Estrutura de dívida: um estudo sobre os padrões e determinantes do endividamento das empresas que atuam no Brasil

• Autor(a) principal: Póvoa, Angela Cristiane Santos
• Data de Publicação: 2013
• Tipo de documento: Tese
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações do Mackenzie
• Texto Completo: http://dspace.mackenzie.br/handle/10899/23213
• topic: estrutura de capital; estrutura de dívida; heterogeneidade; homogeneidade; debt estructure; capital structure; homogeneity; heterogeneity; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO

Although the issue of capital structure is one of the most researched in corporate finance such research , in general, treat the debt capital as a source of homogeneous and uniform features , nevertheless this is often formed by a variety of debt instruments which differ from each other in various aspects, such as access to resources , transaction costs, maturity, collaterality among others . This study sought to contribute innovatively to the understanding of the determinants of capital structure in view of the prospect of debt structure and its impact on the way businesses structure their capital. Therefore, it was proposed to reach four main objectives : i ) Identify whether the debt structure of Brazilian companies is marred by patterns debt heterogeneous or homogeneous , ii ) identify which factors may explain the observed patterns of indebtedness ; iii ) evaluate how choices in relation to sources of debt vary depending on the characteristics of firms (size , risk , leverage etc ) iv ) assess the implications of the use of dependent variables in studies of aggregate leverage of firms . The results showed that, in Brazil , you can find both patterns debt homogeneous heterogeneous, and such patterns attributed to four main factors : company size, market to book ratio , degree of tangibility and presence of grade rating . Business characteristics were identified as determinants for the choice of specific sources of debt and the use of general measures of debt as dependent variables factors can effectively promote generalizations that fail to observe the factors that are relevant to the composition of the debt structure and which therefore affect the decision between using equity and debt.