Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016
DOI:
https://doi.org/10.21171/ges.v15i41.3451Keywords:
Trade-Off theory. Pecking Order theory. Debt. Determinants of the Capital Structure. Data Panel.Abstract
This research refers to the determinants of the capital structure, using the multiple regression technique through panel data, of open capital companies in the Brazilian stock exchanges, in order to know the behavior of determinants of the capital structure in relation to the Trade-Off Theory (TOT) and the Pecking Order Theory (POT). Sixteen accounting variables were used, in which five are dependent (related to indebtedness) and eleven are independent variables (explanatory of the determinants of the capital structure). It is observed that, with the use of Panel Data, the determinants that seem to have a more accentuated influence on the levels of indebtedness of companies are: current liquidity, tangibility, return to shareholders, return on assets, sales growth, growth of assets, market-to-book and business risk measured by earnings volatility.
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2021-07-09
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Rabelo Henrique, M., Braz Silva, S., & Saporito, A. (2021). Determinants of the Capital Structure of Companies Listed on the Brazilian Stock Exchange: an Empirical Analysis from 2007 to 2016. Management & Society Electronic Journal, 15(41), 4163–4193. https://doi.org/10.21171/ges.v15i41.3451
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