Um Painel Setorizado das Variáveis Determinantes da Estrutura de Capital de Empresas Brasileiras / A Sectorized Panel of the Variables Determining the Capital Structure of Brazilian Companies
DOI:
https://doi.org/10.34140/bjbv3n1-059Palavras-chave:
Statistic Trade-Off Theory, Pecking Order Theory, variáveis setoriais.Resumo
O objetivo principal deste estudo é verificar a influência do setor de atividade na definição da estrutura de capital das empresas brasileiras. Utiliza-se de dados da Economática com 415 empresas brasileiras que atuaram no mercado de capitais (BM&FBOVESPA), num período de 14 anos. Percebendo a lacuna de estudos de estrutura de capital no Brasil, que contemplem setor de atividades, com a utilização de variáveis específicas, abre-se a oportunidade para a contribuição deste estudo. Como resultado constata-se que, após regressão robusta de Cluster visando corrigir problemas de autocorrelação dos erros e heterocedasticidade, as variáveis alavancagem média do setor, concentração do setor, investimentos do setor, lucratividade, liquidez, crescimento, risco do negócio e tangibilidade apresentaram significância estatística, no sentido de explicar as variações na variável dependente, ou seja, a alavancagem a valor de mercado. O tamanho da empresa não apresenta significância.
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