Abstract

PAMPLONA, Edgar  and  PEDRO DA SILVA, Tarcísio. Influence of the capital structure in the performance of Brazilian companies from a nonlinear perspective. estud.gerenc. [online]. 2020, vol.36, n.157, pp.415-427. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2020.157.3851.

The aim was to verify the influence of the capital structure on the economic performance of Brazilian industrial companies from a nonlinear perspective. The sample included 232 organizations listed in Brasil, Bolsa, Balcão (B3), with data from 1996 to 2017. The information was treated by statistical techniques, with emphasis on quadratic regression. The findings indicate that the ideal level of indebtedness to maximize the ROE is 35.78%, while to boost the ROA is 45.81%. Such results are consistent with the precepts of the trade-off theory. It was concluded that 1) linear models can lead to erroneous conclusions about the observed phenomenon, and 2) that corporate managers must observe with particular attention to the capital structure to maximize corporate performance according to the desired prism: ROE or ROA.

Keywords : capital structure; economic performance; nonlinear influence.

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