Fatores determinantes da estrutura de capital no agronegócio: o caso das empresas brasileiras

Abstract

This study was performed using a quantitative approach by means of multiple regressions for cross section data referring to the year 2011, based on a sample of 66 largest companies. The evidences derived from the analysis model, separately inferred for the use of the third party capital in short and long terms, show some significant differences in relation to other empirical studies performed in the country, which suggest market imperfections, and pattern characterized by the businessmen animal spirits. With regard to profitability implications, the hypothesis of a negative relation between it and the use of debt was not fully confirmed. In the long term, this relation was found, but different to that found in the short term. Regarding the company size and access to the financial market, results were very interesting, while not conclusive. We found that the smaller companies tend to use more intensively debts in the short term and, in the long term, we found the inverse relation. In this case, the coefficient was not statistically significant. In relation to the risk, the coefficients were not also statistically significant, but the variable signal was according to those found in other studies.