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Análise dos determinantes da alavancagem das companhias brasileiras de capital aberto

Author

Listed:
  • Josimar Pires da Silva
  • Mariana Pereira Bonfim
  • Rafael Martins Noriller
  • Jorge Katsumi Niyama

Abstract

O presente trabalho objetiva analisar a relação entre os determinantes da estrutura de capital e a alavancagem das companhias abertas brasileiras. Para tanto, a pesquisa contou com uma amostra de 547 empresas, com informações obtidas nos demonstrações financeiras anuais de 2006 até 2015, extraídas do banco de dados da Economatica®. Foram elaboradas oito hipóteses de pesquisa pertinentes à literatura no que diz respeito a estrutura de capital. Sendo confirmadas seis hipóteses, apontando relação positiva e significativa nas variáveis BORR e LTBR, por outro lado, negativa e significativa nas variáveis GROWTH, ASSIM, TURNOVER e ROA. Outras duas hipóteses não foram confirmadas, onde variáveis TANG e INVEST, ambas com relação positiva, não apresentam coeficientes significativos. Conclui-se que os resultados da pesquisa confirmam em sua maioria a literatura prévia.

Suggested Citation

  • Josimar Pires da Silva & Mariana Pereira Bonfim & Rafael Martins Noriller & Jorge Katsumi Niyama, 2017. "Análise dos determinantes da alavancagem das companhias brasileiras de capital aberto," Observatorio de la Economía Latinoamericana, Servicios Académicos Intercontinentales SL. Hasta 31/12/2022, issue 228, February.
    • Handle: RePEc:erv:observ:y:2017:i:228:33
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