A estrutura de capital das empresas do BRIC frente aos desafios do crescimento: determinantes, adequação às teorias, comparação com EUA e folga de endividamento

• Ano de defesa: 2012
• Autor(a) principal: Matias Filho, José
• Orientador(a): Nakamura, Wilson Toshiro
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Presbiteriana Mackenzie
• Palavras-chave em Português: estrutura de capital; BRIC; Brasil; Rússia; Índia; China; EUA; determinantes; custos de agência; trade-off; pecking order; assimetria de informação; folga de endividamento
• Palavras-chave em Inglês: capital structure; BRIC; Brazil; Russia; India; China; USA; determinants; agency costs; trade-off; pecking order; asymmetric information; debt off
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS
• Link de acesso: http://dspace.mackenzie.br/handle/10899/23200

The economic growth is close linked with the growth of the companies. There is a great expectation that the countries of the supposed block BRIC: Brazil, Russia, India and China presented a vigorous growth in the coming decades. The capital structure of these companies will have a key role in providing more financial resources for the increased activity, necessary for this expected growth. The present study investigated the capital structure of the companies in this supposed economic block, in order to identify its determinants, the influence of governmental policies in their training and the alignment with the main theories of capital structure currently discussed in the literature: agency costs, trade-off, asymmetric information and pecking order. Made a comparison with U.S. companies, the leading country in the world economy, and calculate the level of debt off of the sample. The results identified several variables as determinants of capital structure of companies of the sample, with predominance for the variables at the firm level, and to a lesser degree in the macro-economic level. Strongly corroborated the assumptions of the theories discussed, and provided robust evidence of being aligned with U.S. companies. They also showed a reasonable debt off for countries in the sample, which can be applied to increase de activity of enterprises, except Russia.