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Abstract
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.