Estudo sobre a estrutura de capital das empresas brasileiras no período pós Plano Real (1995-2005)




The purpose of this work was to identify the determinants of the capital structure in Brazilian listed companies, from 1995-2005. After establishing the analytical framework, quantitative and qualitative procedures were used. From the quantitative point of view, the selected econometric technique was a balanced panel, additionally to the use of factor analysis and of the structural equation model to confirm a model without omitted variables. In order to check the consistency of the results, many regressions with different alternative proxies for leverage and subperiods were calculated. At the same time, a qualitative survey was conducted with top executives in order to understand the behavior of these agents. The econometric results obtained from the component factor analysis, the structural equation model and the panel data pointed as significant the variables linked with financial performance (profitability or turnover, either operational or general) and linked with the liquidity of the firm, with negative correlation with the debt strcture of the company. This result is in line with the majority of the works conducted in Brazil, reinforcing the pecking order hierarchical choice of leverage. This behavior is corroborated by the management that opted for liquidity over profitability locally. Additionally, the size of the companies appears as significant on the gearing regressions, showing that larger companies prevail over smaller ones. A dynamic adjustment behavior of the leverage into a target was also verified, in line with a dynamic Trade-off theory, whereas in a slow speed. Transaction costs and stratospherically real interest rate might be underneath this behavior, reinforcing the fact that profit maximization, although fundamental, would be second against liquidity or to other strategic variables in Brazil.


panel data capital structure determinantes dados em painel estrutura de capital determinants administracao de empresas

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