Banca de QUALIFICAÇÃO: KLIVER BATISTA SALES

Uma banca de QUALIFICAÇÃO de MESTRADO foi cadastrada pelo programa.
STUDENT : KLIVER BATISTA SALES
DATE: 12/04/2025
TIME: 10:00
LOCAL: Plataforma Teams
TITLE:

The Risk Perspective in Capital Structure  


KEY WORDS:

Capital structure, Risk, Debt, Pecking order Theory, Market Timing theory, Trade-off theory, B3.


PAGES: 44
BIG AREA: Ciências Sociais Aplicadas
AREA: Administração
SUBÁREA: Ciências Contábeis
SUMMARY:
The capital structure of firms has been a central topic of discussion in corporate finance since the seminal work of Modigliani and Miller (1958), who argued for the irrelevance of capital structure in the maximization of firm value under perfect market conditions. Despite this proposition, the issuance of debt continues to play a pivotal role in corporate financial strategy (Lou et al., 2023). In the aftermath of Modigliani and Miller’s theory, numerous scholars have sought to investigate the underlying motivations behind corporate debt decisions, leading to the development of the Trade-off theory (Myers, 1977), the Pecking Order theory (Myers and Majluf, 1984), and the Market Timing theory (Baker and Wurgler, 2002). Across these three theoretical frameworks, the concept of risk emerges as a relevant factor, although approached from distinct perspectives. In light of this, the present study aims to address the following research question: how do endogenous and exogenous risks to which firms are exposed influence their capital structure? Therefore, this research seeks to examine the extent to which various types of risk contribute to capital structure decisions. To achieve this objective, the study will employ panel data regression models, in which capital structure indicators serve as dependent variables, while measures of risk and control variables function as independent variables. The dataset spans from the first quarter of 2008 to the fourth quarter of 2024, comprising a total of 68 quarterly periods. The sample consists of publicly traded firms listed on the B3 stock exchange, excluding financial sector firms due to their unique regulatory and operational characteristics.To support the analysis and provide a robust foundation for empirical investigation, twelve hypotheses have been formulated to explore the impact of risk on corporate debt decisions, thereby contributing to a deeper understanding of capital structure determinants.


COMMITTEE MEMBERS:
Externa à Instituição - FLÁVIA ZOBOLI DALMÁCIO
Presidente - 1804227 - DANIELLE MONTENEGRO SALAMONE NUNES
Interno - 1122873 - SERGIO RICARDO MIRANDA NAZARE
Notícia cadastrada em: 11/04/2025 09:18
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