文章基本信息

标题：Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro
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作者：Bressan, Valéria Gama Fully ; Lima, Joao Eustaquio de ; Bressan, Aureliano Angel 等
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2009
页码：89-122
出版社：Journal of Agribusiness
摘要：Studies involving capital structure and the identification of its determinants are relevant issues in the field of corporate finance management research. In this regard, the present study intends to evaluate the determinants of corporate leverage in the Brazilian agribusiness sector using the model of Rajan and Zingales (1995). In the definition of the sample there were selected 26 companies that are classified in one of three subdivisions of the Brazilian agribusiness sector: a) the agriculture or cattle raising; b) inputs or production factors and c) processing and distribution sector, using as reference the CNA classification. The study used data from the Economatica® database, with the adoption of panel data methods. The results indicated that the variables tangibility of assets, growth opportunities, size and profitability were statiscally significant as determinant factors of the debt structure of Brazilian agribusiness companies. It is also possible to conclude that the model estimated by panel data generated results that are compatible with those suggested by the pecking order theory.
关键词：Debt;capital structure;agribusiness;Pecking Order Theory.