Capital Structure Decisions and the Interaction with Payout and Ownership Decisions: Evidence from Brazil

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dc.contributor.authorSanvicente, Antonio Zoratto
dc.coverage.cidadeSão Paulopt_BR
dc.coverage.paisBrasilpt_BR
dc.creatorSanvicente, Antonio Zoratto
dc.date.accessioned2023-07-19T18:06:58Z
dc.date.available2023-07-19T18:06:58Z
dc.date.issued2011
dc.description.abstractThe objective of this paper is to correct the analysis in most of the existing Brazilian literature on determinants of capital structure, which fails to consider the interaction of debt, payout and ownership policy decisions. With the estimation of a three-equation system by three-stage least squares, the paper obtains significant results, and its results contradict most of those obtained in the Brazilian literature. In addition, it confirms unambiguously the existence of an entrenchment effect in the agency relationship involving controlling and minority shareholders.
dc.description.otherThe objective of this paper is to correct the analysis in most of the existing Brazilian literature on determinants of capital structure, which fails to consider the interaction of debt, payout and ownership policy decisions. With the estimation of a three-equation system by three-stage least squares, the paper obtains significant results, and its results contradict most of those obtained in the Brazilian literature. In addition, it confirms unambiguously the existence of an entrenchment effect in the agency relationship involving controlling and minority shareholders.pt_BR
dc.format.extent17 p.pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.issueBEWP 140/2011
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/5875
dc.language.isoInglêspt_BR
dc.publisherInsperpt_BR
dc.publisherIBMEC São Paulopt_BR
dc.relation.ispartofseriesInsper Working Paperpt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DO USUÁRIO VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subject.keywordscapital structurept_BR
dc.subject.keywordsdividend policypt_BR
dc.subject.keywordsownership concentrationpt_BR
dc.subject.keywordsagency relationship,pt_BR
dc.subject.keywordsendogeneity biaspt_BR
dc.titleCapital Structure Decisions and the Interaction with Payout and Ownership Decisions: Evidence from Brazilpt_BR
dc.typeworking paper
dspace.entity.typePublication
local.subject.cnpqCiências Sociais Aplicadaspt_BR
local.typeWorking Paperpt_BR

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Coleção Insper Business and Economics Working Papers