Panel A: Profitability |
Return on equity (ROE) |
Net profit / Equity |
Frank and Goyal (2009)Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1-18. https://doi.org/10.1016/j.jcorpfin.2017.04.008 https://doi.org/10.1016/j.jcorpfin.2017....
; Graham, Leary, and Roberts (2015)Gatsios, R. C., Silva, J. M., Ambrozini, M. A., Assaf Neto, A., & Lima, F. G. (2016). Impact of adopting IFRS standard on the equity cost of Brazilian open capital companies. RAM. Revista de Administração da Mackenzie, 17(4), 85-108. https://doi.org/10.1590/1678-69712016/administracao.v17n4p84-107 https://doi.org/10.1590/1678-69712016/ad...
; Lemmon et al. (2008)Locan, T. R., & Caldeira, J. F. (2014). Estrutura de capital, liquidez de caixa e valor da empresa: Estudo de empresas brasileiras cotadas em bolsa. Revista Contabilidade & Finanças-USP, 25(64), 46-59. https://doi.org/10.1590/S1519-70772014000100005 https://doi.org/10.1590/S1519-7077201400...
|
Neg./Pos. |
Free cash flow (FCL) |
|
Lemmon et al. (2008)Locan, T. R., & Caldeira, J. F. (2014). Estrutura de capital, liquidez de caixa e valor da empresa: Estudo de empresas brasileiras cotadas em bolsa. Revista Contabilidade & Finanças-USP, 25(64), 46-59. https://doi.org/10.1590/S1519-70772014000100005 https://doi.org/10.1590/S1519-7077201400...
|
Neg./Pos. |
Panel B: Firm size |
Total assets (TA) |
Log of assets |
Devos, Rahman, and Tsang (2017)Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1-18. https://doi.org/10.1016/j.jcorpfin.2017.04.008 https://doi.org/10.1016/j.jcorpfin.2017....
; Frank and Goyal (2009)Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
; Lemmon et al. (2008)Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x https://doi.org/10.1111/j.1540-6261.2008...
|
Neg./Pos. |
Equity (PL) |
Log of equity |
Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
Neg./Pos. |
Net sales (R) |
Log of net sales |
DeAngelo and Roll (2015)DeAngelo, H., & Roll, R. (2015). How stable are corporate capital structures? The Journal of Finance, 70(1), 373-418. https://doi.org/10.1111/jofi.12163 https://doi.org/10.1111/jofi.12163...
; Devos et al. (2017)Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1-18. https://doi.org/10.1016/j.jcorpfin.2017.04.008 https://doi.org/10.1016/j.jcorpfin.2017....
; Frank and Goyal (2009)Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
; Graham et al. (2015)Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of Financial Economics, 118(3), 658-683. https://doi.org/10.1016/j.jfineco.2014.08.005 https://doi.org/10.1016/j.jfineco.2014.0...
; Rajan and Zingales (1995)Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421-1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x https://doi.org/10.1111/j.1540-6261.1995...
|
Neg./Pos. |
Panel C: Growth opportunities |
Change in log assets (LMA) |
|
Frank and Goyal (2009)Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
|
Neg./Pos. |
Capex (CAP) |
Capital expenditure / Total assets |
Axelson, Jenkinson, Strömberg, and Weisbach (2013)Axelson, U., Jenkinson, T., Strömberg, P., & Weisbach, M. S. (2013). Borrow cheap, buy high? The determinants of leverage and pricing in buyouts. The Journal of Finance, 68(6), 2223-2267. https://doi.org/10.1111/jofi.12082 https://doi.org/10.1111/jofi.12082...
; Frank and Goyal (2009)Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
; Locan and Caldeira (2014)Locan, T. R., & Caldeira, J. F. (2014). Estrutura de capital, liquidez de caixa e valor da empresa: Estudo de empresas brasileiras cotadas em bolsa. Revista Contabilidade & Finanças-USP, 25(64), 46-59. https://doi.org/10.1590/S1519-70772014000100005 https://doi.org/10.1590/S1519-7077201400...
|
Neg./Pos. |
Panel D: Investment opportunities |
Tobin's Q (Q) |
|
Catapan and Colauto (2015)Catapan, A., & Colauto, R. D. (2015). Governança corporativa: Uma análise de sua relação com o desempenho econômico-financeiro de empresas cotadas no Brasil nos anos de 2010-2012. Contaduría y Administración, 59(3), 137-164. https://doi.org/10.1016/S0186-1042(14)71268-9 https://doi.org/10.1016/S0186-1042(14)71...
|
Neg. |
Panel E: Nature of assets |
Tangibility (TAN) |
|
DeAngelo and Roll (2015)DeAngelo, H., & Roll, R. (2015). How stable are corporate capital structures? The Journal of Finance, 70(1), 373-418. https://doi.org/10.1111/jofi.12163 https://doi.org/10.1111/jofi.12163...
; Graham et al. (2015)Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of Financial Economics, 118(3), 658-683. https://doi.org/10.1016/j.jfineco.2014.08.005 https://doi.org/10.1016/j.jfineco.2014.0...
; Kieschnick and Moussawi (2018)Kieschnick, R., & Moussawi, R. (2018). Firm age, corporate governance, and capital structure choices. Journal of Corporate Finance, 48, 597-614. https://doi.org/10.1016/j.jcorpfin.2017.12.011 https://doi.org/10.1016/j.jcorpfin.2017....
; Lemmon et al. (2008)Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x https://doi.org/10.1111/j.1540-6261.2008...
; Tarantin and Valle (2015)Tarantin, W. T. Junior, & Valle, M. R. (2015). Estrutura de capital: O papel das fontes de financiamento nas quais companhias abertas brasileiras se baseiam. Revista Contabilidade & Finança, 26(69), 331-344. https://doi.org/10.1590/1808-057x201512130 https://doi.org/10.1590/1808-057x2015121...
|
Neg./Pos. |
Panel F: Risk |
Beta- systematic risk (SR)
|
|
Scholtz (2014)Scholtz, H. D. (2014). Is systematic risk diversifiable? Presentation of a portfolio model that eliminates systematic risk. Social Science Research Network. https://doi.org/10.2139/ssrn.2533943 https://doi.org/10.2139/ssrn.2533943...
; Vancin, Kirch, Perlin and Mastella (2009)Vancin, D., Kirch, G., Perlin, M. & Mastella, M. (2019, July). The Impact of Board Gender-Diversity in Brazilian Firms Performance and Risk. In: Encontro Brasileiro de Finanças, Rio de Janeiro, RJ, Brasil, 19.
|
Pos. |
Panel G: Tax |
Tax benefits (BF) |
|
Frank and Goyal (2009)Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x https://doi.org/10.1111/j.1755-053X.2009...
; Lemmon et al. (2008)Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: Persistence and the cross-section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608. https://doi.org/10.1111/j.1540-6261.2008.01369.x https://doi.org/10.1111/j.1540-6261.2008...
|
Pos. |
Panel H: Corporate governance |
Ownership structure of the major shareholder (APC) |
% of voting share held by the major shareholder |
Colombo and Caldeira (2018)Colombo, J. A., & Caldeira, J. F. (2018). The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment. Journal of Corporate Finance, 50, 402-423. https://doi.org/10.1016/j.jcorpfin.2017.09.007 https://doi.org/10.1016/j.jcorpfin.2017....
; Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
Neg./Pos. |
Ownership structure of the three principal shareholder (TPAC) |
% of voting share held by the three principal shareholder |
Colombo and Caldeira (2018)Colombo, J. A., & Caldeira, J. F. (2018). The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment. Journal of Corporate Finance, 50, 402-423. https://doi.org/10.1016/j.jcorpfin.2017.09.007 https://doi.org/10.1016/j.jcorpfin.2017....
; Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
Neg./Pos. |
Ownership structure of the five principal shareholder (CPAC) |
% of voting share held by the five principal shareholder |
Colombo and Caldeira (2018)Colombo, J. A., & Caldeira, J. F. (2018). The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment. Journal of Corporate Finance, 50, 402-423. https://doi.org/10.1016/j.jcorpfin.2017.09.007 https://doi.org/10.1016/j.jcorpfin.2017....
; Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
Neg./Pos. |
Dummies |
Sector fixed effect (Sector FE) |
Dummies: 1 for sector firms, 0 otherwise |
Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
- |
Time fixed effects (Time FE) |
Dummies: 1 for allocated time, 0 otherwise |
Sonza and Kloeckner (2014)Sonza, I. B., & Kloeckner, G. O. (2014). Governança em estruturas proprietárias concentradas: Novas evidências para o Brasil. Revista de Administração, 49(2), 322-338. https://doi.org/10.5700/rausp1149 https://doi.org/10.5700/rausp1149...
|
- |