Capital structure, dynamics of industry and financial performance: construction of Brazilian firms analysis model

• Grant number: 15/06629-3
• Support Opportunities: Scholarships in Brazil - Scientific Initiation
• Start date: September 01, 2015
• End date: August 31, 2016
• Field of knowledge: Applied Social Sciences - Administration - Business Administration
• Principal Investigator: David Ferreira Lopes Santos
• Grantee: Georgia Saiani Mendes
• Host Institution: Faculdade de Ciências Agrárias e Veterinárias (FCAV). Universidade Estadual Paulista (UNESP). Campus de Jaboticabal. Jaboticabal , SP, Brazil

Abstract

This research project aims to analyze the capital structure of Brazilian firms, from an exploratory model that brings together internal variables and external to the company, in order to test the convergence of different theoretical aspects in deciding the level of indebtedness of companies. Therefore, postulates the creation of a database of companies in eighteen industries for the period 1998 to 2014. The data will be collected on three bases: "Sistema Economatica", Yearbook of "Valor Econômico" and "Balanços Patrimoniais", the latter, the database that succeeded the basis of Gazeta Mercantil. The data for the period 1998-2006 have been collected and partial results of some sectors were published during this period. The sample for the year 2006 tallied 3,107 industrial firms which signals scope of the study. The results will be analyzed by multivariate techniques of factor analysis, regression with panel data and structural equation modeling, and the first two are already the beneficiary of the scope of this project. Access databases and the software license that will be used (SPSS 22.0) are available from the teacher responsible. The expectation is that the results of this research can contribute to the understanding of one of the traditional themes and controversial in the finance literature, in particular, the characteristic of the theoretical model analysis and the opportunity to evaluate the borrowing behavior of Brazilian firms in recent 17 years.