Estrutura de capital e rentabilidade: análise do desempenho de empresas brasileiras listadas na B3 durante o período de instabilidade política e econômica no país (2014-2016).

Abstract

Many theories were been developed in the last decades, pointing out the possible determinants for choosing the best capital structure to be used in companies. The capital structure deals with the composition of the debt and of the own resources used to finance the operations of the companies. Financing decisions are relevant to business management making the viability, profitability and valuation of companies dependent on them. This paper aims to answer the following problem: what is the influence of the capital structure on the profitability of Brazilian companies listed in B3 during the period of political and economic instabilities in the country from 2014 to 2016? To answer this question were tests performed on the STATA were carried out and through the POOLS model, were analyzes such as: descriptive analysis, correlation matrix and linear regression were performed, whose results show that during the analyzed period, the Brazilian companies included at survey obtained higher returns when used their equity and had their profitability reduced when they resorted to third-party capital in the short term. To answer this question were tests performed on the STATA were carried out and through the POOLS model, were analyzes such as: descriptive analysis, correlation matrix and linear regression were performed, whose results show that during the analyzed period, the Brazilian companies included at survey obtained higher returns when used their equity and had their profitability reduced when they resorted to third-party capital in the short term.