A estrutura de capital das cooperativas de crédito filiadas ao SICREDI

Abstract

Credit cooperative institutes aim to capital structures that provide more benefits to their members, and the efficient allocation of resources strategy by the cooperatives it one of the ways to maximize the benefits to its members. This study sought to identify the relationship between assets and liabilities of credit cooperative institutes, by analyzing the capital structure adopted by the credit unions affiliated to Sicredi system. The research strategy adopted quantitative and descriptive approaches. We used the canonical correlation to analyze the correlation between the two sides of the balance sheet, assets and liabilities. The data showed that credit unions are financing the long-term investments with long-term obligations. The equity is being used to subsidize the fixed assets and short-term bonds are financing the short-term investments. Most of the assets being financed with equity funds, which indicates a reduction in leverage, and hence lower returns to members. On the other hand, this strategy promotes greater ease in obtaining third-party funds, indicating that the affiliated credit unions to Sicredi maintain a more conservative stance.