Capital structure determinants of private and public firms in an emerging economy: a panel data quantile regression analysis

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dc.contributor.authorADRIANA BRUSCATO BORTOLUZZO
dc.contributor.authorSanvicente, Antonio Zoratto
dc.contributor.authorBortoluzzo, Maurício Mesquita
dc.creatorSanvicente, Antonio Zoratto
dc.creatorBortoluzzo, Maurício Mesquita
dc.date.accessioned2024-11-06T16:23:28Z
dc.date.available2024-11-06T16:23:28Z
dc.date.issued2024
dc.description.abstractPurpose This study explores distinct capital structure patterns between private and public companies, examining the varying influence of determinants on debt choices contingent upon a firm’s existing debt position. Design/methodology/approach Employing annual data from 2012 to 2022 for 142 public firms and 660 private firms in a large emerging economy, we use quantile regression within a panel data framework to study the heterogeneous effects of debt determinants, incorporating firm and time random effects. Findings Our findings indicate that such factors as size and operating margin contribute to higher levels of debt, while investment opportunities reduce the debt level. Further analyses, when accounting for a firm’s likelihood of being publicly traded, reveal that dividend payout and operating margin significantly influence debt levels, exclusively in the presence of high debt proportions. Conversely, investment opportunities emerge as a substantial determinant in all debt scenarios. In addition, we found a strong persistence in the indebtedness of companies, and we conclude that the effect of the determinants of indebtedness is heterogeneous according to the level of debt of companies. Originality/value This research provides a comprehensive comparison between private and public firms, not only in terms of debt levels but also in key capital structure determinants, highlighting their significance within the context of varying debt levels.en
dc.formatDigital
dc.format.extent20 p.
dc.identifier.doi10.1108/JEAS-10-2023-0276
dc.identifier.issn2054-6238
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/7203
dc.language.isoInglês
dc.relation.isboundProdução vinculada ao Núcleo de Ciências de Dados e Decisão
dc.relation.ispartofJournal of Economic and Administrative Sciences
dc.subjectPublic firmsen
dc.subjectPrivate firmsen
dc.subjectFinancially constrained firmsen
dc.subjectCapital structureen
dc.subjectQuantile regressionen
dc.titleCapital structure determinants of private and public firms in an emerging economy: a panel data quantile regression analysis
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://www.emerald.com/insight/content/doi/10.1108/jeas-10-2023-0276/full/html
local.publisher.countryNão Informado
local.subject.cnpqCIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO
local.subject.cnpqCIENCIAS SOCIAIS APLICADAS::ECONOMIA
local.subject.cnpqCIENCIAS SOCIAIS APLICADAS::ECONOMIA::METODOS QUANTITATIVOS EM ECONOMIA
local.typeArtigo Científico
relation.isAuthorOfPublicationccfd47d5-bd80-4464-98ce-629abb672e3d
relation.isAuthorOfPublication.latestForDiscoveryccfd47d5-bd80-4464-98ce-629abb672e3d
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