Novais teoria trade-off e pecking order a partir da correlação de pearson: uma análise de duas empresas do segmento securitário

Abstract

This study examines the determinants of the capital structure of Porto Seguro SA and SulAmérica, covering the period from 2013 to 2017. So that indicators were extracted from the DRE and the balance sheet to apply to the Pearson correlation method, this configuration allowed to obtain coefficients that served as the basis for applying trade-off theory and pecking order theory. Thus allowing academic theory to be connected with empirical market outcomes, illustrating the equity and third-party relationship of the organizations in question. From this technique, the strong influence of the total indebtedness with the profitability of the entities was observed. This work has relevance, because although both companies have ascendancy, the capital structure of these differs as to the degree of indebtedness. Confirming that theories can behave differently when put in check in front of the corporate environment and the dynamics of the market.