Determinantes de estrutura de capital de empresas de capital aberto do setor elétrico no Brasil: : uma abordagem baseada na Trade-Off Theory e na Pecking Order Theory

Marcelo Fodra

doi:10.5585/exactaep.2022.20823

Authors

Marcelo Fodra Universidade Federal de Uberlândia / Uberlândia, Minas Gerais https://orcid.org/0000-0003-0905-6580

DOI:

https://doi.org/10.5585/exactaep.2022.20823

Keywords:

Financing source, Indebtedness, Modeling with panel data, Capital structure. Privatization

Abstract

The objective of this work was to evaluate the determinants of capital structure of publicly traded companies in the Brazilian electricity sector, listed on the São Paulo Stock Exchange, related to short-term, long-term and general indebtedness. A sample consisting of annual accounting data from 80 private and state-owned companies operating in the Brazilian electricity sector between 2009 and 2019 was collected, using the method of multiple linear regressions, with panel data using fixed effects and random effects. The results showed that the determinants of capital structure, profitability, growth opportunity and liquidity had a behavior better aligned with the POT, while the risk was better explained by the TOT and POT.

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Author Biography

Marcelo Fodra, Universidade Federal de Uberlândia / Uberlândia, Minas Gerais

Professor do Departamento de Finanças da Faculdade de Gestão e Negócios da Universidade Federal de Uberlândia.

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