Efeito setorial da intermediação financeira na dinâmica da estrutura de capital

• Autor(a) principal: Burkowski, Erika
• Data de Publicação: 2019
• Outros Autores: Perobelli, Fernanda Finotti Cordeiro, Salgueiro Perobelli, Fernando
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Economia Aplicada
• Texto Completo: https://www.revistas.usp.br/ecoa/article/view/150878
• topic: social and financial accounting matrix; input-output; capital structure; dynamic trade off; dynamic panels; matriz de contabilidade social e financeira; insumo-produto; estrutura de capital; trade off dinâmico; painéis dinâmicos

Companies that operate in sectors with greater financial restrictions tend to be more conservative, forming a liquidity reserve. In this sense, the proposal is to verify if the sectorial sensitivity to fluctuations in the supply of resources by the financial sector affects the degree of adjustment of the companies’ capital structure. In a sample of 612 publicly traded Brazilian companies, the dynamic trade off model is estimated by the method of instrumental variables in differences. It appears that the sectorial financial multiplier can be seen, on average, as a measure of financial constraint, which increases the importance of the debt stock on new hires, reducing the speed of adjusting companies to the optimal structure.