Alavancagem financeira, estrutura patrimonial e a volatilidade dos ativos negociados na B3

  • Fabio Michel Oliveira Universidade Federal de Pelotas
Palavras-chave: Alavancagem financeira, Volatilidade e estrutura patrimonial

Resumo

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.

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Publicado
04-09-2020
Como Citar
Oliveira, F. M. (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
Seção
Artigos teórico-empíricos