As flutuações econômicas na estrutura de capital das empresas não financeiras listadas na BM&FBOVESPA

Abstract

This dissertation proposes to analyze the impact of economic fluctuations and corresponding governmental policies, before and after the subprime crisis, on the capital structure of Brazilian non-financial companies, listed on the BM&FBOVESPA. The methodology used was of exploratory and descriptive, with quantitative analysis of the observations in the period from 2002 to 2015 by means of regression with panel data of random effect. The population was 270 companies listed on the BM&FBOVESPA, with 89 being the sample used in the survey, which complied with the required requirements as they disclosed their results annually, did not present negative equity and were not under judicial reorganization and present revenues. The results from the regression models identified the crisis as a determinant factor for long-term indebtedness in a positive relationship, but with a negative relation to short-term indebtedness, while BNDES disbursements infer a reduction in long-term indebtedness and the rate SELIC reduces short-term indebtedness. The conclusions allow us to highlight the subprime crisis as an explanatory variable for the changes that occurred in long-term and short-term indebtedness, with an indication of the transfer of resources from short-term sources of financing to long-term capital with corporate managers setting a target for total indebtedness, with fluctuations between the levels of long and short-term sources as a result of the corresponding macroeconomic variations that are presented.