Determinantes da estrutura de capital: Um estudo em empresas do setor de tecnologia de informação listadas na B3

Abstract

The studies that analyze the capital structure are numerous in several countries, aiming to identify the determinants that explain how an organization finances itself, nevertheless these studies can become important tools in a company's decisions.The work aims to investigate the determinants of capital structure and how these determinants relate to the company's value. For this, multiple linear regression was used in companies in the information technology sector listed on B3, resulting in a total sample of 3 companies from 2016 to 2020. The database used was the Economática software. The most used theoretical currents were used in works that analyze the capital structure (Agency, Information asymmetry, Trade-off and Pecking Order). The explanatory variables were taxation on profit, profitability, firm size and risk, but the variables with greater explanatory power are taxation on profit and risk. The variable taxation on profit was the one that best related to the company's value, on the other hand, the variables profitability and size were not enough to predict the capital structure and also the company's value. The theories that best explain the variations in indebtedness are Trade-off and Pecking Order, but it is noteworthy that based on the results, it is understood that both theories have explanatory power and not one isolated from the other.