Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro

Studies involving capital structure and the identification of its determinants are relevant issues in the field of corporate finance management research. In this regard, the present study intends to evaluate the determinants of corporate leverage in the Brazilian agribusiness sector using the model of Rajan and Zingales (1995). In the definition of the sample there were selected 26 companies that are classified in one of three subdivisions of the Brazilian agribusiness sector: a) the agriculture or cattle raising; b) inputs or production factors and c) processing and distribution sector, using as reference the CNA classification. The study used data from the Economatica® database, with the adoption of panel data methods. The results indicated that the variables tangibility of assets, growth opportunities, size and profitability were statiscally significant as determinant factors of the debt structure of Brazilian agribusiness companies. It is also possible to conclude that the model estimated by panel data generated results that are compatible with those suggested by the pecking order theory.

Variant title:
Analysis of the determinants of borrowing by public companies of Brazilian agribusiness
Issue Date:
Mar 30 2009
Publication Type:
Journal Article
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PURL Identifier:
Published in:
Brazilian Journal of Rural Economy and Sociology (Revista de Economia e Sociologia Rural-RESR), Volume 47, Number 1
Page range:
Total Pages:
JEL Codes:
Q14; G32
Series Statement:
Volume 47
number 01

 Record created 2017-04-01, last modified 2018-01-22

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