Determinantes do endividamento na indústria sucroenergética brasileira: análise a partir das teorias de estrutura de capital

Abstract

Within the theory of finance, capital structure is one of the most important and controversial themes. Disagreements concerning the possible existence of an optimal capital structure, and the possibility that other reasons explain how organizations define their capital structure, have persisted over the years. Several studies have already been conducted on this subject. However, despite advances, there is still a long way to go. In this context, this study aimed to analyze the debt and the determinants of mills and distilleries of Brazilian sugarcane industry in the period from 1998 to 2013, considering the study restriction regarding this topic in the industry. In terms of methodology, the present study is descriptive and quantitative in nature. The method chosen for the data analysis was the regression model with panel data. The consolidated annual financial statements of the mills and distilleries were collected from the base of the Gazeta Mercantil, on the websites of both organizations and in the publications in the Diário Oficial da União. Based on a sample of 16 industry organizations on a balanced panel, the results showed that, on average, the plants use 62.5% of third party capital to finance their investments. The factors profitability, growth variation, size, and type of capital proved decisive, while cash generation was not statistically significant. Finally, we conclude that the sugar-energy sector is more aligned with the Pecking Order theory.