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Previous issue date: 2014-01-21 / This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts / Este estudo teve como objetivo investigar a influ?ncia das classes de ativos e da desagrega??o da tangibilidade como fatores determinantes da estrutura de capital das empresas listadas na BM&FBOVESPA no per?odo de 2008 a 2012. Foram compostas duas classes de ativos circulantes que, agrupadas por liquidez, s?o analisadas pelas institui??es financeiras para concess?o de cr?dito: recursos correntes (Disponibilidades e Aplica??es Financeiras) e opera??es com duplicatas (Estoques e Clientes a Receber). A desagrega??o dos ativos tang?veis foi feita com base em seus principais componentes fornecidos como garantias para empr?stimos, como M?quinas & Equipamentos e Terrenos & Edifica??es. Para extens?o das an?lises, tr?s m?tricas para alavancagem (cont?bil, financeira e de mercado) foram empregadas e a amostra foi dividida em setores econ?micos adotados pela BM&FBOVESPA. O modelo de dados em painel din?mico estimado por GMM sist?mico de dois est?gios foi utilizado neste estudo por ser robusto ? problemas de rela??es end?genas assim como para vieses de vari?veis omitidas. Os resultados encontrados sugerem que os recursos correntes s?o determinantes da estrutura de capital possivelmente por serem caracterizados como proxies para solv?ncia financeira, sendo sua rela??o positiva com o endividamento. A an?lise setorial corroborou os resultados para recursos correntes. A tangibilidade de ativos possui rela??o inversamente proporcional com a alavancagem. Ao desagreg?-la em seus principais componentes, a influ?ncia negativa e significativa das M?quinas & Equipamentos foi mais acentuada no setor de Bens Industriais. Esse resultado demonstra que, em m?dia, os ativos mais espec?ficos da atividade operacional de uma empresa concorrem para menor uso de recursos de terceiros. Como resultados complementares, verificou-se que a alavancagem possui persist?ncia, o que coaduna com a teoria do static trade-off. Especificamente para alavancagem financeira, observou-se que a persist?ncia ? significativa quando controlada para as vari?veis de classes de ativos circulantes defasadas. A vari?vel proxy para oportunidades de crescimento, medida pelo Market-to-Book, tem o sinal de seu coeficiente controverso. O tamanho da empresa tem rela??o positiva com o endividamento, a favor da teoria do static trade-off. A lucratividade ? a vari?vel mais consistente em todas as estima??es realizadas, apresentando rela??o fortemente negativa e significativa com a alavancagem, conforme prediz a teoria do pecking order
| Identifer | oai:union.ndltd.org:IBICT/oai:repositorio.ufrn.br:123456789/12237 |
| Date | 21 January 2014 |
| Creators | Cavalcanti, Joyce Mariella Medeiros |
| Contributors | CPF:03040553607, http://lattes.cnpq.br/4968429773311336, Almeida, Vin?cio de Souza e, CPF:83906762300, http://lattes.cnpq.br/5861723290897089, Machado, Marcio Andre Veras, CPF:76215482315, http://lattes.cnpq.br/7863514939024209, M?l, Anderson Luiz Rezende |
| Publisher | Universidade Federal do Rio Grande do Norte, Programa de P?s-Gradua??o em Administra??o, UFRN, BR, Pol?ticas e Gest?o P?blicas; Gest?o Organizacional |
| Source Sets | IBICT Brazilian ETDs |
| Language | Portuguese |
| Detected Language | English |
| Type | info:eu-repo/semantics/publishedVersion, info:eu-repo/semantics/masterThesis |
| Format | application/pdf |
| Source | reponame:Repositório Institucional da UFRN, instname:Universidade Federal do Rio Grande do Norte, instacron:UFRN |
| Rights | info:eu-repo/semantics/openAccess |
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