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Bibliographic Details
Main Author:	Andressa Alves Araújo Santos
Format:	Artículo científico
Language:	pt
Published:	Universidade Estadual de Maringá 2021
Subjects:	Administración y Contabilidad Endividamento Rentabilidade Pecking Order Theory Trade off Theory
Online Access:	https://www.redalyc.org/articulo.oa?id=307169275010 https://www.redalyc.org/journal/3071/307169275010/ https://www.redalyc.org/journal/3071/307169275010/html/ https://www.redalyc.org/journal/3071/307169275010/307169275010.epub https://www.redalyc.org/journal/3071/307169275010/movil
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Os efeitos das decisões de estrutura de capital e investimento no desempenho financeiro empresarial Andressa Alves Araújo Santos Stela Basso Montoro David Ferreira Lopes Santos Mariana Donadon Matiolli Administración y Contabilidad Endividamento Rentabilidade Pecking Order Theory Trade off Theory Os estudos empíricos na área de finanças corporativas têm analisado as decisões de investimento e endividamento e os efeitos dessas decisões no desempenho financeiro de forma segregada, cujos resultados revelam efeitos contraditórios das variáveis utilizadas em cada uma dessas decisões. A partir disso, este estudo tem como objetivo analisar de forma agregada os fatores determinantes das decisões de investimento e endividamento das empresas brasileiras e os reflexos no desempenho financeiro entre 1999 a 2018, a partir da combinação de duas bases privadas. Essas bases foram combinadas, totalizando uma média de 1.340 empresas em cada um dos anos, no total de 20 anos, sendo possível realizar uma intersecção com informações de 737 empresas em todo o período. A análise ocorreu através do modelo de regressão com dados em painel, por meio de três modelos empíricos, uma para cada dimensão (investimento, endividamento e desempenho financeiro). Os resultados dessa pesquisa evidenciam que há interdependência entre as decisões, em que a variação da receita e o Retorno sobre o Investimento podem exercer impactos distintos nas decisões de investimento e endividamento. Além disso, as variáveis sobre decisões de investimento e endividamento exercem influência significativa mútua, em que o crescimento do ativo está relacionado com a redução do endividamento, sinalizando para maior preferência por capital próprio. Diante disso, esse estudo demonstra a necessidade de uma maior discussão sobre essas duas principais decisões financeiras de forma integrada, inclusive para avaliação no desempenho das empresas. 2021 artículo científico 1517-9087 https://www.redalyc.org/articulo.oa?id=307169275010 https://www.redalyc.org/journal/3071/307169275010/ https://www.redalyc.org/journal/3071/307169275010/html/ https://www.redalyc.org/journal/3071/307169275010/307169275010.epub https://www.redalyc.org/journal/3071/307169275010/movil 10.4025/enfoque.v40i3.51810 pt http://www.redalyc.org/revista.oa?id=3071 Enfoque: Reflexão Contábil application/pdf Universidade Estadual de Maringá Enfoque: Reflexão Contábil (Brasil) Num.3 Vol.40

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