CAPITAL STRUCTURE AND VALUE CREATION: THE DETERMINANTS OF CAPITAL STRUCTURE IN DIFFERENT STAGES OF COMPANIES’ GROWTH

Authors

  • Eduardo Kazuo Kayo Universidade Presbiteriana Mackenzie - São Paulo, SP
  • Rubens Famá Universidade de São Paulo - São Paulo, SP
  • Wilson Toshiro Nakamura Universidade Presbiteriana Mackenzie - São Paulo, SP
  • Diógenes Manoel Leiva Martin Universidade Presbiteriana Mackenzie - São Paulo, SP

Keywords:

Capital structure, indebtedness, growth opportunities, value creation,

Abstract

Various studies in the Capital Structure field seek to analyze the relation between indebtedness and its determinants. However, most of such studies analyze this relation based on samples that contemplate all types of companies. This article attempts an analysis of the relations between indebtedness (dependent variable) and its determinants (independent variables) taking into consideration different characteristics of the company’s growth. The companies analyzed are divided into two different samples (high and low growth) and the regression analysis is performed for each of them. The results indicate that a company’s growth opportunities significantly affect the relations between indebtedness and its determinants.

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Published

2013-09-09

How to Cite

Kazuo Kayo, E., Famá, R., Toshiro Nakamura, W., & Manoel Leiva Martin, D. (2013). CAPITAL STRUCTURE AND VALUE CREATION: THE DETERMINANTS OF CAPITAL STRUCTURE IN DIFFERENT STAGES OF COMPANIES’ GROWTH. Electronic Review of Administration, 10(3). Retrieved from https://seer.ufrgs.br/index.php/read/article/view/42503

Issue

Vol. 10 No. 3 (2004): Edição 39 - mai/jun 2004

Section

Articles

License

 

The author holds authorship rights, and authorizes REAd to publish the article on its website or in printed editions, not implying the payment of copyright or any other fee to the authors, and certifies that this article has not been published, to date, in any Brazilian journal.