Relationship Between the Capital Structure and the Asset Structure in the Electrical Energy and Telecommunications Brazilian Branches

Romero Machado Ferreira, Luiz Alberto Bertucci, Antônio Dias Pereira Filho


This work analyzes the behavior of capital structures when large investments are placed as well as subsequent periods, evidencing the relationship between investment and financial decisions. In empirical terms we have analyzed financial data from Brazilian companies of the electrical energy and telecommunications branches that have presented an increase in fixed assets equal or greater than 75% in a specific moment between 1996 and 2005, in order to evaluate their evolution in capital structure. The methodology essentially consisted of the use of non-parametric tests of Mann-Whitney to compare and to analyze the structure of capital of the companies at previous and posterior moments to the accomplishment of great investments. The results found allow us to conclude that even though there was a great increase in the capital structure of companies in the electrical energy field, they only affected these companies in the medium/long term. On the other hand, in the telecommunications field, it was not affected up until two years after the increase in the fixed assets. The analysis of some companies’ specific stories show that their specificities exert a major role in the choice of capital structure, even greater than the effect provoked by inherent characteristics to the fields of study. This paper gives elements for the best understanding of the capital structure subject. Key words:  Capital structure. Asset structure. Brazilian enterprises.


Capital structure. Asset structure. Brazilian enterprises.


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