文章基本信息

标题：Capital Structure Analysis Of EBX Group’s Companies: Combining Theory And Practice
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作者：Matheus da Costa Gomes ; Vinícius Medeiros Magnani ; Mauricio Ribeiro do Valle 等
期刊名称：Contabilidade, Gestão e Governança
电子版ISSN：1984-3925
出版年度：2017
卷号：20
期号：3
页码：463-482
语种：English
出版社：University of Brasilia, the Federal University of Paraiba, Federal University of Rio Grande do Norte
其他摘要：According to market timing theory, companies tend to issue stocks or debts in order to exploit the opportunity window and this behavior is a significant determinant for capital structure. Based on this assertion and recent evidence found in the Brazilian market, this paper has the objective of analyzing the market timing behavior of the six publicly-traded companies in BM&FBOVESPA of the EBX Group (MPX, MMX, OXX, LLX, OSX and CCX), until mid-2013. For this purpose, the methodology used was a case study and as the main source of evidence indicators related to capital structure and stock market. An econometric approach to panel data has also been inserted to strengthen analyzes. The results show that the financial decisions made by managers of the EBX Group indicate attempts to exploit the opportunity windows related to the stock market, mainly measured by Shiller's price-to-earnings ratio (Shiller PE), an aggregate market index, as well as the market-to-book (M/B) ratio of each company analyzed. This paper contributes to the discussion of market timing in Brazil, combining theory and practice in an intuitive and dynamic way bringing aspects related to companies and market conditions.
关键词：Big Four Complexidade Contabilidade Desempenho Organizacional Desempenho acadêmico Dividend Policy Dividend Relevance Theory Escolhas Contábeis Estratégia Estrutura de Capital Estrutura de capital Fortune 500 Governança Corporativa; Propriedades para Investimento Regulation; Risco Tamanho Tangibilidade Teoria do tradeoff Velocidade de Ajuste Índice T