O 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 EDITORSanvicente, Antonio Zoratto2023-07-192023-07-192011https://repositorio.insper.edu.br/handle/11224/5875The 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.17 p.DigitalInglêsworking papercapital structuredividend policyownership concentrationagency relationship,endogeneity biasBEWP 140/2011