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Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories. Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in each of the eleven years. The data is in balanced panel form, with 264 observations in total. The source of the data was the Economatica® platform. The regression method was ordinary least squares, considering so-called fixed effects and random effects. Results: The results showed that the larger the electric company the higher the debt and the higher the tangible assets and the growth rate of the company the lower the debt. The trade-off theory generally prevailed. Contributions of the Study: The empirical findings showed that the Brazilian electricity sector presented a conservative posture between 2010 and 2020. It is safe to say that there is no evidence of a financial collapse in the sector due to debt. [ABSTRACT FROM AUTHOR]

Purpose: In recent years, the subsidized credit provided by the Brazilian government to some sectors of the economy through financing lines, such as FINAME, FIDIC, from BNDES, may have resulted in a reduction in the costs of the capital structure. Thus, the purpose of this work is to compare the cost of subsidized and unsubsidized credit of publicly traded companies in two important economic sectors, the industrial sector and sectors related to agribusiness. Methodology: Information regarding financing sources, financing amount, currency and interest rates were collected from the Explanatory Notes to the financial statements of 84 publicly traded companies and used to calculate the weighted average cost of capital of the financing sources at subsidized rates and not subsidized. Results: The results show that loans with subsidized rates present a great variability in the participation of loans with subsidized rates in the composition of financing of companies, but showing, on average, a low percentage in the composition of indebtedness, and that the effective rates averages of subsidized loans may be higher than the average effective rates of nonsubsidized loans, suggesting that subsidized credits, in proportion to which they have been used to compose the financing, may not play a relevant role in reducing the costs of the capital structure of companies Study. Contributions of the Study: This work contributes to the identification of relevant factors that explain how companies determine their capital structure, providing administrators with indications on which factors are preponderant in the practical performance of companies' capital structure policy. This work contributes to the literature by evidencing the participation of types of credit and sectors in determining the capital structure, presenting the results on the cost of capital of companies. [ABSTRACT FROM AUTHOR]

Purpose: The present paper aims to analyses the determinants of capital structure of ninetyfour organizations from the five hundred largest Brazilian companies according to 2018 Exame magazine yearbook. Methodology: For this research we used information from financial statements of the five hundred largest Brazilian companies. Data inference was made through descriptive statistical analysis and quantile regression analysis. The data was obtained through the companies' websites and through economática software. The descriptive and econometric analysis were performed using Stata 12 software. Results: The results indicate that the variables such as size and structure of the assets are significant in some quantiles to determine how companies adopt a particular capital structure. In addition, the results indicate the relationship between firm size and total debt level is positive for 25th quantile of the sample. Another point to note is that the asset structure variable has a positive relationship with the long-term debt variable for the 75th and 95th quantiles. Contributions of the study: This research is an important contribution for finance literature considering that the quantile regression method was used. The scarcity of research using this method is notorious. Moreover, the results obtained in other works on the subject are not yet convergent about the relevant variables to determine the capital structure. [ABSTRACT FROM AUTHOR]

Purpose: The present paper aims to analyses the determinants of capital structure of ninetyfour organizations from the five hundred largest Brazilian companies according to 2018 Exame magazine yearbook. Methodology: We used in this research information from financial statements of the largest Brazilian companies. The data were obtained from the financial information for the 2017 financial year of 94 companies, among the 500 largest companies according to the 2018 Exame magazine yearbook. Data inference was made through descriptive statistical analysis and through quantile regression analysis. The data was obtained directly from the companies' websites and through economática software. The descriptive and econometric analysis were performed using stata 12 software. Results: The results indicate that the variables such as size and the assets structure are significant in some quantiles to determine how companies adopt a particular capital structure. In addition, the results indicate that the relationship between firm size and total debt level is positive for 25th quantile of the sample. Another point to note is that the asset structure variable has a positive relationship with the long-term debt variable for the 75th and 95th quantiles. Contributions of the Study: This research is an important contribution for finance literature considering that the quantile regression method was used. The scarcity of research applying this method is notorious. Moreover, the results obtained in other papers on the subject are not yet convergent about the relevant variables to determine the capital structure. [ABSTRACT FROM AUTHOR]

Purpose: Analyze in the light of the pecking order theory the association of total, short and long term indebtedness, of companies that trade shares in Brasil Bolsa Balcão (B3), in its various segments and exercise of compliance. Methodology: Application of three multiple linear regression models, with each model having a different dependent variable (total, long-term and short-term debt). The average values of the proxies for the period from 2014 to 2017 were used for 177 companies listed on B3. The three econometric models were applied to the complete sample, and to the 12 business segments of the sample companies. Results: In Brazil, adherence to the pecking order theory, previously confirmed by Fama and French (2002), Fiirst, Cunha, e Silva (2017), and Smaniotto, Alves e Decourt (2018) does not apply to all companies. The activity segments showed different levels of adherence to the pecking order theory. The results showed that total and short-term debt showed the highest percentages of adherence to the pecking order theory and long-term debt the lowest adherence. It became evident that the practice of compliance presented a relationship contrary to the premises of the pecking order theory (positive relationship with total indebtedness). Contributions of the Study: At the theoretical level, support for the existence of the diversity of the Brazilian capital structure, and the application of pecking order and trade off theories as complementary and not competing. Future studies should address the differentiation of the operating segments, to avoid biased inferences. In practical and managerial terms, the motivation for implementing specific compliance practices for each sector of activity. Such practices can circumvent credit restrictions experienced by Brazilian companies, thus serving as a competitive differential in speed and leverage for business. [ABSTRACT FROM AUTHOR]

This study aims to empirically verify the determinants of the capital structure of Brazilian publicly traded companies on the BM&FBosvepa during 2010-2017. The factors considered in the analysis are those proposed in the main theories about capital structure: profitability, risk, size, tangibility and growth opportunities. Subsidiarily to these factors, a set of sectoral dummies was included in order to highlight any specific characteristic of a given economic sector. It was used the statistical method of panel data and models with fixed effects and with variable effects. The sample is composed of 186 companies, divided into 19 economic sectors. The statistical tests evidenced the non-significance of the sectors when pointing to the estimation of a model with fixed effects. The results indicate that profitability, risk and growth opportunities induce lower indebtedness, that company size induces greater indebtedness and that tangibility had no influence on the level of indebtedness of the companies of the sample in the studied period. In spite of their theoretical justification, the results obtained together do not confirm a specific theory about the capital structure of public companies. [ABSTRACT FROM AUTHOR]

Research on the capital structure has meaningful and relevant participation in Finance. Several empirical and theoretical approaches seek to explain the determinants and the choices of capital structures in firms. In this sense, the present study analyzed the determinants of capital structure for the companies of the Brazilian service sector with the theoretical argument of the Pecking Order (POT). Discussed the hierarchy of sources of financing in companies. Methodologically, the research considered publicly traded companies in the service sector from 2007 to 2013. With the Data Panel application are considered to model the composition of the debt variable (dependent), size, tangibility, market to book, profitability, liquidity (financial clearance), operating cycle and asset turnover (independent). The results showed a partial acceptance of the hypothesis. It was observed that only tangibility not presented as an explanatory metric for the capital structure. The variables financial slack and profitability were significant and corroborated with the POT presuppositions. In contrast, despite having significance to the capital structure, the variables, market to book, indicating preferences for the issuance of shares and size, operating cycle and asset turnover, with directions to the debts, contradicted the POT. [ABSTRACT FROM AUTHOR]