Determinantes da estrutura de capital de sociedades anônimas mineiras de capital fechado

Abstract

This study aims to verify the determinants of capital structure of privately held companies. We collected data from financial statements of 62 privately held companies from the state of Minas Gerais that disclosed their financial information in the journal ‘Diário do Comércio de Minas Gerais’. Using unbalanced panel, we estimate multiple regression models to investigate the relationship between the explanatory factors profitability, tax and ontributions, degree of immobilization, size and growth rate and the leverage of the analyzed companies. The results suggest that profitability, size and growth rate are significant explanatory factors of short-term and total leverage, and the degree of immobilization is a significant explanatory factor of long-term leverage. The relationship of the factors profitability, growth rate and degree of immobilization are consistent with the Pecking Order Theory, indicating the preference to finance with internally generated resources. On the other hand, the variable size had a positive relationship with total and short-term leverage, suggesting greater credit access for larger companies, as predicted by the Agency Theory.