Análise da alavancagem das empresas de capital aberto do agronegócio brasileiro: uma abordagem usando logit multinomial

This study intends to verify which variables affect the financial leverage of Brazilian agribusiness companies, considering the migration in the indebtedness ranges as proposed in the model of Matarazzo (1998). 26 companies were selected in accordance to the following links of the agribusiness chain flow: a) agricultural production; b) input supplying; and c) processing and distribution. The study was conducted using a multinomial logit model, based on annual data from 1999 to 2005. The results indicate that the variables tangibility of assets, growth opportunities, size and profitability were statistically significant in the explanation of the debt structure of Brazilian agribusiness companies.