Amaral, P. (2011). Decisôes de financiamento empresas brasileiras: Umacomparação entre a static tradeoff e a pecking order theory no Brasil. Dissertação à Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto da Universidade de São Paulo para obtenção do título de mestre e controladoria e Contabilidade.

has been cited by the following article:

• TITLE: The Volatility of Capital Structure in Brazil—An Empirical Analysis

  AUTHORS: António Lourenço, Fernando Reis

  KEYWORDS: Capital Structure, Debt, Determinants, Volatility, Brazil

  JOURNAL NAME: Open Journal of Business and Management, Vol.11 No.3, May 24, 2023

  ABSTRACT: The capital structure has been studied consistently since 1952. The volatility of the structures of capital is recent, where the static trade-off theory is questioned, DeAngelo & Roll (2015). It followed this idea, and not only the study of determinants between companies. The aim of this article is to answer if the Brazilian companies are unstable in terms of structure capital and not an exception, and subsequently identify the impact of the volatility of capital structures, profitability, size, sector of activity, etc. 625 non-financial companies were analyzed, from 2003 to 2016, listed on the Brazilian Stock Exchange with models dynamic and static. The results conclude that the capital structures in Brazil are volatile, and that there was not profitability in the companies, even though they had increased their debts.