A estrutura de capital das empresas do BRIC frente aos desafios do crescimento: determinantes, adequação às teorias, comparação com EUA e folga de endividamento
Arquivos
Tipo
Tese
Data de publicação
2012-08-14
Periódico
Citações (Scopus)
Autores
Matias Filho, José
Orientador
Nakamura, Wilson Toshiro
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Cia, Josilmar Cordenonssi
Carvalho, Carlos Eduardo Ferreira de
Forte, Denis
Rochman, Ricardo Ratner
Carvalho, Carlos Eduardo Ferreira de
Forte, Denis
Rochman, Ricardo Ratner
Programa
Administração de Empresas
Resumo
The economic growth is close linked with the growth of the companies. There is a great
expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China
presented a vigorous growth in the coming decades. The capital structure of these companies
will have a key role in providing more financial resources for the increased activity, necessary
for this expected growth. The present study investigated the capital structure of the companies
in this supposed economic block, in order to identify its determinants, the influence of
governmental policies in their training and the alignment with the main theories of capital
structure currently discussed in the literature: agency costs, trade-off, asymmetric information
and pecking order. Made a comparison with U.S. companies, the leading country in the world
economy, and calculate the level of debt off of the sample. The results identified several
variables as determinants of capital structure of companies of the sample, with predominance
for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly
corroborated the assumptions of the theories discussed, and provided robust evidence of being
aligned with U.S. companies. They also showed a reasonable debt off for countries in the
sample, which can be applied to increase de activity of enterprises, except Russia.
Descrição
Palavras-chave
estrutura de capital , BRIC , Brasil , Rússia , Índia , China , EUA , determinantes , custos de agência , trade-off , pecking order , assimetria de informação , folga de endividamento , capital structure , BRIC , Brazil , Russia , India , China , USA , determinants , agency costs , trade-off , pecking order , asymmetric information , debt off