DETERMINANTS OF THE CAPITAL STRUCTURE OF BRAZILIAN COMPANIES: A PANEL DATA ANALYSIS

被引：4

作者：

Martucheli, Camila Teresa ^{[1
]}

Lage de Faria, Cristiano Andrade ^{[2
]}

de Souza, Antonio Artur ^{[3
,4
]}

机构：

[1] Univ Fed Minas Gerais, Adm Financas, Belo Horizonte, MG, Brazil

[2] Univ Fed Minas Gerais, Adm, Belo Horizonte, MG, Brazil

[3] Univ Lancaster, Management Sci, Lancaster, England

[4] Univ Fed Minas Gerais, Belo Horizonte, MG, Brazil

来源：

REVISTA EVIDENCIACAO CONTABIL & FINANCAS | 2020年 / 8卷 / 02期

关键词：

Capital structure; Corporate factors; Macroeconomic factors; STRUCTURE DECISIONS; AGENCY COSTS; CORPORATE; FIRM; COUNTRY; WORLD;

D O I：

10.22478/ufpb.2318-1001.2020v8n2.45928

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Objective: To identify and analyze the intrinsic factors of companies and the macroeconomic factors in Brazil that influence the capital structure of publicly traded companies. Fundamentals: Trade-off, pecking order and agency cost theories. Method: Econometric panel data technique for a sample of 284 Brazilian companies listed in B3. Results: The data analysis showed that the determinants of capital structure in this study are the intrinsic variables: financial cycle, asset value, tangibility, general and immediate liquidity, growth opportunity, asset and equity turnover, EBIT margin, ROA, ROE, ROIC; and macroeconomic variables: GDP growth and taxes. Contributions: This study aims at contributing to the discussion that is still inconclusive about the determinants of the capital structure and regarding the previous studies that did not use the financial cycle variable. The present research proposed to add this factor to the studied model, which proved to be positively correlated with the indebtedness level.

引用

页码：26 / 42

页数：17

共 50 条

[1] Determinants of capital structure: a panel regression analysis of Indian auto manufacturing companies
S. Santhosh Kumar
C. Bindu
[J]. Journal of Social and Economic Development, 2021, 23 : 338 - 356
[2] Determinants of capital structure: a panel regression analysis of Indian auto manufacturing companies
Kumar, S. Santhosh
Bindu, C.
[J]. JOURNAL OF SOCIAL AND ECONOMIC DEVELOPMENT, 2021, 23 (02) : 338 - 356
[3] Determinants of capital structure: panel data analysis of Indian firms
Bhatia, Shikha
Srivastava, Aman
[J]. INTERNATIONAL JOURNAL OF INDIAN CULTURE AND BUSINESS MANAGEMENT, 2022, 25 (04) : 455 - 472
[4] The capital structure of Swiss companies: an empirical analysis using dynamic panel data
Gaud, P
Jani, E
Hoesli, M
Bender, A
[J]. EUROPEAN FINANCIAL MANAGEMENT, 2005, 11 (01) : 51 - 69
[5] DO DETERMINANTS INFLUENCE THE CAPITAL STRUCTURE DECISION IN BANGLADESH? A PANEL DATA ANALYSIS
Uddin, Mohammad Nazim
Khan, Mohammed Shamim Uddin
Hosen, Mosharrof
[J]. INTERNATIONAL JOURNAL OF BUSINESS AND SOCIETY, 2022, 23 (02): : 1229 - 1248
[6] The Determinants of Capital Structure: An Empirical Research Based on Panel Data
Shen Pingping
Wang Shaohua
[J]. PROCEEDINGS OF THE TWELFTH WEST LAKE INTERNATIONAL CONFERENCE ON SMALL & MEDIUM BUSINESS (WLICSMB 2010), 2011, : 231 - 236
[7] Determinants of dividend payout of construction companies: a panel data analysis
Singla, Harish Kumar
Samanta, Pradeepta Kumar
[J]. JOURNAL OF FINANCIAL MANAGEMENT OF PROPERTY AND CONSTRUCTION, 2019, 24 (01) : 19 - 38
[8] Capital structure determinants of shipbuilding companies
Adland, Roar
Noraas, Joakim
Iversen, Rikke S.
[J]. INTERNATIONAL JOURNAL OF SHIPPING AND TRANSPORT LOGISTICS, 2017, 9 (06) : 763 - 789
[9] Determinants of mining companies' capital structure
Sierpinska, Maria
[J]. GOSPODARKA SUROWCAMI MINERALNYMI-MINERAL RESOURCES MANAGEMENT, 2021, 37 (02): : 125 - 144
[10] Application of data mining techniques for understanding capital structure of Brazilian companies
Horta, R. A. M.
Pires, H. M.
de Lima, B. S. L. P.
[J]. DATA MINING X: DATA MINING, PROTECTION, DETECTION AND OTHER SECURITY TECHNOLOGIES, 2009, 42 : 103 - +

← 1 2 3 4 5 →