Determinants of capital structure of open capital companies in the electric sector in Brazil:
an approach based on Trade-off Theory and on Pecking Order Theory
DOI:
https://doi.org/10.5585/exactaep.2022.20823Keywords:
Financing source, Indebtedness, Modeling with panel data, Capital structure. PrivatizationAbstract
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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