Ferrovias brasileiras concedidas: estudo da estrutura de capital sob a perspectiva das Teorias PECKING ORDER e TRADE-OFF

Abstract

This study aimed to analyze the capital structure of Brazilian railways granted concessions after the end of Rede Ferroviaria Federal S.A (RFFSA) in light of two main theories: the Pecking Order Theory and the Trade-off Theory. The first one suggests that companies tend to use internal funds to finance their investments. The second explains that there is an optimal equilibrium between equity and third-party capital that maximizes the firm's value, takingadvantage of tax benefits from acquiring external debt. The methodology involved studying the two theories and analyzing three econometric models with variables considered determinants of leverage (size, tangibility, profitability, and growth) of 12 railways over a period of 12 years. Given the complexity of the analyzed market, the results revealed a combination of boththeories, depending on the variables present in the model.