Fatores determinantes da estrutura de capital das empresas brasileiras da nova economia

Abstract

The capital structure of companies ranks among the most debated and studied topics in academic literature. Financing decisions of business operations and the factors influencing them have been the subject of extensive analysis, driven by the wide range of available theories and the considerable interest the subject arouses among researchers and professionals in the field. The research aimed to identify the determining factors of the capital structure of Brazilian companies in the new economy listed on the stock exchange. Additionally, a comparison was made with companies in the traditional economy, seeking to identify the convergences and divergences between these two groups. After adjustments, the final sample consisted of 393 companies listed on the stock exchange, covering the period from 2013 to 2022. Of these companies, 28 were classified as belonging to the new economy group, while 365 were classified as companies in the traditional economy. The results showed that the risk variable is crucial in the capital structure of new economy companies listed on the stock exchange. It was concluded that these companies differ significantly from companies in the traditional economy regarding the determinants of capital structure. Such disparity was expected, indicating that the factors influencing capital structure are distinct between these two groups.