Determinantes da Estrutura de Capital: Um Estudo sobre Empresas Mineiras de Capital Fechado

Abstract

Objective: Analyzing the determinant variables of the capital structure of private companies of Mi-nas Gerais State between 2011 and 2014.Background: It is a study based on the main theories of capital structure:trade-offe pecking order.Method: This quantitative study was developed from secondary data of 126 private companies of Minas Gerais State. These companies belong to 17 different activity sectors. For developing the re-search we were employed financial data from financial statementspublished by Official Press of Minas Gerais State. We also employed some data from the website of the Brazilian Internal Revenue Service. In analyzing data, we employed descriptive statistics and panel data regression analysis.Using the regression analysis, we estimated three models considering different manners of measur-ing the companies’ debt: (a) total debt; (b) short term; (c) long term.Results: These models pointed out that the determinants of capital structure had followed the theo-rical orientations of trade-off or pecking order.In other words, both theories explain the variations of analyzed companies’ debt. Moreover, the most consistent variables (in statistics terms) in the three models were size and tangibility of assets. On the other hand, thenon-debt tax shields were consid-ered irrelevant proxies.Contributions:The results contribute to understanding that the behavior of the determinants of capital structure. It was verified that this is similar to verified at public companies. Moreover, theproxies size and tangibility presented coherent statistics in estimations. Meanwhile the non-debt tax shields were considered irrelevant proxies.

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