Indebtedness (debt/asset) |
Total debts/total assets |
Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, Franzotti and Valle (2020)Franzotti, T., & Valle, M. (2020). Impacto de crises sobre investimentos e financiamentos de companhias brasileiras: Abordagem no contexto de restrições financeiras. Brazilian Business Review, 17(2), 233-252. doi:10.15728/bbr.2020.17.2.6 https://doi.org/10.15728/bbr.2020.17.2.6...
, Cardoso and Pinheiro (2020)Cardoso, V., & Pinheiro, M. (2020). Influência da recessão e das variáveis macroeconômicas sobre a estrutura de capital setorial. Revista Contabilidade & Finanças, 31(84), 392-408.. |
Short-term debts |
Short-term debts/total assets |
Carvalhal and Leal (2013)Carvalhal, A., & Leal, R. (2013). The world financial crisis and the international financing of Brazilian companies. Brazilian Administration Review, 10(1), 18-39. doi:10.1590/S1807-76922012005000007 https://doi.org/10.1590/S1807-7692201200...
|
Long-term debts |
Long-term debts/total assets |
Carvalhal and Leal (2013)Carvalhal, A., & Leal, R. (2013). The world financial crisis and the international financing of Brazilian companies. Brazilian Administration Review, 10(1), 18-39. doi:10.1590/S1807-76922012005000007 https://doi.org/10.1590/S1807-7692201200...
|
Independent variables
|
Crisis 2002 crisis 2008 crisis 2015 crisis |
Dummy 1 for crisis and 0 for other periods |
Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, and Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
|
Bank credits |
Ratio of bank debt to total debt |
Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
|
Subsidized credits |
Proportion of subsidized debt over total debt |
Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
|
Capital markets credits |
Proportion of credits from capital markets on total debt |
Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
|
Control variable
|
Tangibility |
Total fixed assets/total assets |
Frank and Goyal (2009)Frank, M., & Goyal, V. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37. doi:10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
, Carvalhal and Leal (2013)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, and Franzotti and Valle (2020)Franzotti, T., & Valle, M. (2020). Impacto de crises sobre investimentos e financiamentos de companhias brasileiras: Abordagem no contexto de restrições financeiras. Brazilian Business Review, 17(2), 233-252. doi:10.15728/bbr.2020.17.2.6 https://doi.org/10.15728/bbr.2020.17.2.6...
|
Profitability |
Ebitda/total assets |
Frank and Goyal (2009)Frank, M., & Goyal, V. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37. doi:10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
, Carvalhal and Leal (2013)Carvalhal, A., & Leal, R. (2013). The world financial crisis and the international financing of Brazilian companies. Brazilian Administration Review, 10(1), 18-39. doi:10.1590/S1807-76922012005000007 https://doi.org/10.1590/S1807-7692201200...
, Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, and Franzotti and Valle (2020)Franzotti, T., & Valle, M. (2020). Impacto de crises sobre investimentos e financiamentos de companhias brasileiras: Abordagem no contexto de restrições financeiras. Brazilian Business Review, 17(2), 233-252. doi:10.15728/bbr.2020.17.2.6 https://doi.org/10.15728/bbr.2020.17.2.6...
|
Size |
ln(total assets) |
Frank and Goyal (2009)Frank, M., & Goyal, V. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37. doi:10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
, Carvalhal and Leal (2013)Carvalhal, A., & Leal, R. (2013). The world financial crisis and the international financing of Brazilian companies. Brazilian Administration Review, 10(1), 18-39. doi:10.1590/S1807-76922012005000007 https://doi.org/10.1590/S1807-7692201200...
, Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, and Franzotti and Valle (2020)Franzotti, T., & Valle, M. (2020). Impacto de crises sobre investimentos e financiamentos de companhias brasileiras: Abordagem no contexto de restrições financeiras. Brazilian Business Review, 17(2), 233-252. doi:10.15728/bbr.2020.17.2.6 https://doi.org/10.15728/bbr.2020.17.2.6...
|
Market-to-book (growth opportunities) |
Market value of assets/book value of assets |
Frank and Goyal (2009)Frank, M., & Goyal, V. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38(1), 1-37. doi:10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
, Carvalhal and Leal (2013)Carvalhal, A., & Leal, R. (2013). The world financial crisis and the international financing of Brazilian companies. Brazilian Administration Review, 10(1), 18-39. doi:10.1590/S1807-76922012005000007 https://doi.org/10.1590/S1807-7692201200...
, Alves and Francisco (2015)Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146. doi:10.1016/j.qref.2014.12.001 https://doi.org/10.1016/j.qref.2014.12.0...
, Tarantin and Valle (2015)Tarantin, W., & Valle, M. do (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finanças-USP, 26(69), 331-344. doi:10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
, Silva et al. (2016)Silva, E., Santos, J., Perobelli, F., & Nakamura, W. (2016). Capital structure of Brazil, Russia, India and China by economic crisis. Revista de Administração Mackenzie, 17(3), 105-131. doi:10.1590/1678-69712016 https://doi.org/10.1590/1678-69712016...
, and Franzotti and Valle (2020)Franzotti, T., & Valle, M. (2020). Impacto de crises sobre investimentos e financiamentos de companhias brasileiras: Abordagem no contexto de restrições financeiras. Brazilian Business Review, 17(2), 233-252. doi:10.15728/bbr.2020.17.2.6 https://doi.org/10.15728/bbr.2020.17.2.6...
|