Fatores que influenciam a rentabilidade das instituições financeiras bancárias brasileiras: conclusões com base na modelagem de equações estruturais

Abstract

This study aimed to identify factors that influence the profitability of banking financial institutions in Brazil. The research proposed the use of Structural Equation Modeling (SEM) to investigate such factors. The sample consisted of 150 Brazilian banking financial institutions, from 2012 to 2016. For the analysis of the data, the SEM was used with the reflective measurement model. The variables used to represent the profitability were Return on Assets (ROA) and Return on Equity (ROE). Five hypotheses were tested, regarding the macroeconomic variables, the size of institutions, funding, diversification and operational expenses. In the reflexive mediation model adjusted in the study, all evaluation criteria were met, providing support for the reliability and validity of reflexive measures. As results, it was observed that the latent variables tested explain, moderately, 20.5% of the profitability variance. Of the 5 research hypotheses, 3 were confirmed. It was concluded that the higher the funding (the institution's ability to receive demand deposits), the greater the institution's profitability. The diversification of revenue sources is also positively related to profitability. On the other hand, it became clear that the greater the operational expenses relative to the size of the bank, the less profitable the institution. It should be noted that, in the analyzed model, funding was the most important factor in explaining the profitability of Brazilian banking institutions.