60186

Fabio Michel Oliveira
Regis Augusto Ely
Rodrigo Nobre Fernandez

RACE: Revista de Administração, Contabilidade e Economia

Este artigo possui o objetivo de mensurar o efeito da alavancagem financeira e da estrutura patrimonial das empresas listadas na B3 (Brasil, Bolsa, Balcão) na volatilidade de seus ativos negociados em Bolsa. Para isso, estimou-se um modelo de painel com efeitos fixos utilizando dados trimestrais e calculou-se a volatilidade trimestral por meio do desvio padrão dos preços de fechamento diários dos ativos. Os dados utilizados incluem os balanços trimestrais desde o período de 2010 até o primeiro trimestre de 2017, e o preço dos ativos negociados em Bolsa. Os resultados demonstram que a estrutura de capital das empresas influencia a volatilidade de seus ativos, especialmente variáveis, como o grau de alavancagem, a composição do endividamento e a imobilização do patrimônio. Empresas com níveis maiores de endividamento são mais sensíveis a esses efeitos, bem como empresas do setor de varejo e transportes.

Alavancagem financeira, Volatilidade e estrutura patrimonial

OLIVEIRA, F. M.; ELY, R. A.; FERNANDEZ, R. N. Alavancagem Financeira, Estrutura Patrimonial e a Volatilidade dos Ativos Negociados na B3. RACE: Revista de Administração, Contabilidade e Economia, v. 19, n. 3, p. 463-488, 2020.

Oliveira, F. M., Ely, R. A., & Fernandez, R. N. (2020). Alavancagem Financeira, Estrutura Patrimonial e a Volatilidade dos Ativos Negociados na B3. RACE: Revista de Administração, Contabilidade e Economia, 19(3), 463-488.

https://doi.org/10.18593/race.20845

https://www.spell.org.br/documentos/ver/60186/alavancagem-financeira--estrutura-patrimonial-e-a-volatilidade-dos-ativos-negociados-na-b3/i/pt-br

Artigo

Português

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