Template-Type: ReDIF-Paper 1.0
Author-Name:  Antonio Zoratto Sanvicente
Author-Name-First: Antonio Zoratto
Author-Name-Last: Sanvicente
Title: Capital Structure Decisions and the Interaction with Payout and Ownership Decisions: Evidence from Brazil
Abstract:  The objective of this paper is to correct the analysis in most of the existing Brazilian literature on determinants of capital structure, which fails to consider the interaction of debt, payout and ownership policy decisions. With the estimation of a three-equation system by three-stage least squares, the paper obtains significant results, and its results contradict most of those obtained in the Brazilian literature. In addition, it confirms unambiguously the existence of an entrenchment effect in the agency relationship involving controlling and minority shareholders.
Length:  18 pages
Creation-Date:  2011
Order-URL: https://repositorio.insper.edu.br/handle/11224/5875
File-URL: https://repositorio.insper.edu.br/handle/11224/5875
File-Format: text/html
File-Function: Full text
Number: 140
Handle: RePEc:aap:wpaper:140