Keywords
property structure
trade-off decision analysis
T-ODA
How to Cite
Abstract
This study analyzed the relationship between capital structure and the ownership structure of Brazilian companies in the metallurgy and steel sectors. The survey sample consisted of all the companies in the metallurgy and steel sectors available on the BM & FBovespa from 2011 to 2015. The capital structure was measured from the short-term, long-term, and total indebtedness variables. The ownership structure was measured using the five largest shareholders in the total amount of interest. The groups were compared by rankings using the multi-criteria Trade-Off Decision Analysis (T-ODA). Results show that in the general ranking the companies presented different positions when comparing the ranking of the capital structure with the ranking of the ownership structure. Thus, it is possible to infer that capital structure and ownership structure are not associated. Furthermore, the degree of indebtedness is not related to the main shareholding position of the companies and may even go in opposite directions.
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Copyright (c) 2021 Darclê Costa Silva Haussmann Silva Haussmann , Mara Vogt, Nelson Hein, Adriana Kroenke Hein