A influência da alavancagem financeira na rentabilidade dos investidores em empresas brasileiras

Abstract

Financial leverage consists of the strategy of increasing the variation of the results in relation to the revenues, due to the financial expenses derived from the use of third capital, as investment financing. However, a company’s adequate level of indebtedness is not always clearly identifiable, and can lead to loss-of-profit leverage. Thus, this study aimed to verify the influence of financial leverage in relation to the profitability of investors in Brazilian companies. Descriptive statistics methods were used in order to ascertain the correlations between the studied variables: GAF and Indebtedness; and GAF and ROE. The Student’s ttest was applied to verify if there was a significance of the means of the companies that obtained GAF > 1 or GAF ≤ 1. The correlation indexes were positive, showing a strong relationship between the variables. It was concluded that the number of companies that maintained their favorable financial leverage situation with GAF > 1 was significant, with a return on the asset higher than the remuneration paid to the capital of third parties, always attentive to the proportions of third-party capital used in the composition of the capital structure.