Relationship between financing sources and the capital structure of large Brazilian companies
Main Article Content
Abstract
We analyze the capital structure of large public companies in Brazil, and the relationship of financing sources to these companies' leverage. Sources of financing are classified into market lines and differentiated lines, and by funding currency. Using panel data for 99 Brazilian firms between 2001 and 2019, we find a relationship between financing source and capital structure: companies that use differentiated lines, which have subsidized interest rates, are less leveraged than companies using market lines. The debt currency does not explain companies' financing.
Article Details
How to Cite
Eça, J. P. A., Franzotti, T. D. A. ., & Valle, M. R. do . (2022). Relationship between financing sources and the capital structure of large Brazilian companies. Brazilian Review of Finance, 20(4), 61–82. https://doi.org/10.12660/rbfin.v20n4.2022.85587
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Long Paper
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