Determinantes da estrutura de capital: aplicação a empresas brasileiras de capital fechado

Abstract

Given the relevance of capital structure for companies, several theorists have sought to demonstrate its impact on their value. Although there is no consensus on this condition, the companies tend to behave as if there was an optimum structure. Considering such behavior by firms, Perobelli & Famá (2002) in an adaptation of the model proposed by Titman & Wessels (1988) for the U.S. market, showed relevant results. Using factor analysis, the authors sought to identify, for the brazilian companies with open capital, what are the attributes that determine the Capital Structure of those organizations. Based on the relevance of that study, the same model was applied for privately held Brazilian companies through access of a database unavailable to the general public, also with interesting results: there is evidence that attributes such as size, growth and colaterall are positively related to the level of long-term debt of companies, noting that companies with those attributes tend to use that sort of debt. Additionally, it is observed that the margin attribute shows connection with the short-term debt, indicating that companies with higher margins have negative tendency to assume short-term debt.