Does the capital concentration level influence the Brazilian companies´ capital structure?

Authors

  • Samuel de Paiva Naves Mamede Universidade Presbiteriana Mackenzie
  • Wilson Toshiro Nakamura Universidade Presbiteriana Mackenzie
  • José Renato de Paula Souza Jardim Universidade Presbiteriana Mackenzie
  • Graciela Dias Coelho Jones Universidade Federal de Uberlândia, Uberlândia, Minas Gerais
  • Elaine Aparecida Maruyama Vieira Nakamura Uninove

DOI:

https://doi.org/10.5902/1983465923841

Abstract

The purpose of the present research is to identify whether the capital structure of the Brazilian listed companies is influenced by the capital concentration level. The sample comprises 104 Brazilian publicly traded companies listed on the BM&FBOVESPA, totaling 1,258 observations for annual data in the period from January 1st, 2008 to December 31st, 2014. By using panel data analysis and taking into account the control variables identified as relevant in the literature, the main results show that (i) capital concentration has a positive relation with market indebtedness and with long-term net debt to market equity; (ii) the variables size, volatility, profitability and tangibility, highlighted in the theoretical archetype, evidence a significant influence on long-term debt to market equity and book equity, and (iii) there are no findings and/or inferences that net debt to EBITDA may bring implications for shareholders´ capital concentration. For future studies, suggestions are: i) to increase observations of Brazilian privately held companies; ii) to compare the results obtained with the capital structure of other countries, and iii) to highlight and relate other variables in the literature which are not addressed by the present research.

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Author Biographies

Samuel de Paiva Naves Mamede, Universidade Presbiteriana Mackenzie

Doutorando em Administração de Empresas pela Universidade Presbiteriana Mackenzie

Wilson Toshiro Nakamura, Universidade Presbiteriana Mackenzie

Doutor em Administração pela FEA USP

Professor do PPGA da Universidade Presbiteriana Mackenzie

José Renato de Paula Souza Jardim, Universidade Presbiteriana Mackenzie

Doutor em Administração de Empresas pela Universidade Presbiteriana Mackenzie 

Professor na Universidade Saint Paul

Graciela Dias Coelho Jones, Universidade Federal de Uberlândia, Uberlândia, Minas Gerais

Doutora em Administração de Empresas pela Universidade Presbiteriana Mackenzie

Docente na Faculdade de Ciências Contábeis da Universidade Federal de Uberlândia

Elaine Aparecida Maruyama Vieira Nakamura, Uninove

Mestre em Administração pela Uninove

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Published

2019-11-27

How to Cite

Mamede, S. de P. N., Nakamura, W. T., Jardim, J. R. de P. S., Jones, G. D. C., & Nakamura, E. A. M. V. (2019). Does the capital concentration level influence the Brazilian companies´ capital structure?. Revista De Administração Da UFSM, 12(4), 785–802. https://doi.org/10.5902/1983465923841

Issue

Vol. 12 No. 4 (2019): Oct-Dec

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