Relevância da estrutura de dívida para os determinantes da estrutura de capital: um estudo com dados em painel

Abstract

In general, the study of the determinants of capital structure has handled the third-party capital as a homogeneous source of funds, despite this being often formed by a variety of fundraising instruments. This paper analyzes the relevance of heterogeneity of debt structure for understanding the capital structure. The results show that the firms' characteristics are associated with resources taken by specific sources and the use of general measures of debt as the dependent variable can effectively "hide" relevant factors for the composition of the capital structure.