Determinants of the indebtedness of Brazilian electric energy companies negotiated on B3
Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories. Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in eac...
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| Principais autores: | , , |
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| Formato: | Online |
| Idioma: | por |
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Portal de Periódicos Eletrônicos da UFRN
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| Endereço do item: | https://periodicos.ufrn.br/ambiente/article/view/31355 |
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| Resumo: | Purpose: This paper investigates the determinants of indebtedness of Brazilian listed electric power companies, considering the pecking order and trade-off theories.
Methodology: 24 companies were studied between 2010 and 2020. There is the same number of cross-section companies in the sample in each of the eleven years. The data is in balanced panel form, with 264 observations in total. The source of the data was the Economatica® platform. The regression method was ordinary least squares, considering so-called fixed effects and random effects.
Results: The results showed that the larger the electric company the higher the debt and the higher the tangible assets and the growth rate of the company the lower the debt. The trade-off theory generally prevailed.
Contributions of the Study: The empirical findings showed that the Brazilian electricity sector presented a conservative posture between 2010 and 2020. It is safe to say that there is no evidence of a financial collapse in the sector due to debt. |
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