Alavancagem e Velocidade de Ajuste da Estrutura de Capital: Análise das empresas pertencentes aos países do BRICS e seus impactos regionais

Abstract

Contextualization: Recent research has identified gaps related to capital structure and SOA, such as the need to include developing countries in the field of study, explore the impact of yet untested determinants, and the lack of studies focusing on the adjustment of leverage among industries within a particular country compared to others. It was also identified that, concerning Brazilian literature, there is a predominance of studies aiming to test theoretical assumptions and identify factors that can influence the level of indebtedness of companies, but little is discussed about this effect on SOA, especially regarding the intensity of the influence of these factors on SOA. This research aims to discuss literature gaps and is of importance for managers and policymakers. Objective: The central objective of this research is to address financial issues related to the capital structure of companies from the BRICS countries and Brazilian companies listed on B3, by examining the relationships between determinants, leverage, and the speed of adjustment (SOA) at the country level and from the perspective of regional and sectoral heterogeneity. Additionally, it aims to propose a theoretical debate in light of the Trade-Off theory. Method: The research is empirical, with both analyses using quantitative approaches. Statistical and mathematical methods were used to test hypotheses about the relationships between variables. The research utilized panel data, which allowed for the combination of data, reduction of multicollinearity problems, avoidance of loss of degrees of freedom, and reduction of the impact of omitted variables. Partial adjustment models were used, based on previous studies (e.g., Flannery; Rangan, 2006) to estimate the speed of adjustment of companies to a target level of leverage. The coefficients were estimated using the fixed effects model, as well as the General Method of Moments (GMM), Sys-GMM, and Diff-GMM, giving due emphasis to the different ways of measuring the SOA. Results: The results showed evidence of the Trade-Off theory in developing countries and that the leverage of BRICS companies is closely related to different variables, depending on the level of indebtedness. They also allowed observation that the speed of adjustment of the capital structure varies according to the sector and region of companies, with the non-cyclical consumer sector showing higher SOA, providing a greater understanding of the effects of macroeconomic variables on the capital structure. Alignment with the concentration area of PPGAdm (Regionality and Management) and the research line: The research addresses the relationship between the determinants of the capital structure of Brazilian companies and regional and sectoral heterogeneity. This analysis contributes to the understanding of financial management in companies in different regions of the country, considering specific economic and institutional factors. Moreover, the research aligns with the research line by exploring how companies adapt and respond to regional factors in their financing decisions. Impact and innovative character in intellectual production: The presented research has an impact and innovative character in intellectual production by addressing the relationship between the capital structure of Brazilian companies and regional and sectoral heterogeneity. The analysis of the determinants of leverage and speed of adjustment, considering different regions and sectors, contributes to advancing knowledge in the field of financial management and understanding the specificities of the Brazilian context. Economic, social, and regional impact: In economic terms, the analysis of the determinants of the capital structure of Brazilian companies contributes to understanding financial management and financing decisions in different regions and sectors of the country. In social terms, the research also provides relevant insights for the formulation of public policies that encourage access to financing and promote economic development in different regions. In regional terms, the analysis of regional heterogeneity in Brazilian companies allows understanding how companies adapt and respond to regional factors in their financing decisions. Regional implications: The analysis of regional heterogeneity in Brazilian companies allows understanding how companies adapt and respond to regional factors in their financing decisions, being important in a country of continental dimensions like Brazil, where regional characteristics can significantly influence the performance of companies. Sustainable Development Goals addressed in the research: The research addresses Sustainable Development Goals 8 - Decent Work and Economic Growth and 9 - Industry, Innovation, and Infrastructure. In response to Goal 8, the research analyzes the capital structure of Brazilian companies and its relation to regional economic development. By understanding the determinants of the capital structure, the research can contribute to the creation of public policies that encourage access to financing and promote economic growth, resulting in more job creation and improved working conditions. In response to Goal 9, the research analyzes the regional and sectoral heterogeneity of Brazilian companies regarding their capital structure. By understanding how companies adapt and respond to regional factors in their financing decisions, the research can provide insights for the development of infrastructure and innovation policies that boost economic growth and competitiveness of companies. These goals can be justified by the fact that the research contributes to understanding the financial management and financing decisions of Brazilian companies, which can lead to better resource allocation, greater regional economic development, and the promotion of decent work. Some of the implications of this research include important questions about how understanding the determinants of the capital structure of Brazilian companies can contribute to the creation of public policies focused on decent work; how the analysis of regional and sectoral heterogeneity of Brazilian companies can drive innovation and infrastructure development, and what are the main challenges faced by Brazilian companies regarding their capital structure, furthermore, how this impacts regional economic growth.