CAPITAL STRUCTURE IN BRAZILIAN COMPANIES LISTED ON THE B3 IN THE YEARS BEFORE THE REQUEST FOR BANKRUPTCY OR JUDICIAL RECOVERY

Understanding the characteristics that involve companies in the period prior to filing for bankruptcy or judicial recovery is important as it allows to provide quality information to internal and external users of this entity. The objective of this study was to verify the behavior of the capital structure of the companies listed on B3 in the five years prior to filing for bankruptcy or judicial reorganization. Therefore, this study was delineated as descriptive, documentary and quantitative. Two groups of companies, solvent and insolvent, 18 were selected for each group, totaling 36 companies in this sample. Data collection was based on the Economatica (R) database, as well as information obtained on the BM & FBovespa website. The data analysis was made from three econometric equations, considering a panel data model. It is concluded that, in the period prior to the application for bankruptcy or judicial reorganization, the capital structure of these entities is explained by the decree. These companies do not have sufficient assets to cover their obligations to third parties, requiring third-party capital, since the first option to increase their own funds is not available, so they do not seek optimal debt. This research contributes to identify how to structure the capital of companies in a situation like this from the appropriate theoretical support.