Determinantes da estrutura de capital das large caps da [B]³

Abstract

This work aimed to investigate the determining factors of the capital structure of large caps that are listed on Brazil Stock Exchange - Brasil, Bolsa, Balcão (B3). The sample consisted of 53 companies listed on the MidLarge Cap index of B3, observing the training for the period from January to June 2022, with accounting data for the year 2021. For analysis of the determinants of the capital structure were used the variables opportunity for growth, size, tangibility, business risk, current liquidity and return on assets, using the multiple linear regression method. The results showed that risk and return on assets are important factors that impact positive and negative, respectively, with a significance level of less than 1%, the companies on the capital structure of companies. The results indicated that companies listed on B3 with large caps prioritized their funding sources in line with the Pecking Order theory. The capital structure determinants pointed out in the literature, that only the result of the return on assets was aligned with Trade-off and Pecking Order theories.