Determinantes da estrutura de capital das empresas brasileiras: uma análise de dados em painel

Abstract

Objective:Toidentify and analyze the intrinsic factors of companies and the macroeconomic fac-tors in Brazil that influence the capital structure of publicly traded companies. Fundamentals:Trade-off, pecking order and agency cost theories.Method:Econometric panel data technique for a sample of 284 Brazilian companies listed in B3.Results:The data analysis showed that the determinants of capital structure in this study are the intrinsic variables: financial cycle, asset value, tangibility, general and immediate liquidity, growth opportunity, asset and equity turnover, EBIT margin, ROA, ROE, ROIC; and macroeconomic vari-ables: GDP growth and taxes.Contributions:This study aims at contributing to the discussion that is still inconclusive about the determinants of the capital structure and regarding theprevious studies that did not use the finan-cial cycle variable. The present research proposed to add this factor to the studied model, which proved to be positively correlated with the indebtedness level.