Determinantes da estrutura de capital das empresas do setor de construção civil, incorporação e exploração imobiliária dos Estados Unidos e da América Latina
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Tipo
Dissertação
Data de publicação
2018-08-16
Periódico
Citações (Scopus)
Autores
Savelli, André Mário Lucchesi
Orientador
Hadad Junior, Eli
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Nakamura, Wilson Toshiro
Silva, Tarcísio Pedro da
Silva, Tarcísio Pedro da
Programa
Administração de Empresas
Resumo
A política de endividamento nas organizações é um dos assuntos mais discutidos em finanças
corporativas ao longo dos anos. As teorias que tratam sobre o tema de estrutura de capital
justificam inúmeras variáveis que podem influenciar a escolha de financiamento das
empresas. Este estudo busca identificar os determinantes da estrutura de capital das empresas
do setor de construção civil, incorporação e exploração imobiliária nos países Argentina,
Brasil, Chile, Colômbia, Estados Unidos, México e Peru, à luz das principais teorias sobre o
tema: a Tradeoff e a Pecking Order. Para atingir esse objetivo, foram tomadas por base
algumas variáveis consideradas nos trabalhos de Morri e Cristanziani (2009) e Morri e
Artegiani (2015), que serviram para a escolha das hipóteses de pesquisa. O estudo utiliza a
metodologia de Panel Data, e as informações referentes às empresas são extraídas da base de
dados Compustat, Economática e Capital IQ na periocidade anual entre 2007 e 2017. Os
resultados demonstram que as empresas americanas apresentam relação negativa entre o nível
de endividamento e a rentabilidade, o crescimento e a volatilidade do resultado operacional, e
relação positiva do endividamento com o tamanho. No entanto, as empresas da América
Latina apresentam relação negativa entre o nível de endividamento com a rentabilidade, e
com o custo da dívida. Além disso, os resultados demonstram que no período pós crise (2011
- 2017) as empresas da América Latina apresentaram maior alavancagem. Quando a amostra é
analisada por setor de atuação, os testes estatísticos comprovam que as incorporadoras e
exploradoras de imóveis são mais alavancadas que as empresas de construção pesada.
Debt financing policies within business conglomerates have been one of the most debated issues in corporate finance throughout the years. Diverse theories that deal with capital structure actually justify multiple variables that could ultimately influence picking a particular type of financing mechanism. This study uses the Trade-off and Pecking Order theories as it tries to identify determinant factors in the capital structure of companies in the areas of civil construction and at-large real estate development in Argentina, Brazil, Chile, Colombia, United States, Mexico and Peru. As such, some variables were taken from the work performed by Morri and Cristanziani (2009) and Morri and Artegiani (2015) in order to appropriately select the corresponding survey hypotheses. The study undertakes Panel Data methodology and uses company data extracted from Compustat, Economática and Capital IQ databases from 2007 to 2017. The results demonstrate American companies having a negative relationship between the level of debt and profit margins, and also between growth and volatility from operations; and, a positive relation between the level of debt and the size of the considered companies. However, companies in Latin America portray a negative relationship between the level of debt and profit margins, and between the level of debt and the cost of debt. Furthermore, the results show that during the post-crisis period (2011-2017), companies in Latin America produced greater debt leverage. When the sample size was analyzed by individual sectors, the statistical analyses confirm that debt leverage is greater for developers and real estate than it is for heavy construction companies.
Debt financing policies within business conglomerates have been one of the most debated issues in corporate finance throughout the years. Diverse theories that deal with capital structure actually justify multiple variables that could ultimately influence picking a particular type of financing mechanism. This study uses the Trade-off and Pecking Order theories as it tries to identify determinant factors in the capital structure of companies in the areas of civil construction and at-large real estate development in Argentina, Brazil, Chile, Colombia, United States, Mexico and Peru. As such, some variables were taken from the work performed by Morri and Cristanziani (2009) and Morri and Artegiani (2015) in order to appropriately select the corresponding survey hypotheses. The study undertakes Panel Data methodology and uses company data extracted from Compustat, Economática and Capital IQ databases from 2007 to 2017. The results demonstrate American companies having a negative relationship between the level of debt and profit margins, and also between growth and volatility from operations; and, a positive relation between the level of debt and the size of the considered companies. However, companies in Latin America portray a negative relationship between the level of debt and profit margins, and between the level of debt and the cost of debt. Furthermore, the results show that during the post-crisis period (2011-2017), companies in Latin America produced greater debt leverage. When the sample size was analyzed by individual sectors, the statistical analyses confirm that debt leverage is greater for developers and real estate than it is for heavy construction companies.
Descrição
Palavras-chave
estrutura de capital , empresas do setor de construção civil , Teoria de Tradeoff , Teoria de Pecking Order
Assuntos Scopus
Citação
SAVELLI, André Mário Lucchesi. Determinantes da estrutura de capital das empresas do setor de construção civil, incorporação e exploração imobiliária dos Estados Unidos e da América Latina. 2018. 72 f. Dissertação ( Mestrado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo.