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A IDENTIFICAÇÃO DE PREFERÊNCIAS E ATRIBUTOS RELACIONADOS À ESTRUTURA DE CAPITAL EM PEQUENAS EMPRESAS

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Author(s): Érika Burkowski | Fernanda Finotti Perobelli | Alexandre Zanini

Journal: RAE-eletrônica
ISSN 1676-5648

Volume: 8;
Issue: 1;
Date: 2009;
Original page

Keywords: Small companies | current capital structure | financing preferences | correspondence analysis | joint analysis

ABSTRACT
This paper analyzes the capital structure of 99 small companies. The objectives are to check the desired financing and relationship characteristics between attributes of the company/manager and current and desired short and long term financing using joint and correspondence analyses. In the sample “cost” was the most important factor in the choice of financing, followed by “instrument”, “conditions” and “guarantee”. The variable “size”, “new investments”, “return expectation” and “intended source of financing” revealed there was greater correspondence with current short term financing. “Current long term financing” corresponded to the variables “destination of new financing”, “perception of volatility”, “growth expectation”, “intention of new investments” and “new investments”. Conclusively, they provided evidence of aspects of the theory of the hierarchy of compulsory sources and the suitability of certain theories of capital structure in small companies.
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