<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0123-5923</journal-id>
<journal-title><![CDATA[Estudios Gerenciales]]></journal-title>
<abbrev-journal-title><![CDATA[estud.gerenc.]]></abbrev-journal-title>
<issn>0123-5923</issn>
<publisher>
<publisher-name><![CDATA[Universidad Icesi]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0123-59232020000400415</article-id>
<article-id pub-id-type="doi">10.18046/j.estger.2020.157.3851</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Influência da estrutura de capital no desempenho de empresas brasileiras sob a ótica não linear]]></article-title>
<article-title xml:lang="es"><![CDATA[Influencia de la estructura de capital en el desempeño de las empresas brasileñas desde una perspectiva no lineal]]></article-title>
<article-title xml:lang="en"><![CDATA[Influence of the capital structure in the performance of Brazilian companies from a nonlinear perspective]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pamplona]]></surname>
<given-names><![CDATA[Edgar]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pedro da Silva]]></surname>
<given-names><![CDATA[Tarcísio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Regional de Blumenau  ]]></institution>
<addr-line><![CDATA[Blumenau ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Regional de Blumenau  ]]></institution>
<addr-line><![CDATA[Blumenau ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2020</year>
</pub-date>
<volume>36</volume>
<numero>157</numero>
<fpage>415</fpage>
<lpage>427</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0123-59232020000400415&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0123-59232020000400415&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0123-59232020000400415&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo Objetivou-se verificar a influência da estrutura de capital no desempenho econômico de empresas industriais brasileiras sob a ótica não linear. A amostra abrangeu 232 organizações listadas na Brasil, Bolsa, Balcão (B3), com dados de 1996 a 2017. As informações foram tratadas a partir de técnicas estatísticas, com destaque para a regressão quadrática. Os achados apontam que o nível ideal de endividamento para maximizar o Retorno sobre o Patrimônio Líquido (ROE) é de 35,78%, enquanto para impulsionar o Retorno sobre Ativos (ROA) é de 45,81%. Tais resultados enquadram-se nos preceitos da teoria trade-off. Conclui-se que: 1) modelos lineares podem levar a conclusões equivocadas acerca do fenômeno observado; e, 2) gestores corporativos devem observar de maneira particular a estrutura de capital para maximizar o desempenho corporativo conforme o prisma desejado: ROE ou ROA. Classificações JEL: G32; G39.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El objetivo fue verificar la influencia de la estructura de capital en el desempeño económico de las empresas industriales brasileñas desde una perspectiva no lineal. La muestra incluyó 232 organizaciones listadas en Brasil, Bolsa, Balcão (B3), con datos de 1996 a 2017. La información fue tratada mediante técnicas estadísticas, con énfasis en la regresión cuadrática. Los resultados muestran que el nivel ideal de endeudamiento para maximizar el ROE es de 35,78%, mientras que para impulsar el ROA es de 45,81%. Estos son consistentes con los preceptos de la teoría trade-off. Se concluye que 1) los modelos lineales pueden llevar a conclusiones erróneas sobre el fenómeno observado y 2) que los gerentes corporativos deben observar con especial atención la estructura de capital para maximizar el desempeño corporativo de acuerdo con el prisma deseado: ROE o ROA.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The aim was to verify the influence of the capital structure on the economic performance of Brazilian industrial companies from a nonlinear perspective. The sample included 232 organizations listed in Brasil, Bolsa, Balcão (B3), with data from 1996 to 2017. The information was treated by statistical techniques, with emphasis on quadratic regression. The findings indicate that the ideal level of indebtedness to maximize the ROE is 35.78%, while to boost the ROA is 45.81%. Such results are consistent with the precepts of the trade-off theory. It was concluded that 1) linear models can lead to erroneous conclusions about the observed phenomenon, and 2) that corporate managers must observe with particular attention to the capital structure to maximize corporate performance according to the desired prism: ROE or ROA.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[estrutura de capital]]></kwd>
<kwd lng="pt"><![CDATA[desempenho econômico]]></kwd>
<kwd lng="pt"><![CDATA[influência não linear]]></kwd>
<kwd lng="es"><![CDATA[estructura de capital]]></kwd>
<kwd lng="es"><![CDATA[desempeño económico]]></kwd>
<kwd lng="es"><![CDATA[influencia no lineal]]></kwd>
<kwd lng="en"><![CDATA[capital structure]]></kwd>
<kwd lng="en"><![CDATA[economic performance]]></kwd>
<kwd lng="en"><![CDATA[nonlinear influence]]></kwd>
</kwd-group>
</article-meta>
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