ESTRUTURA DE CAPITAL E DESEMPENHO: EVIDÊNCIA DAS COMPANHIAS ABERTAS DE CONSTRUÇÃO E ENGENHARIA LISTADAS NA BM&FBOVESPA
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Resumo
O presente trabalho objetiva analisar a relação entre estrutura de capital e desempenho das empresas dos subsetores de Construção civil e Construção e engenharia listadas na BM&FBovespa. A amostra é composta por 32 empresas durante os anos-calendário de 2009 e 2015, resultando em 224 observações. Para efeitos de análise dos dados, foi considerado o ROA como proxy para o desempenho. Os resultados da pesquisa corroboram a relação negativa entre a estrutura de capital e o desempenho, uma vez que quanto maior utilização de capital de terceiros, menor o retorno. As variáveis de controle, remuneração de capital próprio, crescimento, apresentaram sinal positivo, e, remuneração de capital de terceiros, imobilização e eficiência operacional, apresentaram sinal negativo em relação ao ROA. No geral os resultados convergiram com Chadha e Sharma (2015).
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Referências
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