Mercado de capitais: uma análise das empresas não financeiras listadas na BM&FBovespa sob a ótica do endividamento e custos fixos

Abstract

This dissertation analyzes two aspects of great relevance to the business area of a company: indebtedness and fixed costs. The purpose of this paper is to understand the determinants of indebtedness and fixed costs. The dissertation addresses the two issues in stages, the first stage being debt and the second the fixed costs. In the first stage the objective is to answer what are the determining factors for the indebtedness of publicly traded companies in Brazil. The work has an applied nature, quantitative approach, of the descriptive type, using the technical documentary procedure. The sample of this study was formed by Brazilian non-financial companies, listed on the BM&FBovespa, the period analyzed was from 2010 to 2016, with 210 companies. The methodology of analysis involves the adoption of regression of fixed effects estimators as well as the use of descriptive statistics and correlations between the variables object of study, with panel data. The results suggest that the pecking order theory is more consistent to explain the capital structure of the publicly traded non-financial corporations listed on the BM&FBovespa, a fact evidenced by the significance of seven explanatory variables converging to this theory (Tobin Q, Immobilization Rate, Net Billing Rate, Market to Book, Financing, Net Working Capital and ROE). In the second stage, the objective is to answer the determinants of the fixed costs of publicly traded companies in Brazil. The work has an applied nature, quantitative approach, of the descriptive type, using the technical documentary procedure. The sample of this study was formed by Brazilian non-financial companies, listed on the BM&FBovespa, the period analyzed was from 2010 to 2016, composed of 251 companies. The methodology of analysis involves the adoption of regression of fixed effects estimators, as well as the use of descriptive statistics and correlations between the variables object of study, with panel data. The results show that the variables that have a high relation with the total expenses (Total Expenditure) influence it with greater intensity. The size of the company, the Rate of Variation of Total Expense and revenues (Net Billing Rate) has a negative influence, since the market value (Tobin's Q) influences positively. Therefore, these variables are determinant for fixed costs. The determinants identified for fixed costs are firm size, cost and revenue volatility and market value, as well as influencing total expenses, ie, positive or negative impact.