OPÇÃO POR ENDIVIDAMENTO NA ESTRUTURA DE CAPITAL: EVIDÊNCIAS EM FIRMAS BRASILEIRAS

Abstract

We investigated whether listed companies on Brazilian capital market sample of 476 firms in 2000-2012 period, financed by debt their financial deficits. We innovate on estimating the financial deficit following Shyam-Sunder and Myers (1999) and Frank and Goyal (2003) models. The association between financial deficit and debt increase was tested by panel data estimation; we hypothesized that occurred statistically significant preponderance in financing financial deficit by debt. The results point out to reject the hypothesis, since estimated coefficients indicated that just 26 %, in average, of financial deficit was funded by debt, after control time and industry effects. We infer that capital structure selection in sampled firms was not first picked as indicated by cost minimization of informational asymmetry theory.

Keywords

• Capital structure
• Informational asymmetry costs
• Debt
• Financial deficit
• Panel data