Estrutura de capital e diversificação de negócios de empresas brasileiras

• Autor(a) principal: Silva, Sandro Braz
• Data de Publicação: 2018
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23308
• topic: estruturas de capital; níveis de endividamento; diversificação estratégica de negócios; categorias de diversificação de negócios; regressão com dados em painel; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

The present study analyzes the relationship between strategic business diversification and debts of Brazilian publicly traded companies of B3 (Brasil Bolsa Balcão) in the period from 2012 to 2016. The debts or capital structure was measured through the financial statements available in Economática and the strategic business diversification was classified from the Bloomberg database in the Relatório de Segmentos, whose company gross sales revenue is presented in the country's currency and the percentage of gross sales revenue for products and/or services. With the gross sales revenue in percentage of products and services, it was possible to classify the companies in single or small diversified businesses, dominant or moderately diversified businesses and related businesses-unrelated or very diversified. The sample is initially composed of 237 Brazilian companies classifiable from different sectors, excluding the financial and fund sectors. Fundamentally the research uses a quantitative approach conducted by regression techniques with panel data (pooled models, fixed effects and random effects). The uses of bibliographic, documentary and explanatory research techniques also make up the methodology. It was found that the dominant strategic business variable is more related to debts, confirming the hypothesis of a negative relation with the debts. Then the unique business enterprises. Regarding the financial variables, the results in pooled are: a) the strategic variable of more diversified companies presented a negative relation with the debts, contrary to the theory; b) the variable size, risk, tax benefits and market to book also presented a negative relation with the debts contradicted some theories. With results in fixed effects, these less present by this means, presented variables such as risk, tax benefits, adverse tangibility to the theory in relation to the debts in Brazilian companies in the analyzed period.