A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras

Detalhes bibliográficos
Ano de defesa: 2013
Autor(a) principal: Gatti, Thiago Castiglia lattes
Orientador(a): Nakamura, Wilson Toshiro lattes
Banca de defesa: Oyadomari, José Carlos Tiomatsu lattes, Campos, Anderson Luis Saber lattes
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:
risco de negócio
estrutura de capital
endividamento
painel de dados
Palavras-chave em Inglês:
business risk
capital structure
debt
panel data
Área do conhecimento CNPq:
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
Link de acesso: http://dspace.mackenzie.br/handle/10899/23446
Resumo: This dissertation focused on studying the relationship between business risk and leverage of Brazilian companies. To this end, six variables were used to represent the business risk (standard deviation of ROA, standard deviation of log of sales,standard deviation of changes in operating income, the unlevered beta, the cyclicality and the operating leverage) and five index of debt (total debt, short term debt, longterm debt, financial debt and net debt) calculated at their book and market values. The method used in the study for the treatment of the data was the panel data and the model that was used to estimate was the static panel. Among the results obtained by the regressions performed, some to be emphasized were the negative relationship of the standard deviation of ROA with financial debts and net debts, the negative relationship of the standard deviation of the log of sales and the standard deviation of the change in operating income with variables of debt in book value and the unlevered beta negative relationship with the variables of debt in market value.This study concluded that the risk of business is relevant to decisions about the capital structure of companies.
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spelling 2016-03-15T19:26:08Z2020-05-28T18:04:01Z2014-01-132020-05-28T18:04:01Z2013-08-15http://dspace.mackenzie.br/handle/10899/23446This dissertation focused on studying the relationship between business risk and leverage of Brazilian companies. To this end, six variables were used to represent the business risk (standard deviation of ROA, standard deviation of log of sales,standard deviation of changes in operating income, the unlevered beta, the cyclicality and the operating leverage) and five index of debt (total debt, short term debt, longterm debt, financial debt and net debt) calculated at their book and market values. The method used in the study for the treatment of the data was the panel data and the model that was used to estimate was the static panel. Among the results obtained by the regressions performed, some to be emphasized were the negative relationship of the standard deviation of ROA with financial debts and net debts, the negative relationship of the standard deviation of the log of sales and the standard deviation of the change in operating income with variables of debt in book value and the unlevered beta negative relationship with the variables of debt in market value.This study concluded that the risk of business is relevant to decisions about the capital structure of companies.Esta dissertação teve como foco estudar a relação entre o risco do negócio e o endividamento das empresas brasileiras. Para este fim, foram usadas seis variáveis para representar o risco de negócio (desvio padrão do ROA, do log das vendas, da variação da receita operacional, o beta desalavancado, o grau de ciclicidade e o grau de alavancagem operacional) e cinco índices de endividamento (endividamento total, endividamento de curto prazo, endividamento de longo prazo, dívida financeira e divida liquida) calculados em seus valores contábeis e de mercado. O método utilizado no trabalho para o tratamento dos dados foi o painel de dados e foi usado o modelo de estimação de painel estático. Dentre os resultados obtidos pelas regressões realizadas, alguns a serem destacados foram a relação negativa do desvio padrão do ROA com as dividas financeira e liquida, a relação negativa do desvio padrão do log das vendas e do desvio padrão da variação da receita operacional com as variáveis de endividamento em valor contábil e a relação negativa do beta desalavancado com as variáveis de endividamento em valor de mercado. Este trabalho concluiu que o risco de negócio é relevante para as decisões sobre a estrutura de capital da empresas.application/pdfporUniversidade Presbiteriana MackenzieAdministração de EmpresasUPMBRAdministraçãorisco de negócioestrutura de capitalendividamentopainel de dadosbusiness riskcapital structuredebtpanel dataCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOA relação entre o risco de negocio e a estrutura de capital das empresas brasileirasinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisNakamura, Wilson Toshirohttp://lattes.cnpq.br/1327686935533816Oyadomari, José Carlos Tiomatsuhttp://lattes.cnpq.br/5722412463663652Campos, Anderson Luis Saberhttp://lattes.cnpq.br/2230401906908835http://lattes.cnpq.br/4942157878853605Gatti, Thiago Castigliahttp://tede.mackenzie.br/jspui/retrieve/2739/Thiago%20Castiglia%20Gatti.pdf.jpghttp://tede.mackenzie.br/jspui/bitstream/tede/617/1/Thiago%20Castiglia%20Gatti.pdfinfo:eu-repo/semantics/openAccessreponame:Biblioteca Digital de Teses e Dissertações do Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIE10899/234462020-05-28 15:04:01.21Biblioteca Digital de Teses e Dissertaçõeshttp://tede.mackenzie.br/jspui/PRI
dc.title.por.fl_str_mv A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
title A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
spellingShingle A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
Gatti, Thiago Castiglia
risco de negócio
estrutura de capital
endividamento
painel de dados
business risk
capital structure
debt
panel data
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
title_short A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
title_full A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
title_fullStr A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
title_full_unstemmed A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
title_sort A relação entre o risco de negocio e a estrutura de capital das empresas brasileiras
author Gatti, Thiago Castiglia
author_facet Gatti, Thiago Castiglia
author_role author
dc.contributor.advisor1.fl_str_mv Nakamura, Wilson Toshiro
dc.contributor.advisor1Lattes.fl_str_mv http://lattes.cnpq.br/1327686935533816
dc.contributor.referee1.fl_str_mv Oyadomari, José Carlos Tiomatsu
dc.contributor.referee1Lattes.fl_str_mv http://lattes.cnpq.br/5722412463663652
dc.contributor.referee2.fl_str_mv Campos, Anderson Luis Saber
dc.contributor.referee2Lattes.fl_str_mv http://lattes.cnpq.br/2230401906908835
dc.contributor.authorLattes.fl_str_mv http://lattes.cnpq.br/4942157878853605
dc.contributor.author.fl_str_mv Gatti, Thiago Castiglia
contributor_str_mv Nakamura, Wilson Toshiro
Oyadomari, José Carlos Tiomatsu
Campos, Anderson Luis Saber
dc.subject.por.fl_str_mv risco de negócio
estrutura de capital
endividamento
painel de dados
topic risco de negócio
estrutura de capital
endividamento
painel de dados
business risk
capital structure
debt
panel data
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
dc.subject.eng.fl_str_mv business risk
capital structure
debt
panel data
dc.subject.cnpq.fl_str_mv CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
description This dissertation focused on studying the relationship between business risk and leverage of Brazilian companies. To this end, six variables were used to represent the business risk (standard deviation of ROA, standard deviation of log of sales,standard deviation of changes in operating income, the unlevered beta, the cyclicality and the operating leverage) and five index of debt (total debt, short term debt, longterm debt, financial debt and net debt) calculated at their book and market values. The method used in the study for the treatment of the data was the panel data and the model that was used to estimate was the static panel. Among the results obtained by the regressions performed, some to be emphasized were the negative relationship of the standard deviation of ROA with financial debts and net debts, the negative relationship of the standard deviation of the log of sales and the standard deviation of the change in operating income with variables of debt in book value and the unlevered beta negative relationship with the variables of debt in market value.This study concluded that the risk of business is relevant to decisions about the capital structure of companies.
publishDate 2013
dc.date.issued.fl_str_mv 2013-08-15
dc.date.available.fl_str_mv 2014-01-13
2020-05-28T18:04:01Z
dc.date.accessioned.fl_str_mv 2016-03-15T19:26:08Z
2020-05-28T18:04:01Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://dspace.mackenzie.br/handle/10899/23446
url http://dspace.mackenzie.br/handle/10899/23446
dc.language.iso.fl_str_mv por
language por
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Presbiteriana Mackenzie
dc.publisher.program.fl_str_mv Administração de Empresas
dc.publisher.initials.fl_str_mv UPM
dc.publisher.country.fl_str_mv BR
dc.publisher.department.fl_str_mv Administração
publisher.none.fl_str_mv Universidade Presbiteriana Mackenzie
dc.source.none.fl_str_mv reponame:Biblioteca Digital de Teses e Dissertações do Mackenzie
instname:Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron:MACKENZIE
instname_str Universidade Presbiteriana Mackenzie (MACKENZIE)
instacron_str MACKENZIE
institution MACKENZIE
reponame_str Biblioteca Digital de Teses e Dissertações do Mackenzie
collection Biblioteca Digital de Teses e Dissertações do Mackenzie
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1757174471984152576

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