DETERMINANTS OF THE CAPITAL STRUCTURE OF BRAZILIAN BANKS

被引：1

作者：

Silva, Alexsandra ^{[1
]}

dos Santos, Josete Florencio ^{[1
]}

Ramos, Raquel Souza ^{[1
]}

Lima de Freitas, Mauricio Assuero ^{[2
]}

机构：

[1] Univ Fed Pernambuco PROPAD UFPE, Programa Posgrad Adm, Recife, PE, Brazil

[2] PPGCC UFPE, Programa Posgrad Ciencias Contabeis, Recife, PE, Brazil

来源：

REVISTA DE GESTAO FINANCAS E CONTABILIDADE | 2019年 / 9卷 / 02期

关键词：

Capital Structure; Bank Leverage; Brazilian Banks;

D O I：

10.18028/rgfc.v9i2.7152

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper aims to analyze the determinants of the capital structure of Brazilian banks, as recent studies suggest that regulatory requirements do not have a primary effect on the leverage of the banking sector. The methodology is characterized by a quantitative approach, with a sample formed by 80 institutions in the period from 2010 to 2017, based on accounting information available on the website of the Central Bank of Brazil - BACEN. The techniques used involved descriptive statistics, correlation analysis and multiple linear regression with panel data. The results indicated that the main determinants of the capital structure of non-financial companies are statistically significant to explain the leverage of Brazilian banking institutions, with risk, size and tangibility being significant at the 1% level, profitability at the 5% level. In the macroeconomic variables tested, only IPCA was significant at 5%. In addition, the results signaled that Brazilian banks prioritize their financing sources in line with the Pecking Order Theory.

引用

页码：59 / 76

页数：18

共 34 条

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