Capital Structure from the Perspective of Pecking Order Theory and Information Asymmetry in Brazilian, Chilean and Mexican Companies from 1999 to 2013
https://orcid.org/0000-0002-9415-104X
Leila Chaves Cunha
Tarcísio Pedro da Silva
##plugins.themes.bootstrap3.article.details##
The objective of this paper is to identify the capital structure of publicly traded companies in Brazil, Chile and Mexico, from the perspective of the Pecking Order Theory and the Information Asymmetry perspective, from 1999 to 2013. The objectives of the research are characterized as descriptive, since they regard documentary procedures and how to approach the quantitative problem. For the data treatment, linear correlation techniques and multiple linear regressions are used, with panel data. The sample is made up of 40 Brazilian companies, 39 Chilean companies and 23 Mexican companies, with 1530 observations. The determinants presenting meaningful results for the capital structure of companies are evidenced according to indicators of the level of accounting and financial indebtedness. Results show that Brazilian companies had a greater fluctuation and increase in total accounting indebtedness for the studied period (1999-2013), followed by those from Chile and Mexico; however, the profitability of Brazilian, Chilean and Mexican companies decreases over time. It is concluded that the capital structure of the Brazilian, Chilean and Mexican companies in this 15-year time span is mainly explained by the Pecking Order Theory, but also by the Information Asymmetry, with less emphasis on the former. It is suggested to compare these results with the use of dynamic panel methodologies for future research.
Capital structure, Pecking Order Theory, Information Asymmetryestructura de capital, teoría de la jerarquía financiera, Pecking Order, asimetría de la informaciónAssimetria da Informação, Estrutura de capital, teoria Pecking Order
Bastos, D. D. e Nakamura, W. T. (2009). Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006. Revista Contabilidade & Finanças, 20(50), 75-94.
Bastos, D. D., Nakamura, W.T. e Basso, L. F. C. (2009). Determinantes da estrutura de capital das companhias abertas na América Latina: um estudo empírico considerando fatores macroeconômicos e institucionais. Revista de Administração Mackenzie, 10(6), 47-77.
Brito, G. A. S., Corrar, L. J. e Batistella, F. D. (2007). Fatores determinantes da estrutura de capital das maiores empresas que atuam no Brasil. Revista Contabilidade & Finanças, 18(43), 9-19.
Chen, J. J. (2004). Determinants of Capital Structure of Chinese-listed Companies. Journal of Business Research, 57(12), 1341-1351.
Corrar, L. J., Paulo, E. e Dias Filho, J. M. (2007). Análise multivariada para os cursos de administração, ciências contábeis e economia. São Paulo: Atlas.
Creswell, J. W. (2003). Projeto de pesquisa: métodos qualitativo, quantitativo e misto. 2ª edição. São Paulo: Artmed.
David, M., Nakamura, W. T. e Bastos, D. D. (2009). Estudo dos modelos Trade-Off e Pecking Order para as variáveis endividamento e Payout em empresas brasileiras (2000-2006). Revista de Administração Mackenzie, 10(6), 132-153.
Delcoure, N. (2007). The determinants of capital structure in transitional economies. International Review of Economics & Finance, 16(3), 400-415.
Donaldson, G. (1961). Corporate debt capacity: A study of corporate debt policy and the determination of corporate debt capacity. Boston: Harvard Graduate School of Business Administration.
Fama, E. F. e MacBeth, J. D. (1973). Risk, return, and equilibrium: Empirical tests. Journal of Political Economy, 81(3), 607-636.
Frank, M. Z. e Goyal, V. K. (2003). Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics, 67(2), 217-248.
Greene, W. H. (2008). Econometric analysis. 6th ed. New Jersey: Prentice Hall.
Jensen, M. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
Junqueira, L. R., Oliveira, J. L., Bressan, A. A. e Bertucci, L. A. (2010). Alavancagem financeira como estratégia de financiamento do processo de crescimento de empresas brasileiras de capital aberto no período 1995-2002. Revista Economia & Gestão, 10(23), 23-39.
Kayhan, A. e Titman, S. (2007). Firms’ histories and their capital structures. Journal of Financial Economics, 83(1), 1-32.
Köksal, B. e Orman, C. (2015). Determinants of capital structure: Evidence from a major developing economy. Small Business Economics, 44(2), 255-282.
Leland, H. E. e Pyle, D. H. (1977). Informational asymmetries, financial structure, and financial intermediation. The Journal of Finance, 32(2), 371-387.
Marcon, R., Grzebieluckas, C., Bandeira-de-Mello, R. e Muller, R. A. (2007). O comportamento da estrutura de capital e a performance de firmas brasileiras, argentinas e chilenas. Revista de Gestão, 14(2), 33-48.
Medeiros, O. R. C. e Daher, C. E. (2008). Testando as teorias alternativas sobre a estrutura de capital nas empresas brasileiras. Revista de Administração Contemporânea, 12(1), 177-199.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 187-221.
Myers, S. C. e Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-222.
Modigliani, F. e Miller, M. (1958). The costs of capital, corporation finance and the Theory of Investment. American Economic Review, 48(3), 261-297.
Modigliani, F. e Miller, M. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(3), 433-443.
Nakamura, W. T., Martin, D. M. L., Forte, D., Carvalho Filho, A. F., Costa, A. C. F. e Amaral, A. C. (2007). Determinantes de estrutura de capital no mercado brasileiro – análise de regressão com painel de dados no período 1999-2003. Revista Contabilidade e Finanças, 18(44), 72-85.
Nunkoo, P. K. e Boateng, A. (2010). The empirical determinants of target capital structure and adjustment to long-run target: Evidence from Canadian firms. Applied Economics Letters, 17(10), 983-990.
Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, 28(1),175-198.
Rajan, R. G. e Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460.
Ross, S. A. (1977). The determination of financial structure: The incentive signalling approach. Bell Journal of Economics, 8, 23-40
Shyam-Sunder, L. e Myers, S. (1999). Testing static trade-off against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219-244.
Titman, S. e Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
Vieira, E. (2013). Determinantes da estrutura de capital das empresas portuguesas cotadas. Revista Portuguesa e Brasileira de Gestão, 12(1), 38-41.