Estudo da estrutura de capital das principais economias emergentes e desenvolvidas mediante cenário de crise

Abstract

Nearly half a century of research after the work of Modigliani and Miller (1958), there is still considerable debate about the composition of the capital structure of companies. In this context, in recent decades, cross-country studies stood out for trying to verify the determinants of capital structure in several countries. However, it is noteworthy that, in times of crisis and recession funding decisions take on a greater importance, as the funds in the financial market may become more scarce, and thus the possible impact on investment and production activities of enterprises, so that will be the determinants of capital structure of companies that are part of the emerging countries can be explained by one of the main theories of capital structure - trade-off and pecking order? Do companies from Brazil, Russia, India and China keep their capital structures by the crisis scenario? And financing strategies are similar to those presented by the developed countries (members of the G7 countries) companies? Thus, this study aims to verify whether the main capital structure theories can explain the corporate structures of the main emerging countries through the crisis scenario started in 2007, and examine whether they are aligned to the standard adopted by companies of developed countries. For both data of listed companies were analyzed in the Stock Markets of Brazil, Russia, India, China and representatives of the G7 countries over the period 2003 to 2011 The econometric technique called quantile regression was used as the main analysis tool, since characteristics allow a more detailed reading of the data, considering the heterogeneity of firms. The main results suggest that among emerging countries, companies indicate changes in the intensity of the classical determinants of capital structure and financing strategies for different companies of Brazil, Russia, India and China. With respect to possible similarities in the structures of capital from emerging and developed countries, the results showed distinct strategies. Finally, the effects of the subprime mortgage crisis provided a different perspective from those observed in times of lower global economic turmoil.