o processo de endividamento das empresas de capital aberto no brasil de 2006 a 2022

Abstract

This paper aims to analyze the process of debt accumulation in large companies with publicly traded shares and to understand the high levels of indebtedness of firms in the 2010s, using the Minskyan theoretical framework and, above all, financial postures as the basis. The goal is to comprehend the problem involved in this issue, specifically the characteristics of debt in large companies from 2006 to 2022. To achieve this, a literature review of Hyman Minsky's theories on financial fragility and postures is first conducted to relate them to companies' financing decisions. This includes a review of investment and financing, with a focus on capital structure. Subsequently, based on the collected data, the levels of equity participation, indebtedness, and debt composition of 21 publicly traded companies will be analyzed, as well as the financial postures adopted by these companies over the years. Among the findings, there is a predominance of speculative and Ponzi postures during the analyzed years, indicating fragility in the Brazilian economic system.