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| Format: | Artículo científico |
| Sprache: | en |
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Universidade Presbiteriana Mackenzie
2019
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| Online-Zugang: | https://www.redalyc.org/articulo.oa?id=195462075005 https://www.redalyc.org/journal/1954/195462075005/ https://www.redalyc.org/journal/1954/195462075005/html/ https://www.redalyc.org/journal/1954/195462075005/195462075005.epub https://www.redalyc.org/journal/1954/195462075005/movil |
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Inhaltsangabe:
- IS THE CAPITAL STRUCTURE STABLE IN BRAZIL? PÂMELA A. TRISTÃO IGOR B. SONZA Administración y Contabilidad Trade Leverage Stability off theory Capital structure Purpose: This paper’s objective is to analyze whether the capital structure of Brazilian publicly traded companies remained stable over the last twenty years. Originality/value: The paper is focused on the Brazilian capital market, in which there is a lack in the literature about the study of the leverage behavior and its immaturity, where factors related to the companies and characteristics in contracting leverage alter the demand of credit. Design/methodology/approach: To achieve its objective, initially a graphical analysis of market and book debt evolution was carried out, and a GMM-Sys regression model through panel data was estimated to identify the stability of leverage along time. Findings: The results indicate a reduction of the market leverage with higher statistical significance after 2008, indicating, both in the graphic and the regression analysis, that the use of debt was unstable in the first period analyzed (1995-2007), behavior not observed during the second period (2008-2015) when analyzed market measures in which capital structure stability was prevalent, with considerable reduction of corporate leverage, otherwise, book measures of leverage would have shown a stability trend in leverage patterns. The principal determinants of the capital structure were the tax benefits (book debt) and the size (market debt), supporting trade-off theory. 2019 artículo científico 1518-6776 https://www.redalyc.org/articulo.oa?id=195462075005 https://www.redalyc.org/journal/1954/195462075005/ https://www.redalyc.org/journal/1954/195462075005/html/ https://www.redalyc.org/journal/1954/195462075005/195462075005.epub https://www.redalyc.org/journal/1954/195462075005/movil 10.1590/1678-6971/eRAMF190154 en http://www.redalyc.org/revista.oa?id=1954 RAM. Revista de Administração Mackenzie application/pdf Universidade Presbiteriana Mackenzie RAM. Revista de Administração Mackenzie (Brasil) Num.4 Vol.20