Decisões de estrutura de capital no contexto das menores empresas brasileiras de capital aberto

Abstract

This study aimed to analyze the capital structure among small companies listed in B3, from different sectors. For the analysis of the results, a descriptive methodology was used, with the application of multiple linear regression, first with the analysis of descriptive statistics, followed by a panel data analysis. The dependent variables were: profitability (ROA) and volatility of results based on standard deviation of ROA, asset growth, total company assets at the end of each year, natural logarithm of total assets, the fixed assets plus the intangible and the sector. The results suggested that there was no relationship between the sector and the type of capital structure chosen by the analyzed companies. In addition, the Pecking Order theory seems to explain better the behavior of these organizations when choosing funding.