DETERMINANTES DA ESTRUTURA DE CAPITAL E A GERAÇÃO DE VALOR: UMA APLICAÇÃO DO MÉTODO ESTRUTURAL DIFERENCIAL

Abstract

This article aims to evaluate the ability to value generation of the companies that made initial primary offering of shares through the accounting ratios most used in the literature: accounting debt, current liquidity, tangibility, profitability, market to book, risk, size and growth . The evaluation was slice into three periods, given the different economic scenarios: i. 2004-2007; ii. 2007-2011; and iii. 2011 to 2014. The methodology structural differential method was applied, which has a number of advantages compared to the simple method of comparing value. In the analysis, econometric models were used by panel data analysis, with the intention to assess and quantify the correlation between the magnitude of the indices and the companies assessed value change. One can prove that some determinants (Liquidity, Market to Book Growth) presented the results expected by the theory, while others (Tangibility, Risk, Size) bucked the listed theoretical assumptions (Pecking Order, Trade Off and Agency Theory). Still, it was concluded that: (a) there was a greater generation of value of the companies that made IPO in 2007 to 2011; (B) the generation of value of all companies participating in the stock market follows a more standard distribution currently; and (c) factors such as accounting debt, liquidity, leverage, size and business risk were significant for the generation of the sample analyzed value.