Determinantes da estrutura de capital de empresas brasileiras de capital aberto

Abstract

The implications of the capital structure have been questioned since the beginning of the studies in the area of corporate finance and have a milestone in the work of Modiglian and Miller (1958) in which they question the relevance of this structure to the value of the company. Since several theories are proposed to explain the determinants of firms' capital structure such as trade off theory, pecking order theory, agency theory. In this sense, the present work sought to identify the determining factors of the capital structure of the Brazilian listed companies listed in B3, between 2010 and 2018, through the theories and variables listed in the literature. The regression technique with panel data analysis was used in a sample of 107 firms with three regression models to verify the influence of variables on total indebtedness, short-term indebtedness and long-term indebtedness. As a result, variables such as size, market to book, Q-Tobin, and current liquidity also showed explanatory power for indebtedness. Except for the variable Q-Tobin, the variables presented a relation expected by pecking order theory corroborating their conjectures and the accruals discricions confirm the relationship between the management of results and indebtedness. Thus, the pecking order theory and the asymmetry of information denoted greater clarification for determining the indebtedness of Brazilian publicly traded companies.