Estrutura de capital e competitividade setorial em empresas listadas na B3 durante a crise do COVID-19

Abstract

The objective of this work is to evaluate the influence of the COVID-19 health crisis and the market competition of different sectors on the capital structure of Brazilian companies. Supported by trade-off and pecking order theories, a sample of Brazilian companies listed on B3 was used, referring to the 2nd quarter of 2018 to the 1st quarter of 2022. The determinant variables of the capital structure used were: profitability, size, tangibility, asset composition, growth, the competitiveness proxy, was measured by the Herfindahl-Hirschman index and the COVID-19 health Crisis Dummy. The method employed, due to the presence of heteroscedasticity and autocorrelation, was the Feasible Generalized Least Squares regression. The results supported the dynamics of indebtedness against the pecking order, where higher returns tend to need less external funding and the trade-off, showing that the relationship with greater tangibility and larger firms generally find it easier to obtain financing. Regarding the COVID-19 crisis, it is concluded that it had a positive influence analyzed by the market sector. The research contributes to a better understanding of capital structures in the face of the trade-off and pecking order and the COVID-19 health crisis