Estrutura de capital, dividendos e juros sobre o capital próprio: testes no Brasil

Futema, Mariano Seikitsi; Basso, Leonardo Fernando Cruz; Kayo, Eduardo Kazuo

doi:10.1590/s1519-70772009000100004

Cited by 32 publications

(30 citation statements)

References 6 publications

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“…The same result was reported by Futema, Basso, and Kayo (2009), analyzing Brazilian public companies. Since profitable firms can accumulate profits, they may use retained earnings to finance new investments, using debt only after running short of internal resources.…”

Section: Capital Structuresupporting

confidence: 87%

Estrutura de capital, liquidez de caixa e valor da empresa: estudo de empresas brasileiras cotadas em bolsa

Loncan¹,

Caldeira

2014

Rev. contab. finanç.

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This study analyzed the relationship among capital structure, cash holdings and firm value for a sample of publicly traded Brazilian firms, through panel data regressions, employing the fixed-effects estimator. Initially, it was estimated regressions between capital structure (debt to total capital) and cash holdings (cash to assets), as well as between cash holdings and short and long-term debt. Next, it was applied a regression among firm value, capital structure and cash holdings. The results of this study suggested that debt, both short and long-termed, is negatively related to cash holdings, and that the level of cash holdings is also associated to a lower leverage. The study also presented indirect evidence that financially constrained firms hold more cash. Regarding to the impact of the capital structure on the firm value, short-term debt, long-term debt and the financial constraint had negative marginal effects on the firm value, suggesting a risk-averse behavior of investors in relation to debt. Cash holdings, instead, is valued as positive by investors, but up to an optimum threshold level. Further, the market capitalization is discounted with respect to cash holdings (inverted U-curve), in synergy with static trade-off theory of cash holdings.

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Section: Capital Structuresupporting

confidence: 87%

Estrutura de capital, liquidez de caixa e valor da empresa: estudo de empresas brasileiras cotadas em bolsa

Loncan¹,

Caldeira

2014

Rev. contab. finanç.

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“…by keeping the profitability constant, the companies with higher investment opportunities -more profitablepay more dividends, and thus have lower leveraging (Futema, Basso & Kayo, 2009;Gropp & Heider, 2010;Kleff & Weber, 2008). Therefore, the higher is the growth opportunity the lower will be the bank leveraging level (H6).…”

Section: Theoretical Referencesmentioning

confidence: 99%

Capital Structure Determinant’s of North American Banks and the Compensation Executive Program-An Empiric Study on the Actual Systemic Crisis

Jucá

Sousa

Fishlow³

2012

IJBM

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The works related to the capital structure of banks consider the requirements for minimum regulatory capital, established by the Basel agreements, as their key determinant. However, recent studies suggest that standard determinants of non-financial institutions -size, profitability, growth opportunity, tangible assets and payment of dividends, also have the power of explaining the leveraging level of banks. Thus, this work was aimed at checking whether, for those banks that hold own capital above the minimum regulatory value, the predictive capacity of standard determinants also applies to American banks that have business portfolio. As an original contribution, the work evaluated the role of the compensation program for executive managers in order to determine the capital structure of banks. The final sample was comprised by 30 banks, which observations refer to the period before (2003 to 2006) and during (2007 to 2010) the systemic crisis. The dynamic regression model with panel data confirmed the key assumption mentioned by means of the significance of the independent variables profitability and growth opportunity. At last, the variable of compensation program for executive managers has been evidenced as significant in the definition of bank leveraging, but with sign opposite to the expected one by the finance theory.

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“…Apresentando resultados consistentes com a teoria do tradeoff, podem ser citados os trabalhos de Nakamura et al (2004) e Zani e Ness Júnior (2000). Diversamente, Futema et al (2009), Bastos e Nakamura (2009) e Terra (2002 obtiveram resultados em desacordo com teoria do tradeoff quanto à tributação do lucro.…”

Section: Introductionunclassified

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

Pohlmann

Iudícibus

2010

Rev. contab. finanç.

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RESUMOO presente trabalho é uma pesquisa teórico-empírica que utiliza a análise de regressão linear múltipla com o objetivo de testar a validade de hipóteses relacionadas à influência da tributação do lucro na estrutura de capital das grandes empresas no Brasil. Segundo a teoria do tradeoff, a empresa, incentivada pela vantagem fiscal do endividamento, recorre a capitais de terceiros até o nível em que os custos associados aos riscos de falência superam essa vantagem. A teoria do pecking order, por sua vez, preconiza uma hierarquização das fontes de financiamento e não atribui à tributação do lucro papel relevante na explicação do endividamento. Duas hipóteses foram postas à prova: a primeira testou a validade da teoria do tradeoff quanto à existência de impacto da tributação do lucro no endividamento. A testou a presença dessa relação nas firmas com alto endividamento e baixo nível de tributação, para as quais não haveria a vantagem fiscal do endividamento. A pesquisa tomou por base valores médios dos dados de 2001 a 2003 das 500 maiores empresas estabelecidas no Brasil, segundo a Revista Exame. A hipótese central da pesquisa restou confirmada: existe uma relação positiva entre o nível de tributação do lucro e o grau de endividamento. Essa relação foi verificada, também, para as empresas com alto endividamento e baixo nível de tributação do lucro. Esses achados confirmaram o maior poder preditivo da teoria do tradeoff em detrimento da teoria do pecking order quanto ao impacto da tributação do lucro sobre a decisão de endividamento. Palavras

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Estrutura de capital, dividendos e juros sobre o capital próprio: testes no Brasil

Cited by 32 publications

References 6 publications

Estrutura de capital, liquidez de caixa e valor da empresa: estudo de empresas brasileiras cotadas em bolsa

Estrutura de capital, liquidez de caixa e valor da empresa: estudo de empresas brasileiras cotadas em bolsa

Capital Structure Determinant’s of North American Banks and the Compensation Executive Program-An Empiric Study on the Actual Systemic Crisis

Relação entre a tributação do lucro e a estrutura de capital das grandes empresas no Brasil

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