Determinantes da estrutura de capital das empresas exportadoras e não exportadoras listadas na B3

Abstract

This research compares the determinants of the debt financing of exporting and nonexporting companies listed on the Brazilian stock exchange (B3) between 2010 and 2018. 372 companies listed on B3 were analyzed using a pooled robust regression, separated in exporters and non-exporters companies. Based on the analysis of Tradeoff theory and Pecking Order theory, the determinants of capital structure, return on assets (ROA), return on equity (ROE), business risk, size, growth and company tangibility, were chosen using the information available in the period. The results allowed us to understand that the bigger and riskier exporting companies have a higher total debt, diverging from what is advocated by the Trade-off theory, where it is expected that the riskier companies have less debt, and the Pecking theory. Order, according to which the expected risk ratio is negative. Finally, larger non-exporting companies with growth prospects have higher long-term debt, converging with the Pecking Order theory.