Explorando teorias de estrutura de capital na América Latina
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O principal objetivo deste trabalho é verificar a validade das teorias de estrutura de capital com os modelos de hierarquização financeira e de alavancagem objetivo na forma como as empresas se financiam na América Latina. Utiliza-se uma amostra de empresas corporativas da Argentina, Brasil, Chile, México e Peru, que cotaram em seus respectivos mercados de ações no período compreendido entre 1995 e 2007. A partir de um estudo de painel se rebate a hipótese da hierarquização financeira, ou seja, esta não explica a política de endividamento das empresas latino-americanas. Pelo contrario, os descobrimentos indicam que estas empresas preferem contrair dívida e gozar dos benefícios e custos que isto traz, ao invés de financiar-se com os fundos gerados. Dessa forma se conclui que, ao parecer, para o período de estudo as empresas latino-americanas se comportam de acordo como o modelo de alavancagem objetivo em suas estruturas de capital.
capital structure, financial hierarchization, target gearingjerarquización financiera, apalancamiento objetivo, estructura de capitalhierarquização financeira, alavancagem objetivo, estrutura de capital
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