Confronto das teorias de Pecking Order e Trade-Off: evidências com base nas companhias brasileiras abertas

• Autor(a) principal: Campos, Claudio
• Data de Publicação: 2009
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23547
• topic: alavancagem financeira; estrutura de capital; Pecking Order; Trade-off; financial leverage; capital structure; Pecking Order; Trade-off; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS

Two theoretical currents, which have been developed in the context of the North American economy, compete with each other to explain the Capital Structure of organizations. The first one called Static Trade-off Theory shows that the enterprises pursue a pre-established capital structure, whereas the second, called Pecking Order Theory" states that what determines the debt-ratio of the enterprises is the difference between the cash-flow generated internally and the financial deficit. It is the scope of this study to test the hypothesis of Trade-off and Pecking Order in the Corporate decisions concerning Finance using the Cross-Section Method to analyze the data of a sample of 214 Brazilian firms listed in Bovespa Stock Exchange. This study took into consideration the structure of research by Tong and Green (2005) which had been performed with a sample of 50 Chinese companies, due to the characteristics of the Chinese economy and the recommendation on the part of the authors to apply these models in countries under development or economies in transition. The studies carried out by Allen (1993), Baskin (1989) and Adedeji (1998) were also used to define three models in which the Pecking Order Theory and the Trade-off Theory present very different predictions:- (1) The determinants of financial leverage, (2) the relationship between financial leverage and dividends, (3)The determinants of the Corporate investment. As a relevant result, it was confirmed through the first model that there is indeed a negative and significant relation between financial leverage and profitability; the second model showed a positive and significant relation between financial leverage and index of dividends paid; whereas the third model, like in the studies by Tom and Green, did not lead to any conclusions; pointing out that the overall results tend to the Pecking Order Theory. Therefore, this work brings new empirical evidences for the theories by Tong and Green showing that the behavior of financing of the Brazilian companies follow the conventional model of Corporate Capital Structure.