ESTRUTURA DE CAPITAL E ALAVANCAGEM FINANCEIRA DE EMPRESAS DA AGROINDÚSTRIA CANAVIEIRA UM ESTUDO MULTICASO PARA O CENTRO-OESTE

Autor:	Régio Marcio Toesca Gimenes, Thiago Henrique Moreira Goes, Carlos Alberto Piacenti, Pery Francisco Assis Shikida, Helder Henrique Martins
Rok vydání:	2015
Předmět:	Agricultural science Economy Cost of capital Debt media_common.quotation_subject Capital (economics) Pecking order theory Control (management) Economics Production (economics) Tariff Agribusiness media_common
Zdroj:	Gestão & Regionalidade. 31
ISSN:	2176-5308 1808-5792
Popis:	This paper analyzed company groups from sugarcane agribusiness in the Brazilian Middle West to characterize their capital structures and financial leverage by calculating indebtedness, financial dependence and degree of financial leverage (DFL). The results demonstrate that agribusinesses in the Middle West are best suited to the pecking order theory because they adjust their debts according to their needs, and do not fit trade-off because of the difficulty of keeping the indebtedness within the average of this sector. In addition, there was a high level of debt inherent to the need for technological incorporations, increase in the production capacity and improvement of management features. Even with a high rate, the calculation of DFL showed that most business groups may also raise more funds from third parties, because the feedback given by the company is higher than the cost of debt. However, what limits the uptake of more third-party resources is the risks related to the activity, mainly crop failures, government control over fuel prices (gasoline) and tariff barriers.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::b984697859fd67d50b338b1848f40c0f https://doi.org/10.13037/gr.vol31n93.2430 Zobrazit plný text záznamu