Análise do Impacto da Remuneração de Capitais na Alavancagem das Companhias Abertas de Construção e Engenharia
DOI:
https://doi.org/10.9771/rc-ufba.v12i1.20344Palavras-chave:
Alavancagem, Construção Civil, Custo de Capital, Engenharia.Resumo
Esta pesquisa tem o objetivo principal analisar a relação entre a remuneração de capitais na alavancagem das companhias dos subsetores da construção civil, e, construção e engenharia, listadas na BM&FBovespa. A amostra foi composta por 34 empresas dos subsetores de construção civil e construção e engenharia, no período de 2010 e 2015. Os resultados apontaram que a remuneração de capital próprio tem relação positiva e significativa com a alavancagem, visto que, quanto maior o custo de capital próprio, maior a alavancagem no período seguinte, e, a remuneração de capital de terceiros tem relação negativa, uma vez que, quanto maior o custo de capital de terceiros, menor a alavancagem no período seguinte. As variáveis de controle demonstraram que quanto maior o lucro e o tamanho das companhias, menor e maior a alavancagem, respectivamente. No geral, os resultados convergiram com a literatura previa, sobretudo a teoria do trade off.
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