Análise dos determinantes do endividamento das empresas de capital aberto do agronegócio brasileiro

Studies involving capital structure and the identification of itsdeterminants are relevant issues in the field of corporate finance managementresearch. In this regard, the present study intends to evaluate the determinants ofcorporate leverage in the Brazilian agribusiness sector using the model of Rajanand Zingales (1995). In the definition of the sample there were selected 26companies that are classified in one of three subdivisions of the Brazilianagribusiness sector: a) the agriculture or cattle raising; b) inputs or productionfactors and c) processing and distribution sector, using as reference the CNAclassification. The study used data from the Economatica® database, with theadoption of panel data methods. The results indicated that the variablestangibility of assets, growth opportunities, size and profitability werestatiscally significant as determinant factors of the debt structure of Brazilianagribusiness companies. It is also possible to conclude that the model estimated bypanel data generated results that are compatible with those suggested by thepecking order theory.