DETERMINANTES DA ESTRUTURA DE CAPITAL: EVIDÊNCIAS PARA EMPRESAS DE CAPITAL ABERTO LISTADAS NO BRASIL E NA ARGENTINA

Abstract

This paper analyzes the composition of the capital structure of Brazilian companies listed on the Ibovespa index (IBV) and Argentine companies listed on Merval, assessing the relationships between endogenous and exogenous variables and these companies debt. This empirical study indicates companies capital structure choices based on internal and external factors. The methodology used involves panel data, and the random-effects model was identified as the most appropriate for analyzing the research data. This paper is divided into six parts. The introduction outlines the research objective to analyze the capital structures of Brazilian and Argentine companies listed on the Ibovespa and Merval, respectively, between 2017 and 2024. This is followed by the theoretical framework that presents the foundation for this research; the methodological procedures applied; the analysis and discussion of the results; the final considerations; and, finally, the bibliographical references. In addition, there are appendices A and B.