Determinantes internos e externos da estrutura de capital das empresas brasileiras

2021 
This article aims to analyze the determinants of corporate indebtedness in Brazil. We propose a differential treatment in this research when evaluating variables internal and external to firms. The endogenous variables reflect the company's financial fundamentals and the exogenous variables express the competitive dynamics in which the company is inserted. The hypothesis of the article is that both dimensions exert an influence on indebtedness. The database was constructed combining annual financial data of public and private companies between 1998 and 2014. The average number of companies in each year was 1,211 firms. From these companies was created a balanced panel with 89 companies active throughout the 16 years studied and with information for all variables. The results show that all the variables related to the foundations of the companies are significant to explain the indebtedness of the companies. However, only one variable related to the dynamics of industry was significant to explain the capital structure. The results show that there is no single theoretical pattern (Pecking Order or Trade-off) to direct the debt strategy.
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