Um estudo sobre os fatores determinantes da estrutura de capital das empresas brasileiras: uma análise de regressão quantílica.

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]