Folga financeira e o rebalanceamento da estrutura de capital

Abstract

This study proposes to evaluate the role of financial slack in the long-term rebalancing of the capital structure of the firm. For that was developed and tested a new proxy that demonstrated the ability to assess the relative indebtedness of companies. The concept of financial slack appears to influence future borrowing even after controlling for traditional determinants of capital structure. So this study reinforcethe the role of the debt industry, and used the median debt of the sector as the target, and the fact that the further away from this value, the faster firms adjust their capital structure in an attempt to converge to the median sector.