Estrutura de capital das cooperativas agropecuárias do Rio Grande do Sul: um estudo sob a perspectiva das decisões da gestão financeira

Abstract

Considering the relevance of agricultural cooperatives for the socioeconomic development of Rio Grande do Sul, this study aims to analyze how capital structure indicators are used in the financial management decisions of these organizations. Based on classical capital structure theories, especially the Pecking Order Theory (POT) and the Trade-off Theory, the study adopts a qualitative and descriptive approach, based on a multiple case study involving four large agricultural cooperatives. Data collection was carried out through triangulation of sources, combining documentary analysis of the 2023 financial statements — to calculate indicators such as profitability, liquidity, solvency, and debt — and semi-structured interviews with financial managers, in order to capture perceptions and management practices. The data were analyzed through content analysis and integration of quantitative and qualitative information. The results demonstrate that financial indicators are central to the management of cooperatives, influencing decisions on debt, investments, and distribution of surpluses. It was observed that larger and more profitable cooperatives tend to adopt more conservative positions regarding the use of third-party capital, considering not only financial metrics, but also social and strategic aspects and meeting the needs of members. Risks such as default and seasonality directly impact financial decision-making. Among the practical recommendations, the following stand out: improving strategic financial planning, prudent debt management, multifactorial assessment of investment viability, continuous risk monitoring and strengthening the financial education of members. This study fills a gap in the literature by applying classical theories to the cooperative context of Rio Grande do Sul and offers relevant insights for managers and researchers seeking to understand and improve financial management in agricultural cooperatives.