INFLUENCE OF REGIONAL ASPECTS ON THE CAPITAL STRUCTURE OF BRAZILIAN COMPANIES SERVED BY PUBLIC BANKS
DOI:
https://doi.org/10.14392/asaa.2022150207Keywords:
Capital Structure, Indebtedness, RegionalityAbstract
Objective: To identifiy the influence of regional aspects on the capital structure of Brazilian companies qualified to serve public banks.
Method: Based on the study by Meslier et al. (2020), research data were extracted from the accounting-financial statements and market value of the Economática® database, from 2010 to 2020 of Brazilian companies (except for the financial sector) and proposed linear regression models with panel data.
Results and Discussions: The results show that being in regions where more than one BP operates does not imply an increase in corporate indebtedness, except in periods of crisis. On the other hand, according to the Pecking Order Theory, financial health had a relevant effect on the capital structure of companies, specifically profitability and ability to pay interest.
Contributions: The study analyzes the capital structure of companies with regionality proxy, not only in the geographic aspect, listing its effects on indebtedness and debt cost. The BPs have a large participation in the Brazilian credit scenario and, accessing them overcomes the issue of regionality, implying in stimulating the financial health of companies, given the preference for internal resources. The research contemplated the geographic location of the matrix of the analyzed companies, creating the limitation of the access to BPs by the branches. More regionalized future research may encompass the performance of private banks and deepen the effective relationship between companies and regional banks.
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