FINANCIAL DEBT STRATIFICATION AND CAPITAL STRUCTURE DETERMINANTS OF COMPANIES LISTED IN THE BM&FBOVESPA

Abstract

Through this research we aim at analyzing the influence of the determinants of capital structure on the stratification of the financial debts of the companies listed in the BM&FBOVESPA. We analyzed 160 companies, from 2009 to 2013, reaching a total of 800 observations. The financial debts were analyzed in their totality, as well as in long and short term. We grouped the debts in four different strata – considering their type – and in accordance to the destination of their resources – whether they were fixed investments or working capital. We used the method of fixed effects panel data estimated by GLS (generalized least squares). The results we have found suggest that the determinants of capital structure influence distinctly on the different types of financial debts, varying in terms of signal and of the magnitude of their effects. In the Brazilian economic context such findings might illustrate that the heterogeneity of debts can emerge as relevant factors when analyzing the corporate capital structure.