DETERMINING FACTORS OF THE CAPITAL STRUCTURE OF IEE COMPANIES IN B3 AFTER MP 579/2012

Abstract

The objective was to analyze which are the determining factors of the Capital Structure of the Companies that make up the IEE at B3 in relation to the theories of Information Asymmetry and Agency Costs in the period from 2013 to 2020. A linear regression model was developed with data in panel with a sample containing the 19 companies in the index, with and the financial statements collected through the Bloomberg® platform and the companies' websites. The approach was quantitative, descriptive procedure, we sought to verify whether the determinants were statistically significant to explain indebtedness within the theories of Information Asymmetry and Agency Costs. The results showed that the statistically significant variables were Current Liquidity, Tangibility, Growth Opportunity and Firm Size. Companies tend towards internal financing because they suffer from less information asymmetry than external financing. The theory that best explained the behavior of determinants was Information Asymmetry.