Influencia de la estructura de capital en el desempeño de las empresas brasileñas desde una perspectiva no lineal

  • Edgar Pamplona Pesquisador, Programa de Pós-Graduação em Ciências Contábeis, Universidade Regional de Blumenau, Blumenau, Brasil. https://orcid.org/0000-0002-2579-5458
  • Tarcísio Pedro da Silva Professor, Programa de Pós-Graduação em Ciências Contábeis, Universidade Regional de Blumenau, Blumenau, Brasil. https://orcid.org/0000-0002-2370-791X
Palabras clave: estructura de capital, desempeño económico, influencia no lineal

Resumen

El objetivo fue verificar la influencia de la estructura de capital en el desempeño económico de las empresas industriales brasileñas desde una perspectiva no lineal. La muestra incluyó 232 organizaciones listadas en Brasil, Bolsa, Balcão (B3), con datos de 1996 a 2017. La información fue tratada mediante técnicas estadísticas, con énfasis en la regresión cuadrática. Los resultados muestran que el nivel ideal de endeudamiento para maximizar el ROE es de 35,78%, mientras que para impulsar el ROA es de 45,81%. Estos son consistentes con los preceptos de la teoría trade-off. Se concluye que 1) los modelos lineales pueden llevar a conclusiones erróneas sobre el fenómeno observado y 2) que los gerentes corporativos deben observar con especial atención la estructura de capital para maximizar el desempeño corporativo de acuerdo con el prisma deseado: ROE o ROA.

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Publicado
2020-10-21
Cómo citar
Pamplona, E., & da Silva, T. P. (2020). Influencia de la estructura de capital en el desempeño de las empresas brasileñas desde una perspectiva no lineal. Estudios Gerenciales, 36(157), 415-427. https://doi.org/10.18046/j.estger.2020.157.3851
Sección
Artículo de investigación