Competitividade subsetorial e estrutura de capital das empresas brasileiras listadas na B3

Abstract

The main objective of the research was to assess the impact of market competitiveness on the capital structure of Brazilian firms. To this end, a sample of 296 companies listed on the Brazilian stock exchange (B3) was analyzed during the years 2014 to 2018, totaling 1,409 observations. Data was taken from Economática®. The level of market competitiveness for each company / year was measured based on the Herfindahl-Hirschman index (HHI). Panel data was used to verify whether the variables “profitability”, “size”, “composition of assets”, “growth” and “market competition” have explanatory power over “net indebtedness”. The adherence of the behavior of these variables to the predictions of the static trade-off and pecking order theories was also evaluated. The main findings point to: (i) The level of competitiveness in the Brazilian market was not statistically significant to explain the debt behavior of the companies in the sample; and (ii) the variables “profitability”, “size” and “composition of assets” proved to be statistically significant, at the 1% level, to explain the “net debt”, and its behavior points to an adherence to the expectations brought by static trade-off theory