Estrutura de capital e fluxo de caixa: estudo das empresas brasileiras listadas nos índices MLCX (índice midlarge caps) e SMLL (índice small caps)

Abstract

The main objective of this study is to investigate whether the relationship between cash flow and capital structure of companies listed in B3's MLCX and SMLL indices is similar. Therefore, the correlation of dependent variables, referring to indebtedness, and independent variables, related to cash flow, of companies in both indexes was analyzed, considering the period from 2013 to 2019. Regarding the methodology, the study is characterized as descriptive and documentary, containing a qualitative approach, thus using data provided by Economatica and B3. Graphics, statistical tests and econometric techniques, such as descriptive statistics and panel data regression, were used to analyze the data. The results showed that there is a statistically significant correlation between the capital structure variables (Short and Long-term Indebtedness) and the cash flow variables (Cash Holdings and Free Cash Flow). Furthermore, it was also observed that this correlation occurs in a similar way between the companies of both indexes. Thus, it is concluded that, in fact, the relationship between the capital structure and the cash flow of companies listed in the B3 MLCX and SMLL indices occurred in a similar way between the years 2013 to 2019.