Indicadores de Confiança e Estrutura de Capital – uma Abordagem Setorizada no Brasil.
Resumo
Objetivo
O objetivo deste trabalho é estudar o impacto da confiança gerencial sobre a estrutura de capital utilizando uma amos-tra setorizada de empresas brasileiras. Justificando a rele-vância deste objetivo, a literatura de finanças tem abordado como a confiança excessiva impacta as decisões de investi-mentos e financiamentos, mas sem uma abordagem setorial. Gerentes que apresentam confiança em excesso no futuro da empresa são propensos a preferir dívida para financiamento. Isso pode levar a um aumento da probabilidade de dificuldades financeiras e aumento dos custos de capital.
Metodologia
Adotam-se os indicadores de duas bases de dados, ou seja, o indicador de confiança setorial do IBRE – Instituto Brasi-leiro de Economia da Fundação Getúlio Vargas e a base de dados setorial da Macrodados Sistemas Gerenciais. Utiliza-se dados em painel com a variável alavancagem setorial como dependente e quatro variáveis (Confiança gerencial, Tangibilidade, Lucratividade e Liquidez) como independen-tes, bem como o software stata12 para a abordagem econométrica.
Resultados e Conclusões
Constata-se que 74% das variações conseguem serem expli-cadas pelas variáveis inclusas no modelo. Com o modelo de efeito fixo e a correção robusta de White, constata-se que as diversas observações são estatisticamente diferentes nos di-versos setores.
Implicações Práticas
Esta conclusão reforça a ideia da importância da abordagem do setor de atividade para o estudo de Estrutura de Capital. Cada setor possui especificidades que o leva à composição de fontes de financiamento diferenciadas.
Palavras-chave
Estrutura de capital; níveis de confiança; setor de atividade; finanças comportamentais.
Indicators of Confidence and Capital Structure – A Sectorized Approach in Brazil
Objective
The objective of this work is to study the impact of confi-dence management on capital structure using a sample of Brazilian companies sectored. Justifying the relevance of this objective, the finance literature has addressed such as excessive confidence impacts investment and financing de-cisions, but without a sectoral approach. Managers who ha-ve excessive confidence in the future of the company are li-kely to prefer debt financing. This can lead to an increase in financial difficulties and increase in capital costs.
Methodology
It adopts two indicators database, or are, the sectoral confi-dence indicator of IBRE – Instituto Brasileiro de Economia of the Fundação Getulio Vargas and the sectoral database of Macrodados Sistema Gerenciais. It is used panel data with sectorial leverage as the dependent variable and four variables (managerial confidence, tangibility, profitability and liquidity) as independents, as well as the software stata12 for econometric approach.
Results and Conclusions
It was found that 74% of variations can be explained by the variables included in the model. With the fixed effect model and White’s robust correction, it appears that the various observations are statistically different in the various sectors.
Practical Implications
This finding reinforces the idea of the importance of the business sector approach to the study of Capital Structure. Each sector has specific characteristics that lead to the composition of different funding sources.
Keywords
Capital structure; confidence levels; activity sector;
behavioral finance.
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Este trabalho está licenciado sob uma Licença Creative Commons Attribution 3.0 .
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