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Influencia da estrutura de capital no desempenho de empresas brasileiras sob a ótica nao linear

Author

Listed:
  • Edgar Pamplona
  • Tarcísio Pedro da Silva

Abstract

Objetivou-se verificar a influencia da estrutura de capital no desempenho economico de empresas industriais brasileiras sob a ótica nao linear. A amostra abrangeu 232 organizacoes listadas na Brasil, Bolsa, Balcao (B3), com dados de 1996 a 2017. As informacoes foram tratadas a partir de técnicas estatísticas, com destaque para a regressao quadrática. Os achados apontam que o nível ideal de endividamento para maximizar o Retorno sobre o Patrimonio Líquido (ROE) é de 35,78%, enquanto para impulsionar o Retorno sobre Ativos (ROA) é de 45,81%. Tais resultados enquadram-se nos preceitos da teoria trade-off. Conclui-se que: 1) modelos lineares podem levar a conclusoes equivocadas acerca do fenomeno observado; e, 2) gestores corporativos devem observar de maneira particular a estrutura de capital para maximizar o desempenho corporativo conforme o prisma desejado: ROE ou ROA.

Suggested Citation

  • Edgar Pamplona & Tarcísio Pedro da Silva, 2020. "Influencia da estrutura de capital no desempenho de empresas brasileiras sob a ótica nao linear," Estudios Gerenciales, Universidad Icesi, vol. 36(157), pages 415-427, December.
    • Handle: RePEc:col:000129:019078
    DOI: 10.18046/j.estger.2020.157.3851
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    More about this item

    Keywords

    Estrutura de capital; desempenho econômico; influência não linear;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G39 - Financial Economics - - Corporate Finance and Governance - - - Other

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