Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial
Autor(a) principal: | |
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Data de Publicação: | 2015 |
Tipo de documento: | Tese |
Idioma: | por |
Título da fonte: | Biblioteca Digital de Teses e Dissertações do Mackenzie |
Texto Completo: | http://dspace.mackenzie.br/handle/10899/23235 |
Resumo: | The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. |
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2016-03-15T19:31:12Z2020-05-28T18:02:49Z2015-09-222020-05-28T18:02:49Z2015-08-03SILVA, Marcos Roberto Alves da. Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial. 2015. 183 f. Tese (Doutorado em Administração) - Universidade Presbiteriana Mackenzie, São Paulo, 2015.http://dspace.mackenzie.br/handle/10899/23235The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance.O objetivo principal deste estudo é verificar a influência do setor de atividades, dos fatores econômicos e de mercado e do desempenho empresarial na definição da estrutura de capital. Utiliza-se de dados da Economática com 415 empresas brasileiras que atuaram no mercado de capitais (BM&FBOVESPA), no período entre 2001 e 2014, buscando examinar o comportamento de tais dimensões e sua aderência ao conjunto teórico mais difundido atualmente. Decisões inadequadas de estrutura de capital eleva o custo de capital, dificultando investimentos aceitáveis que maximize a riqueza dos proprietários. Muitos estudos em relação ao endividamento das empresas foram realizados nas últimas décadas, mas, até agora, não foi encontrada uma resposta de relevância ou falta dela. Neste sentido, pode-se concluir que não temos ainda uma teoria totalmente aceita sobre a estrutura de capital. É difícil generalizar sobre políticas de financiamento, pois elas diferem bastante de empresa para empresa e nos diversos setores de atividades. As variáveis específicas de desempenho empresarial continuam sendo usadas de forma exaustiva para buscar alicerçar um arcabouço teórico a respeito do tema. Outros estudos, em menor escala, principalmente no Brasil, investigam uma possível influência do setor de atividade e das condições/restrições econômicas e de mercado na escolha da estrutura de capital. Neste sentido, percebendo a lacuna de estudos de estrutura de capital no Brasil, que contemplem setor de atividades e variáveis econômicas e de mercado, abre-se a oportunidade para a contribuição deste projeto de pesquisa. Como resultado constata-se que, após regressão robusta visando corrigir problemas de autocorrelação dos erros e heterocedasticidade, que as variáveis alavancagem média do setor, investimentos do setor, Ibovespa, pib, inflação, market-to-book, Q de Tobin, lucratividade, liquidez, crescimento e risco do negócio apresentaram significância estatística, no sentido de explicar as variações da variável dependente, ou seja, a alavancagem a valor de mercado. Outras variáveis, como concentração do setor, taxa de juros, tamanho e tangibilidade, não apresentaram, depois da regressão robusta, significância estatística.Universidade Presbiteriana Mackenzieapplication/pdfporUniversidade Presbiteriana MackenzieAdministração de EmpresasUPMBRAdministraçãoestrutura de capitalsetor de atividadestatistic trade-off theorypecking order theoryequity market timingcapital structuresectors of activitystatistic trade-off theorypecking order theoryequity market timingCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESASDecisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarialinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/doctoralThesisNakamura, Wilson Toshirohttp://lattes.cnpq.br/1327686935533816Basso, Leonardo Fernando Cruzhttp://lattes.cnpq.br/1866154361601651Ribeiro, Kárem Cristina de Sousahttp://lattes.cnpq.br/4700574397199469Forte, Denishttp://lattes.cnpq.br/0075062531510292Campos, Anderson Luis Saberhttp://lattes.cnpq.br/2230401906908835http://lattes.cnpq.br/1616930165343747Silva, Marcos Roberto Alves dahttp://tede.mackenzie.br/jspui/retrieve/3104/Marcos%20Robertoprot.pdf.jpghttp://tede.mackenzie.br/jspui/bitstream/tede/833/1/Marcos%20Robertoprot.pdfinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIE10899/232352020-05-28 15:02:49.842Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI |
dc.title.por.fl_str_mv |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
title |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
spellingShingle |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial Silva, Marcos Roberto Alves da estrutura de capital setor de atividade statistic trade-off theory pecking order theory equity market timing capital structure sectors of activity statistic trade-off theory pecking order theory equity market timing CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
title_short |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
title_full |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
title_fullStr |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
title_full_unstemmed |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
title_sort |
Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial |
author |
Silva, Marcos Roberto Alves da |
author_facet |
Silva, Marcos Roberto Alves da |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Nakamura, Wilson Toshiro |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/1327686935533816 |
dc.contributor.referee1.fl_str_mv |
Basso, Leonardo Fernando Cruz |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/1866154361601651 |
dc.contributor.referee2.fl_str_mv |
Ribeiro, Kárem Cristina de Sousa |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/4700574397199469 |
dc.contributor.referee3.fl_str_mv |
Forte, Denis |
dc.contributor.referee3Lattes.fl_str_mv |
http://lattes.cnpq.br/0075062531510292 |
dc.contributor.referee4.fl_str_mv |
Campos, Anderson Luis Saber |
dc.contributor.referee4Lattes.fl_str_mv |
http://lattes.cnpq.br/2230401906908835 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/1616930165343747 |
dc.contributor.author.fl_str_mv |
Silva, Marcos Roberto Alves da |
contributor_str_mv |
Nakamura, Wilson Toshiro Basso, Leonardo Fernando Cruz Ribeiro, Kárem Cristina de Sousa Forte, Denis Campos, Anderson Luis Saber |
dc.subject.por.fl_str_mv |
estrutura de capital setor de atividade statistic trade-off theory pecking order theory equity market timing |
topic |
estrutura de capital setor de atividade statistic trade-off theory pecking order theory equity market timing capital structure sectors of activity statistic trade-off theory pecking order theory equity market timing CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
dc.subject.eng.fl_str_mv |
capital structure sectors of activity statistic trade-off theory pecking order theory equity market timing |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS |
description |
The aim of this study is to verify the influence of the sector of activities, economic and market factors and business performance in the definition of capital structure. It uses data from Economática with 415 Brazilian companies that operated in the capital market (BM&FBOVESPA), between 2001 and 2014, to examine the behavior to such dimensions and their adherence to the wider theoretical set today. Inappropriate decisions of capital structure raises the cost of capital, hindering acceptable investments that maximize the wealth of the owners. Many studies regarding the indebtedness of companies were made in recent decades, but so far has no obvious response of relevance or lack thereof. In this sense, one can conclude that we do not have a theory fully accepted on the capital structure. It is difficult to generalize about funding policies because they differ widely from company to company and in the various sectors of activity. The specific variables to business performance continue to be used exhaustively to seek underpin a theoretical framework on the subject. Other studies, on a smaller scale, mainly in Brazil, investigate a possible influence of the sectors of activity and the economics and market conditions / restrictions in the choice of capital structure. In this sense, realizing the gap of capital structure studies in Brazil, that address sectors of activity and economic and market variables, it opens up the opportunity for this research project. As a result it appears that, after robust regression problems correct order autocorrelation of errors and heteroscedasticity, the variables average leverage of sector, investment of sector, Ibovespa, GDP, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations dependent variable, ie, leverage the market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. As a result it appears that, after robust regression correct order autocorrelation problems of errors and heteroscedasticity, the average leverage variables sector, industry investment, Ibovespa, gdp, inflation, market-to-book, Tobin's Q, profitability, liquidity, growth and business risk were statistically significant in order to explain the variations of the dependent variable, ie, leverage at market value. Other variables, such as concentration of the sector, interest rate, size and tangibility, did not show, after the robust regression, statistical significance. |
publishDate |
2015 |
dc.date.available.fl_str_mv |
2015-09-22 2020-05-28T18:02:49Z |
dc.date.issued.fl_str_mv |
2015-08-03 |
dc.date.accessioned.fl_str_mv |
2016-03-15T19:31:12Z 2020-05-28T18:02:49Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/doctoralThesis |
format |
doctoralThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
SILVA, Marcos Roberto Alves da. Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial. 2015. 183 f. Tese (Doutorado em Administração) - Universidade Presbiteriana Mackenzie, São Paulo, 2015. |
dc.identifier.uri.fl_str_mv |
http://dspace.mackenzie.br/handle/10899/23235 |
identifier_str_mv |
SILVA, Marcos Roberto Alves da. Decisões de estrutura de capital no Brasil - uma abordagem por setor de atividade, fatores econômicos e de mercado e desempenho empresarial. 2015. 183 f. Tese (Doutorado em Administração) - Universidade Presbiteriana Mackenzie, São Paulo, 2015. |
url |
http://dspace.mackenzie.br/handle/10899/23235 |
dc.language.iso.fl_str_mv |
por |
language |
por |
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 |
Universidade Presbiteriana Mackenzie |
dc.publisher.program.fl_str_mv |
Administração de Empresas |
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UPM |
dc.publisher.country.fl_str_mv |
BR |
dc.publisher.department.fl_str_mv |
Administração |
publisher.none.fl_str_mv |
Universidade Presbiteriana Mackenzie |
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MACKENZIE |
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MACKENZIE |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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Biblioteca Digital de Teses e Dissertações do Mackenzie |
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