Alavancagem operacional e volatilidade no retorno das ações de empresas brasileiras de capital aberto

Abstract

Studies interested in identifying how organizations finance their activities and define their capital structure are not new to financial and accounting literatures. As a general objective, the present study seeks to identify the relationship between operational leverage and volatility in the return of shares of Brazilian companies listed in B3 (Bolsa, Balcão, Brazil), answering the following question: What is the relationship between operational leverage and volatility in the return of shares of Brazilian companies listed in B3? This study has a descriptive character and a quantitative approach. A database was analyzed with some 322 shares listed in B3, comprising 21 activity sub-sectors (representing 11 economic sectors), between the years 2010 and 2017. The relationship between operational leverage and stock return volatility in the multivariate regression analysis was negative and statistically significant at 10% for the sample considered.