Efeito setorial da intermediacao financeira na dinamica da estrutura de capital

Abstract

Companies that operate in sectors with greater financial restrictions tend to be more conservative, forming a liquidity reserve. In this sense, the proposal is to verify if the sectorial sensitivity to fluctuations in the supply of resources by the financial sector affects the degree of adjustment of the companies' capital structure. In a sample of 612 publicly traded Brazilian companies, the dynamic trade-off model is estimated by the method of instrumental variables in differences. It appears that the sectorial financial multiplier can be seen, on average, as a measure of financial constraint, which increases the importance of the debt stock on new hires, reducing the speed of adjusting companies to the optimal structure.