Fluxo financeiro como determinante da estrutura de capital das empresas latinoamericanas

Cleyton de Oliveira Ritta; Antônio Carlos Bambino; Tarcísio Pedro da Silva

doi:10.18046/j.estger.2019.150.2829

Authors

Cleyton de Oliveira Ritta Professor Doutor, Departamento de Ciências Contábeis, Universidade do Extremo Sul Catarinense–UNESC, Criciúma, Brasil.
Antônio Carlos Bambino Professor Especialista, Departamento de Ciências Contábeis, Fundação Universidade Regional de Blumenau – FURB, Blumenau, Brasil.
Tarcísio Pedro da Silva Professor Doutor, Departamento de Ciências Contábeis, Fundação Universidade Regional de Blumenau – FURB, Blumenau, Brasil. https://orcid.org/0000-0002-2370-791X

DOI:

https://doi.org/10.18046/j.estger.2019.150.2829

Keywords:

Financial flow, Capital structure, Latin American companies, Trade-off theory, Agency costs theory

Abstract

The overall goal of this paper is to investigate the relationship between financial flow and specific factors as determinants of capital structure in Latin American companies. The main hypothesis of the theoretical construct is the argument that companies with higher levels of financial flow generation have higher levels of indebtedness. This is a descriptive documentary research, with a quantitative approach, tied to a timeframe from 2008 to 2013. For data analysis, a multiple linear regression model with panel data was used. The results showed that the research alternative hypotheses were rejected. However, the set of factors used in the study were highly explanatory of the level of indebtedness and are relevant determinants of capital structure of Latin American companies.

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