Determinantes da estrutura de capital das empresas da [B]³: uma análise à luz do modelo de regressão quantílica

Abstract

This study aimed to analyze factors that influence the level of indebtedness of [B]3 companies, in the period from 2015 to 2019, when segregated by the size of each determinant of their capital structure. The sample consisted of companies with data available in the years 2015 to 2019. For the analysis of the determinants of capital structure were used growth opportunities, size, tangibility, non debt tax shields, business risk, current liquidity and profitability. For data analysis, the quantile regression method was used. The results showed in relation to companies with a lower level of long-term debt, size and current liquidity are important factors that impact on capital structure of these companies. Companies with median debt, in addition to size and current liquidity, the growth opportunity is also a determining factor in capital structure. In turn, the companies with the highest level of indebtedness had business risk and current liquidity as important factors that impact on capital structure. In relation to determinants of capital structure pointed out in the literature, the results of the variables size and growth opportunity were in line with the theories of Trade-off and Pecking Order, whereas current liquidity was the only determining variable in the three quartiles analyzed, which aligned with the Pecking Order Theory.