Estrutura de capital: relação entre a alavancagem financeira e o retorno das ações na BOVESPA - um estudo sobre o setor de telecomunicações no Brasil

• Ano de defesa: 2007
• Autor(a) principal: Oliveira, Carlos de
• Orientador(a): Famá, Rubens
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica de São Paulo
• Programa de Pós-Graduação: Programa de Estudos Pós-Graduados em Ciências Contábeis e Atuariais
• Departamento: Ciências Cont. Atuariais
• País: BR
• Palavras-chave em Português: Ações de empresas de telecomunicações do Brasil; Ações na Bolsa de Valores de São Paulo; Acoes (Financas); Administracao financeira; Contabilidade
• Palavras-chave em Inglês: Value in the Brazilian telecommunication companies; Shares in the BOVESPA
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS
• Link de acesso: https://tede2.pucsp.br/handle/handle/1669

The probability of companies will finding themselves in debt and the substantial range of alternative financial solutions that are available in today s market have been very popular topics researched, discussed among academics concerned with globalization and the easy access to capital. The main challenge is to find the ideal mix of manageable debt and share allocation in order to discover the most effective formula to develop and raise capital. The types of questions raised when discussing these important topics include: Is there an optimal capital structure? Does the choice of financial resource suppliers affect economic performance? If so, what kind of level of affect is created? The present thesis addresses the issue of the impact of debt on an organization s value in the Brazilian telecommunication market after privatization in 1998. The figures presented within this thesis have been organized in a manner that demonstrates the effect in the performance of thirteen telecommunication companies that had transactions included with BOVESPA, during the period between 31/12/2003 and 31/12/2005. The figures are related to the capital structure using simple linear regression between the debt ratio represented by long term debt, divided by the equity and the return on stock market value of twenty six assets dealt in BOVESPA, involving ordinary shares and preferential shares of the companies studied. The variable percentage is presented in a series of three-month periods. Banco Fator supplied the share quotation figures. The figures referring to the market indicators are available via BOVESPA s website, and the figures referring to the companies debts are derived from ITR reports which are provided in a series of three-month periods, which are available from the CMV (Comissão de Valores Mobiliários) website. There have been recent and relevant materials published in Brazil which also address the issues that have been mentioned above, including: Capital Structure Correlations and Profit, by Fama and Melher (1999); Risk and Leverage Theories, by Galdão and Fama (1998); Financing Pecking Order in Brazilian Companies, by Medeiros and Daher (2005); The Market Related to Operational Leverage shown by Dantas, Medeiros and Lustosa (2006); The Optimal Capital Structure Focus for projects, by Rozo (2001) and Efficient Market Hypothesis, by Rabelo Junior and Ikeda (2004). The present thesis proposes a contribution to future studies concerning the addressed issues, taking into consideration the fact that the Brazilian telecommunication market represents a significant proportion of BOVESPA´s interests, indicating that this thesis provides evidence of the relevant aspects of Capital Structure Theories influence on the behavior and risk management policy to be utilized by investors and administrators in the growing market of investments in technology with a growth perspective