Analysis of determining factors of capital structure of companies in the construction sector: an approach during and after the housing crisis

Authors

  • Ana Paula Braga da Silva UFMG - Universidade Federal de Minas Gerais Author
  • José Roberto de Souza Francisco UFMG - Universidade Federal de Minas Gerais Author

DOI:

https://doi.org/10.4025/enfoque.v35i1.30759

Keywords:

Estrutura de Capital. Endividamento. Crise Financeira Mundial. Setor de Construção Civil.

Abstract

Field studies in the area of corporate finance this increasingly widespread, requiring a highly qualified companies like item to continue operating in the market. In this sense, this study aims to verify possible determinants of capital structure of Brazilian public companies, the construction industry, a comparative analysis between the period of the global financial crisis of 2008 (2007 to 2010) and subsequent to the crisis (2011-2013) period. The evaluation is done by econometric and method of multiple linear regression, which includes a database of 18 companies in the sector listed on the BM&FBOVESPA.The results show that the crisis impacted the management of the capital structure of companies in the sector, having in that moment of crisis all covariates were significant, in which only the operating profit and size, were statistically significant. In the post-crisis period, only the profitability and risk were statistically significant coefficients with the same sense of relationship envisaged.

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Author Biographies

  • Ana Paula Braga da Silva, UFMG - Universidade Federal de Minas Gerais
    Graduada em Ciências Contábeis/UFMG
  • José Roberto de Souza Francisco, UFMG - Universidade Federal de Minas Gerais
    Departamento de Ciências Contábeis e Controladoria & Finanças/UFMG

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Additional Files

Published

2016-05-20

Issue

Vol. 35 No. 1 (2016)

Section

Original Articles

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How to Cite

da Silva, A. P. B., & Francisco, J. R. de S. (2016). Analysis of determining factors of capital structure of companies in the construction sector: an approach during and after the housing crisis. Enfoque: Reflexão Contábil, 35(1), 17-34. https://doi.org/10.4025/enfoque.v35i1.30759