Capital Structure as a Determinant of Growth Opportunities in Companies Listed on 83

被引：0

作者：

Lerner, Arthur Frederico ^{[1
]}

Flach, Leonardo ^{[2
,3
]}

机构：

[1] Univ Fed Santa Catarina UFSC, PPGCC, Rua Prof Joao David Ferreira Lima,Campus Univ, BR-88034520 Florianopolis, SC, Brazil

[2] MIT, 77 Massachusetts Ave, Cambridge, MA 02139 USA

[3] Univ Fed Santa Catarina UFSC, Dept Ciencias Contabeis, Rua Prof Joao David Ferreira Lima,Campus Univ, BR-88034520 Florianopolis, SC, Brazil

来源：

REUNIR-REVISTA DE ADMINISTRACAO CONTABILIDADE E SUSTENTABILIDADE | 2022年 / 12卷 / 04期

关键词：

Growth opportunities; Capital structure; Market-to-book; Tobin's Q; Indebtedness; AGENCY COSTS; INVESTMENT DECISIONS; CORPORATE-FINANCE; OWNERSHIP; FIRMS;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

A variety of empirical studies tried to explain the determinants of the capital structure of organizations. This research aims to analyze how the way a company indebted itself influences its opportunities to grow. The data collected refer to companies listed on [B]3, considering the period from 2008 to 2020. It will be used multiple regression, using panel data with a stacked time series, with growth opportunities as the dependent variable, measured using the Market-to-book (MB) and Tobin's Q (Q) index, and as independent variables, Debt, Size, Return on Assets (ROA), Revenue Growth and Capital Expenditure (CAPEX). The Market-to-book model was better explained than Tobin's Q model by the chosen variables. In both models, indebtedness and ROA were the variables with greater sensitivity to growth opportunities. Indebted companies presented better growth opportunities.

引用

页码：16 / 27

页数：12

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