O impacto da alavancagem na estrutura de capital de empresas brasileiras negociadas na Bovespa

Abstract

The choice of sources of business financing is an important strategy to financial performance. Accordingly, this study sought to address how some sectors of the economy is financed over a period of five years. The sectors chosen were the Steel and metals, Commerce and Gas and Oil, because they have different business and be representative of the Brazilian economic scenario. We collected indicators of indebtedness of the sectors mentioned for later calculation of mean and standard deviation. After that, we proceeded to the quantitative analysis of the same, in order to observe the magnitude of the mean and the variability of the same during the period examined. Sought to determine whether the results demonstrate the preference of the sectors of the economy under study with respect to sources of financing: equity versus debt. Additionally, the analysis of the standard deviation sought to establish the maintenance of annual averages, which may suggest the extent of balance in its capital structure. It was concluded that all sectors analyzed validate the theory of Hierarchy of Sources of Funding, or the surveyed sectors are funded through the preferred equity and secondly by debt. In turn the sectors of Steel e Metals and Gas and Oil showed low variability of the average over the period, which corroborates the theory of equilibrium. The sector of Commerce showed a considerable dispersion of the average, probably caused by recent changes in the economic scenario with regard to this business.