Capital structure of companies listed in the brazilian stock exchange: an analysis in the following years of the 2008-2009 economic crisis

Abstract

The aim of this study is to identify the composition of the capital structure of the firms who listed on the BM&FBOVESPA telecommunications and technology sectors. Thus, one can identify if companies use some form of established by existing structure, and what risk the structure adopted by these theories. For the proposed study will use the four most influential theories on this subject, which are: Traditional Theory, the theory of Modigliani and Miller, Theory of Static Trade-Off, and the Pecking Order Theory, this explains the ways of obtaining resources are developed through a hierarchy and then the same for all companies. For both the method used is descriptive, through the documentary and quantitative analysis of the data presented. To achieve the objective of the study was conducted literature review and subsequently calculated the debt ratios. The results of the study indicate that both sectors have a high degree of indebtedness, and that third-party capital is considered a priority when there is a need for resources.