Endividamento das empresas: quais os fatores associados?

Abstract

Decisions about the capital structure of a company, in other words, how it is financed, is one of the most complex issues for financial decision making, because it is related to several variables of finance, as well as hover over different theories that justify the scenario. This research, based on the Pecking Order and Trade-off Theories, sought to analyze the factors associated with the degree of debt of Brazilian companies. As specific objectives, we sought to verify if the Cash Flow Statement (DFC) indices help to explain the degree of corporate debt. To reach the objective, we analyzed 34 companies listed in the ISE, in the periods 2011 to 2015, and the multiple regression test of the data was applied. As a result, it was verified that the variables coverage of debts with cash, and return on the PL (indicators of the DFC), growth, the fact of issuing shares abroad, the company is listed in the new corporate governance market, belong to the Health or Public Utility, are characteristics capable of explaining the variation in the companies' debt. In general, it was verified that the DFC indices are able to help explain the differences in the degrees of debt of the companies, and the results found confirm the Pecking Order Theory, in detriment of the Trade-off Theory.