scholarly journals IS THE CAPITAL STRUCTURE STABLE IN BRAZIL?

2019 ◽  
Vol 20 (4) ◽  
Author(s):  
PÂMELA A. TRISTÃO ◽  
IGOR B. SONZA
Keyword(s):  
Capital Structure ◽  
Statistical Significance ◽  
Graphical Analysis ◽  
Structure Stability ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Tax Benefits ◽  
The Stability ◽  
Second Period ◽  
The Capital Structure

ABSTRACT Purpose: This paper’s objective is to analyze whether the capital structure of Brazilian publicly traded companies remained stable over the last twenty years. Originality/value: The paper is focused on the Brazilian capital market, in which there is a lack in the literature about the study of the leverage behavior and its immaturity, where factors related to the companies and characteristics in contracting leverage alter the demand of credit. Design/methodology/approach: To achieve its objective, initially a graphical analysis of market and book debt evolution was carried out, and a GMM-Sys regression model through panel data was estimated to identify the stability of leverage along time. Findings: The results indicate a reduction of the market leverage with higher statistical significance after 2008, indicating, both in the graphic and the regression analysis, that the use of debt was unstable in the first period analyzed (1995-2007), behavior not observed during the second period (2008-2015) when analyzed market measures in which capital structure stability was prevalent, with considerable reduction of corporate leverage, otherwise, book measures of leverage would have shown a stability trend in leverage patterns. The principal determinants of the capital structure were the tax benefits (book debt) and the size (market debt), supporting trade-off theory.

scholarly journals O nível de concentração de capital influencia a estrutura de capital das empresas brasileiras?

2019 ◽  
Vol 12 (4) ◽  
pp. 785
Author(s):  
Samuel De Paiva Naves Mamede ◽  
Wilson Toshiro Nakamura ◽  
José Renato De Paula Souza Jardim ◽  
Graciela Dias Coelho Jones ◽  
Elaine Aparecida Maruyama Vieira Nakamura
Keyword(s):  
Capital Structure ◽  
Concentration Level ◽  
Panel Data Analysis ◽  
Annual Data ◽  
Positive Relation ◽  
Publicly Traded ◽  
Future Studies ◽  
Publicly Traded Companies ◽  
The Capital Structure

The purpose of the present research is to identify whether the capital structure of the Brazilian listed companies is influenced by the capital concentration level. The sample comprises 104 Brazilian publicly traded companies listed on the BM&FBOVESPA, totaling 1,258 observations for annual data in the period from January 1st, 2008 to December 31st, 2014. By using panel data analysis and taking into account the control variables identified as relevant in the literature, the main results show that (i) capital concentration has a positive relation with market indebtedness and with long-term net debt to market equity; (ii) the variables size, volatility, profitability and tangibility, highlighted in the theoretical archetype, evidence a significant influence on long-term debt to market equity and book equity, and (iii) there are no findings and/or inferences that net debt to EBITDA may bring implications for shareholders´ capital concentration. For future studies, suggestions are: i) to increase observations of Brazilian privately held companies; ii) to compare the results obtained with the capital structure of other countries, and iii) to highlight and relate other variables in the literature which are not addressed by the present research.

scholarly journals Does capital structure influence the performance of corporate social responsibility? An analysis in companies of the world's largest economies

2021 ◽  
Vol 15 ◽  
pp. e174007
Author(s):  
Paula Pontes de Campos-Rasera ◽  
Gabriela de Abreu Passos ◽  
Romualdo Douglas Colauto
Keyword(s):  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Capital Structure ◽  
Empirical Studies ◽  
Debt Financing ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Corporate Social ◽  
The Relationship ◽  
The Capital Structure

Companies are under external and internal pressure to adopt Corporate Social Responsibility (CSR) practices. Positive and significant results of the relationship between CSR and financial performance are not always confirmed in empirical studies, demonstrating, thus, no consensus has been achieved in CSR literature yet. Thereby, we seek to understand the influence of capital structure on the performance of CSR practices, since there is a theoretical omission about intangible attributes. We formulated three hypotheses about the relationship between CSR and: the capital structure (H1); the debt financing (H1a); and the shareholder’s equity (H1b). We used a sample of 1,642 publicly traded companies on the 10 highest GDP countries. Using GMM 2SLS estimator, the results reveal positive and significant relationship between shareholders’ equity and CSR, while for the relationship between debt financing and CSR shown a negative and significative correlation. Our findings suggest that companies with higher scores of CSR tend to finance itself through equity. We found differences between countries related to the Capital Structure volume required to achieve a CSR positive index. Our findings provoke further debate concerning the reasons that conduct organizations to adopt such practices and foster new discussions about the aspects that involve social practices responsible adoption in companies.

scholarly journals Fator País e Estrutura Dinâmica de Capital nas Empresas da América Latina

2012 ◽  
Vol 10 (2) ◽  
pp. 267 ◽  
Author(s):  
Leonel Rodrigues Bogéa Sobrinho ◽  
Hsia Hua Sheng ◽  
Mayra Ivanoff Lora
Keyword(s):  
Capital Structure ◽  
Latin American ◽  
Decision Processes ◽  
Duration Models ◽  
Publicly Traded ◽  
Partial Adjustment ◽  
Financing Decision ◽  
Structure Dynamics ◽  
America Latina ◽  
The Capital Structure

We develop partial adjustment and duration models to test the relevance of country idiosyncrasies in determining the capital structure of publicly-traded Brazilian, Chilean and Mexican firms. Our data panel, ranging from the 4th quarter of 1996 to the 2nd quarter of 2010, consists of 4403 firm-quarter observations pertaining to 139 firms. Our findings suggest that capital structure dynamics vary by country, local idiosyncrasies are key determinants of firms’ leverage among Brazilian, Chilean and Mexican firms, and that factors other than firm-specific characteristics influence the financing decision processes of Latin American managers

scholarly journals Determinants of the capital structure of TSL sector enterprises

Management ◽  
2018 ◽  
Vol 22 (1) ◽  
pp. 122-139
Author(s):  
Janina Jędrzejczak-Gas
Keyword(s):  
Regression Analysis ◽  
Correlation Analysis ◽  
Capital Structure ◽  
Statistical Significance ◽  
Linear Regression Method ◽  
Effective Tax Rate ◽  
Tax Rate ◽  
Financial Liquidity ◽  
The Impact ◽  
The Capital Structure

Summary Determinants of the capital structure of TSL (Transport, Spedition, Logistics) sector enterprises The capital structure has been of interest for researchers in the field of financial theory for over 60 years. However, literature surveys show that relatively few studies on the structure of capital and the factors shaping it can be applied to the TSL industry. The TSL (Transport, Spedition, Logistics) sector belongs to industries with a high development potential, both in the world and Poland. In order to meet the need for the diagnosis of the TSL industry in Poland, the research was undertaken to identify and examine the strength and direction of the impact of selected factors on the capital structure of enterprises in the TFL sector in Poland. The article consists of two parts. The first part explains the issues related to defining the concept of capital structure and includes identification of capital structure determinants based on the literature. The second part shows research methods, describes the sample, defines variables and presents results of the research. The enterprises listed on the NewConnect market were the subject of the research. It was to achieve the set goal that the correlation analysis and the linear regression method were used. Both correlation analysis and regression analysis have not confirmed the significance of all seven capital structure determinants. The correlation analysis has confirmed the significance of four determinants: asset structure, profitability, company size and financial liquidity. The regression analysis has also confirmed the statistical significance of the four determinants; these are: the structure of assets, size of the company, financial liquidity and the effective tax rate. The analysis of correlation shows that the level of indebtedness is positively correlated with the size of the enterprise and profitability, while negatively, with the structure of assets and financial liquidity. In turn, the regression analysis shows that the level of indebtedness is positively correlated only with one variable: the size of the enterprise, while negatively with the three variables: the structure of assets, financial liquidity and the effective tax rate.

Impact Of Local Accounting Standard On IFRS For Defining Firm’s Capital Structure: An Analysis Based On Indian Companies

2016 ◽  
Vol 5 (2) ◽  
Author(s):  
Mr. Surajit Das
Keyword(s):  
Capital Structure ◽  
Financial Reporting ◽  
Statistical Significance ◽  
Accounting Standards ◽  
Regression Analyses ◽  
Accounting Standard ◽  
Innovative Design ◽  
Financial Reporting Standards ◽  
The Impact ◽  
The Capital Structure

In this study, the main purpose is to examine the impact of Indian Accounting Standard on International Financial Reporting Standards (IFRS) for defining capital structure components, which has been expressed as ratios. The study employed an innovative design known as “same firm-year” research design (2010-11) and effort is being made to understand its impact. Regression analyses were used to test the statistical significance of this impact and ANOVA were used to test the hypothesis. Main finding from the study is that Indian Accounting Standard has a great impact on IFRS for disclosing the capital structure components. IFRS and Indian Accounting Standards are interrelated for defining the capital structure components. The study found that Indian AS and IFRS are inter-related for disclosing the capital structure components.

scholarly journals The Influential Factors on Capital Structure: A Study on Portuguese High Technology and Medium-High Technology Small and Medium-Sized Enterprises

2020 ◽  
Vol 11 (4) ◽  
pp. 23
Author(s):  
Yehui Tong ◽  
Zelia Serrasqueiro
Keyword(s):  
Capital Structure ◽  
Intangible Assets ◽  
Statistical Significance ◽  
High Technology ◽  
Total Sample ◽  
Order Theory ◽  
Influential Factors ◽  
Pecking Order Theory ◽  
Industry Sector ◽  
The Capital Structure

Using the panel data model, this paper studies the influential factors on the capital structure of small and medium-sized enterprises (SMEs) in high and medium-high technology manufacturing sectors in Portugal. In particular, the total sample is further classified into young SME group and mature SME group for observing the similarities and differences. The research results show that firm size, profitability, firm age, and industry sector impact much on the capital structure and debt ratios; on the other hand, the impacts of tangible assets, intangible assets, and growth are not as strong as the previous factors. The differences of the impacts on young and mature SMEs are mainly shown by growth, intangible assets and industry sector. In particular, intangible assets show more statistical significance in young SMEs compared to mature SMEs, and intangible assets tend to be positively related to long-term debt especially in young SME group; this may reflect the positive attitude of financial institutions on the value of intangibles in generating future benefits for high and medium-high technology young firms. Besides, the findings tend to support the pecking order theory more than the trade-off theory regarding the high and medium-high technology manufacturing SMEs here.

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