Determinantes da Estrutura de Capital de Companhias Abertas Brasileiras Não-Financeiras: Um Estudo Empírico com Dados em Painel

When a company desires to invest in a project, it must obtain resources needed to make the investment. The alternatives are using firm s internal resources or obtain external resources through contracts of debt and issuance of shares. Decisions involving the composition of internal resources, debt and shares in the total resources used to finance the activities of a company related to the choice of its capital structure. Although there are studies in the area of finance on the debt determinants of firms, the issue of capital structure is still controversial. This work sought to identify the predominant factors that determine the capital structure of Brazilian share capital, non-financial firms. This work was used a quantitative approach, with application of the statistical technique of multiple linear regression on data in panel. Estimates were made by the method of ordinary least squares with model of fixed effects. About 116 companies were selected to participate in this research. The period considered is from 2003 to 2007. The variables and hypotheses tested in this study were built based on theories of capital structure and in empirical researches. Results indicate that the variables, such as risk, size, and composition of assets and firms growth influence their indebtedness. The profitability variable was not relevant to the composition of indebtedness of the companies analyzed. However, analyzing only the long-term debt, comes to the conclusion that the relevant variables are the size of firms and, especially, the composition of its assets (tangibility).This sense, the smaller the size of the undertaking or the greater the representation of fixed assets in total assets, the greater its propensity to long-term debt. Furthermore, this research could not identify a predominant theory to explain the capital structure of Brazilian

Tangibilidade, classe de ativos e estrutura de capital das empresas listadas na BM&FBOVESPA

This study aims to investigate the influence of the asset class and the breakdown of tangibility as determinant factors of the capital structure of companies listed on the BM & FBOVESPA in the period of 2008-2012. Two current assets classes were composed and once they were grouped by liquidity, they were also analyzed by the financial institutions for credit granting: current resources (Cash, Bank and Financial Applications) and operations with duplicates (Stocks and Receivables). The breakdown of the tangible assets was made based on its main components provided as warrantees for loans like Machinery & Equipment and Land & Buildings. For an analysis extension, three metrics for leverage (accounting, financial and market) were applied and the sample was divided into economic sectors, adopted by BM&FBOVESPA. The data model in dynamic panel estimated by a systemic GMM of two levels was used in this study due its strength to problems of endogenous relationship as well as the omitted variables bias. The found results suggest that current resources are determinants of the capital structure possibly because they re characterized as proxies for financial solvency, being its relationship with debt positive. The sectorial analysis confirmed the results for current resources. The tangibility of assets has inverse proportional relationship with the leverage. As it is disintegrated in its main components, the significant and negative influence of machinery & equipment was more marked in the Industrial Goods sector. This result shows that, on average, the most specific assets from operating activities of a company compete for a less use of third party resources. As complementary results, it was observed that the leverage has persistence, which is linked with the static trade-off theory. Specifically for financial leverage, it was observed that the persistence is relevant when it is controlled for the lagged current assets classes variables. The proxy variable for growth opportunities, measured by the Market -to -Book, has the sign of its contradictory coefficient. The company size has a positive relationship with debt, in favor of static trade-off theory. Profitability is the most consistent variable in all the performed estimations, showing strong negative and significant relationship with leverage, as the pecking order theory predicts

Ocidentalização, territórios e populações indígenas no sertão da Capitania do Rio Grande

The objective of this work is to understand some of the modifications caused for the phenomenon of the westernization in the hinterland of the Capitania do Rio Grande e in the life of the indians populations that inhabited there during the Colonial Period. We break of the quarrel of Serge Gruzinski concerning the westernization, understood while immersed phenomenon in the context of the expansion of the commercial capitalism and that, for the imposition of the culture occidental person to the alteridades of the New World, emprende the conquest of its territories, bodies and souls. The space clipping has covered the hinterland of the Capitania do Rio Grande, specifically the colonial territory of the Freguesia da Gloriosa Senhora Santa Ana do Seridó. The chosen chronological limit for the research corresponds to the Colonial Period and part of the Imperial one. However, the emphasis falls again on the period that it initiates in 1670, year of the oldest concession of would sesmaria known until the moment in the hinterland of the Rio Grande, extending itself until the decade of 1840. Sources of written by hand nature, cartographic printed and compose the used document roll: official correspondence and legislation, petitions of would sesmaria, inventories post-mortem, justifications of debt, registers of parish, maps, action civil court jurisdiction, notes of notary's office, land landmarks. We take the method, analyzed for Carlo Ginzburg, to cross these sources between itself and to detect its implied particularitities and ideas in the space between lineses, but, attributing it status to they of a colonial speech, fruit of the bureaucracy of where it was originated and of the social place of who produced it. We look for to demonstrate, throughout the work, that the phenomenon of the westernization desestruturou the aboriginal societies and its habitat, constructing, over its rubbles, a colonial territory that found in the cartography of the Freguesia de Santa Ana an efficient instrument of control of the space and the population. On the other hand, if the imposition of the culture occidental person exterminou great part of the native population that inhabited the hinterland of the Rio Grande, the remainders of these indians and the mestizos of descending them had survived in diverse ways in the freguesia: in the condition of captives of war or in regimen of servile work, as living or assistants in the farms, populations and village; rambling without route in the fields and the population spots; as mediating agents between the world occidental person and the native, exerting military or civil positions and still appealing to Justice in search of its rights of inheritance. Experiences of slavery, servitude, errância and mediation, but, also of resistance, adaptation, mestization in the Freguesia de Santa Ana