamede Dias
author2_role author
author
dc.contributor.author.fl_str_mv Rocha, Carlos Henrique
Silva, Francisco Gildemir Ferreira da
Ferreira, Gustavo Mamede Dias
dc.subject.por.fl_str_mv Electric companies.
capital structure.
pecking order approach.
trade-off approach.
Companhias elétricas.
estrutura de capital.
abordagem pecking order.
abordagem trade-off.
Finanças corporativas
Empresas eléctricas.
estructura de capital.
enfoque pecking order.
enfoque trade-off.
topic Electric companies.
capital structure.
pecking order approach.
trade-off approach.
Companhias elétricas.
estrutura de capital.
abordagem pecking order.
abordagem trade-off.
Finanças corporativas
Empresas eléctricas.
estructura de capital.
enfoque pecking order.
enfoque trade-off.
description Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories. Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in each of the eleven years. The data is in balanced panel form, with 264 observations in total. The source of the data was the Economatica® platform. The regression method was ordinary least squares, considering so-called fixed effects and random effects. Results: The results showed that the larger the electric company the higher the debt and the higher the tangible assets and the growth rate of the company the lower the debt. The trade-off theory generally prevailed. Contributions of the Study: The empirical findings showed that the Brazilian electricity sector presented a conservative posture between 2010 and 2020. It is safe to say that there is no evidence of a financial collapse in the sector due to debt. 
publishDate 2023
dc.date.none.fl_str_mv 2023-07-04
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/31355
10.21680/2176-9036.2023v15n2ID31355
url https://periodicos.ufrn.br/ambiente/article/view/31355
identifier_str_mv 10.21680/2176-9036.2023v15n2ID31355
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://periodicos.ufrn.br/ambiente/article/view/31355/17134
dc.rights.driver.fl_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by-nc-sa/4.0
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. 15 No. 2 (2023): Jul./Dez.; 61-76
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte; Vol. 15 Núm. 2 (2023): Jul./Dez.; 61-76
REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte - ISSN 2176-9036; v. 15 n. 2 (2023): Jul./Dez.; 61-76
2176-9036
10.21680/2176-9036.2023v15n2
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
_version_ 1799770190606499840

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