Determinantes da estrutura de capital das companhias abertas na América Latina no período entre 2001 e 2006 utilizando dados em painel

• Ano de defesa: 2008
• Autor(a) principal: Bastos, Douglas Dias
• Orientador(a): Nakamura, Wilson Toshiro
• Banca de defesa: Basso, Leonardo Fernando Cruz , Marcon, Rosilene
• 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; macroeconomia; instituições; dados em painel; América Latina
• Palavras-chave em Inglês: capital structure; macroeconomics; institutions; panel data; Latin America
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23541

Recent researches have been evidenced that the specific factors of the countries, as atmosphere legal, institutional and economical exercises influence in the capital structure of the companies of several developed countries and in developing. The present study investigates the determinant of capital structure using the econometric technique of static panel data, for a sample of 388 companies, of several sections, belonging to the seven larger economies of Latin America (Mexico, Brazil, Argentina, Chile and Peru), in the period between 2001 and 2006, in order to determine the relative importance of the firm-specific factors as well as of the institutional factors and macroeconomics on the leverage ratio of the companies. Starting from six indicators of leverage ratio (total book-debt ratio, short-term book-debt ratio, long-term book-debt ratio, total market-debt ratio, short-term financial-debt ratio and long-term financial-debt ratio), it was evidenced that the firm-specific factors: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies. The first three presented a negative relation with the leverage ratio, while the variable size presented a positive relation. Among the four analyzed theoretical currents (Trade off, Asymmetry of information, Pecking order and Agency) the theory of Pecking order seems to be the one that best explains the obtained results. The results for the factors macroeconomics and institutional were not so robust, except for the variable GDP growth, that indicated there is a negative relation with the leverage ratio to the total market-debt ratio and short-term/long-term financial-debt ratio. Other important evidences were the negative relation among the proxy about relevance of the stock market with the total book-debt ratio and total market-debt ratio and the proxy time of opening of a new business, that evidenced a positive relation with the short-term/long-term financial-debt ratio. The other factors macroeconomics and institutional were not statistically significant. In spite of the factors macroeconomics and institutional are significant for explaining the capital structure of the companies, they seem not to matter strongly in the decisions on the degree of leverage ratio of the companies.