Os componentes da variância do grau de endividamento de empresas industriais: evidências empíricas na América Latina

Abstract

This dissertation has analyzed the indebtedness variability composition of companies. The purpose was to identify factors affecting this dispersion and the relative importance of this influence. For such, the indebtedness degree was measured using ten different indicators.

Based on the data base of the Economática® company, a study was conducted on a worldwide sample of 1,005 companies located in seven countries in Latin America and the

United States, belonging to 21 different manufacturing sectors in a period from 1986 to 2006. The variance component method, normally used in researches in the agronomy, cattle-raising and genetic fields, was adopted to understand the composition of the companies’ indebtedness

degrees and to analyze the contribution of the effects in the Country, Sector, Year and Firm on these capital structure indicators. Additionally, multiple comparison procedures were employed through the use of Tukey's honestly significant difference test for factors with fixed

Country and Sector effe