Explorando perspectiva para endividamento: abordagem usando ROA modificado respaldado na teoria do Trade-off.

The objective of the research is to identify the relationship between Debt and Return on Assets (ROA) of IBrX100 companies, testing the assertion that the more return on assets the company generates, the greater indebtedness it tends to make. This statement is supported by the reasoning of the trade-off theory, which expects a positive relationship between\indebtedness and profitability. As study contributions, the following stand out: the Debt adopted by the research is the Net Debt (Net Debt), widely used by the market, and the ROA proposes the adoption of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) as a return proxy, that is, we work with a different metric, called by the present study of modified ROA. It is a work of a quantitative nature. As a result, it was obtained that a percentage of 16% of the companies that compose the sample confirm the assertion. For future research it is suggested to change the methodology, with the adoption of a panel data to enable in-depth analysis. [ABSTRACT FROM AUTHOR]