Estrutura de capital de empresas brasileiras: uma análise dos determinantes

Abstract

Capital structure is considered one of the central pillars of corporate finance and remains a widely discussed topic in the literature. This is because it seeks to answer a fundamental question: is there an optimal combination of financing sources capable of maximizing a company’s value? In this context, two theories stand out in academic debates. The first is the Trade-off Theory, which argues for the existence of an optimal capital structure achieved by balancing the tax benefits of debt with the costs associated with potential financial distress. The second is the Pecking Order Theory, which proposes a hierarchy of financing sources in which firms first prefer to use internal funds, then resort to debt, and only lastly issue equity—aiming to minimize the effects of information asymmetry. This study aimed to investigate the relationship between the factors that influence the capital structure of Brazilian companies, seeking to understand how these elements affect their financing decisions. In addition, it sought to assess the applicability of classical theories within an emerging economy. The research adopted a quantitative and descriptive approach, using secondary data extracted from the financial statements of publicly traded companies listed on B3 – Brasil, Bolsa, Balcão, covering the period from 2018 to 2024. The analysis considered dependent variables related to leverage (total, short-term, and long-term), as well as internal independent variables such as profitability, asset tangibility, and firm size. Data analysis was conducted through descriptive statistics and linear regression models using panel data. The results indicate that profitability aligns with the Pecking Order Theory, suggesting that more profitable companies prefer self-financing, whereas asset tangibility shows a dual relationship with leverage, supporting aspects of the Trade-off Theory. This research complements previous studies by contributing to the debate on capital structure, the relationship among its determinants, and the applicability of classical theories within the Brazilian economic environment.