A lei 11.638/07 e os determinantes de estrutura de capital das empresas brasileiras de capital aberto no período entre 2006 e 2009

• Ano de defesa: 2010
• Autor(a) principal: Araujo, Bruno Henrique de
• Orientador(a): Nakamura, Wilson Toshiro
• Banca de defesa: Barros, Lucas Ayres Barreira de Campos , Arima, Carlos Hideo
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Programa de Pós-Graduação: Administração de Empresas
• Departamento: Administração
• País: BR
• Palavras-chave em Português: estrutura de capital; empresas brasileiras; lei 11.638/07; determinantes
• Palavras-chave em Inglês: capital structure; brazilian companies; Law 11.638/07; determinants
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23335

The study on the capital structure of companies has been one of the most common issues in the area of corporate finance since the seminal article conducted by Modgliani and Miller (1958). Since then, several studies have sought to identify the factors and reasons that cause companies to choose their sources, but there is still no conclusion or uniformity in the results.Among the theories that stand out during discussions are the trade-off theory, the pecking order, the market timing and the managerial optimism. This study aimed to examine whether there were structural changes in the determinants of capital structure after the implementation of Law 11.638/07, which altered the composition of proxies study. To perform the analysis, were done cross-sectional regressions for the periods before and after implementation of the law, with a sample of 93 companies. The equations generated in the presence of 13 variables were compared following the Chow test. The results presented by the regression of pre Law 11.638/07, indicate that size, tangibility, the participation of debentures, the risk of bankruptcy, profitability, the presence of BNDES and the level of corporate governance have significant relationship with the structure of indebtedness. Already, the result presented by the regression of the post Law 11.638/07 indicated that the size, tangibility, profitability, the share of bonds, the presence in the regulated sector and the level of corporate governance have significant relationship with the capital structure. A Chow test indicated that there was structural change between the regressions of the two periods. When comparing debt ratios between the two periods, it was found that there was no significant change. This result is in line with the Chow test, indicating that there was no change in indebtedness of companies, but crucial relationship between structure and debt ratios. It should be noted that during the period of analysis was the global financial crisis, which could generate some bias in the results, making it impossible to isolate the relationship between the change in the law and changing structure of the determinants.