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- Title
INFLUÊNCIA DA ESTRUTURA DE CAPITAL SOBRE A RENTABILIDADE DAS EMPRESAS DO SETOR DE ENERGIA ELÉTRICA LISTADAS NA B3.
- Authors
BETTEGA DE LIMA, ROBERTA QUILES; DOS SANTOS MARTINS, MARCO ANTONIO
- Abstract
The present study aims to analyze the influence of the capital structure on the profitability of the electric power sector companies listed in B3, between 2014 and 2018. The methodology applied classifies itself as quantitative, descriptive and documental, drawing on data published by the companies in their financial annual statements. Three multiple linear regression models were used on the study of the influence of the both variables capital structure and control structure over the profitability variables. The obtained outcome points out there is no meaningful indication that indebtedness affects ROE, however it indicates a certain level of positive impact on the short term indebtedness and negative impact on the long term indebtedness. It was observed that similarity in the obtained outcome on the three regression models applied, regarding the influence exercised over ROA and ROAOper, indicates that both short term indebtedness and long term indebtedness tend to influence positively such variables. On all applied models there were evidences that Tobin's q control variable exercises positive influence over ROA and ROAOper. Lastly, through the correlation analysis, it was identified that the variables that have a higher correlation with the profitability metrics were short term indebtedness and Tobin's q.
- Subjects
CAPITAL structure; FINANCIAL statements; CAPITAL movements; DEBT; ELECTRIC power
- Publication
ConTexto, 2021, Vol 21, Issue 47, p66
- ISSN
1676-6016
- Publication type
Article