Study of trade-off and pecking order models on indebtedness and payout variables in Brazilian companies (2000-2006) Estudo dos modelos trade-off e pecking order para as variáveis endividamento e payout em empresas brasileiras (2000-2006)

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dc.contributor.authorDavid M.
dc.contributor.authorNakamura W.T.
dc.contributor.authorBastos D.D.
dc.date.accessioned2024-03-13T01:35:29Z
dc.date.available2024-03-13T01:35:29Z
dc.date.issued2009
dc.description.abstract© 2009 Mackenzie Presbyterian University. All rights reserved.This study has as reference the works by Fama and French (2002) accomplished with data of North American companies and by Brito and Silva (2003) accomplished with data of Brazilian companies. This work tested the forecasts of the tradeoff and pecking order theories on indebtedness and payout, using the methodology by Fama and McBeth (1973). The results demonstrated that Brazilian companies increased the remuneration goal, however they still distribute a small proportion of the profits, if compared to the American pattern, in spite of the Brazilian legislation to be quite favorable. The results indicate that the payout is negatively related with the investment opportunities and that the dividends don't suffer variation of short period to accommodate the investments, as it defends the theory of the pecking order. The profitability demonstrated to be relevant in the determination of the indebtedness politics, what indicates that the most profitable companies are less indebted confirming the pecking order. Besides, the variable “size” demonstrated to be significant in the indebted politics, corroborating pecking order and trade-off theories.
dc.description.firstpage132
dc.description.issuenumber6
dc.description.lastpage153
dc.description.volume10
dc.identifier.doi10.1590/S1678-69712009000600008
dc.identifier.issn1678-6971
dc.identifier.urihttps://dspace.mackenzie.br/handle/10899/37406
dc.relation.ispartofRevista de Administracao Mackenzie
dc.rightsAcesso Aberto
dc.subject.otherlanguageIndebtedness
dc.subject.otherlanguagePayout
dc.subject.otherlanguagePecking order
dc.subject.otherlanguageStructure of capital
dc.subject.otherlanguageTrade-off
dc.titleStudy of trade-off and pecking order models on indebtedness and payout variables in Brazilian companies (2000-2006) Estudo dos modelos trade-off e pecking order para as variáveis endividamento e payout em empresas brasileiras (2000-2006)
dc.typeArtigo
local.scopus.citations2
local.scopus.eid2-s2.0-84926486603
local.scopus.updated2024-05-01
local.scopus.urlhttps://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=84926486603&origin=inward
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