Estrutura de capital e rentabilidade das empresas exportadoras e não exportadoras listadas na B3

Abstract

This study is aimed to do an analysis of the profitability according to the capital structure, adopting a comparison between export business and not export business listed in B3. These groups were evidenced in the research, based on their representativeness in the economy, since the exports affect positively the GDP and they value the Brazilian trade balance. 436 companies were analysed, divide their in two groups: export business and not-export business, the first group has 79 companies as statistical sample and other group 357, observed between 2010 and 2017. The analysis were based in multiple regressions with data in panel and aleatory effects. The profitability index was measured by the performance variables: ROA ana ROE. The independent variable represented by the capital structure shows the total debt of the companies. As control variables were used: growth, size, tangibility, taxes, risk, liquidity, spin, inflation, age and exchange these were chosen based on the factors that are commonly addressed in the literature. The results indicate that, independent of whether companies are exporting or not, there is preference as to the use of equity capital for the financing of their investments, adhering to the ideas of the pecking Order theory, which goes back to us that less companies In debt have higher return rates.