Fatores determinantes da estrutura de capital dasempresas varejistas listadas na bolsa de valores brasileira

Abstract

This work aimed to analysis which the determinants of capital structure factors were the most relevant to explain the debt of retail companies during the period from 2010 to 2022. The literature emphasizes that the capital structure choice behavior can be explained by trade-off theory and pecking order theory. Regarding the trade-off theory, companies seek to strike a balance between financial costs and the tax benefits of debt. In relation to the second, the capital structure choice would be linked to a hierarchy for financing the companies' investments, the first being the retained profit and the last one the issuance of new shares in the market. Considering this, the present study aligns with modern capital structure theory, sought to compare retailers’ companies’ debt with the determinants of capital structure factors, which are: size, profitability, tangibility, risk, growth and non-tax benefits. To achieve this, panel data regression with fixed effects was conducted. It was observed that the size, profitability and risk had statistical relevance and a negative relation with the debt, corroborating only to pecking order theory and the latter corroborated both theories explored in this research. In addition, the non-tax benefits had statistical relevance and a negative relation with the debt, but it was not aligned with any theories examined in this study. Finally, the remaining variables did not demonstrate statistical significance.