Abstract

DE OLIVEIRA RITTA, Cleyton; BAMBINO, Antonio Carlos  and  DA SILVA, Tarcísio Pedro. Financial flow as determinant of capital structure of Latin American companies. estud.gerenc. [online]. 2019, vol.35, n.150, pp.3-15. ISSN 0123-5923.  https://doi.org/10.18046/j.estger.2019.150.2829.

The overall goal of this paper is to investigate the relationship between financial flow and specific factors as determinants of capital structure in Latin American companies. The main hypothesis of the theoretical construct is the argument that companies with higher levels of financial flow generation have higher levels of indebtedness. This is a descriptive documentary research, with a quantitative approach, tied to a timeframe from 2008 to 2013. For data analysis, a multiple linear regression model with panel data was used. The results showed that the research alternative hypotheses were rejected. However, the set of factors used in the study were highly explanatory of the level of indebtedness and are relevant determinants of capital structure of Latin American companies.

Classificações JEL: G30, G32, G15.

Keywords : financial flow; capital structure; Latin American companies; trade-off theory; agency costs theory.

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