Abstract

KAVESKI, Itzhak David Simão; DEGENHART, Larissa; VOGT, Mara  and  DA SILVA, Tarcísio Pedro. Drivers of capital structure of Brazilian information technology companies. Rev. iberoam. cienc. tecnol. soc. [online]. 2015, vol.10, n.29, pp.235-262. ISSN 1850-0013.

The aim of this research, among a series of factors, is to verify the drivers of capital structure in Brazilian information technology companies. The paper is descriptive in nature, analyses documents from six different companies, and has a quantitative approach. The study was run from the first quarter of 2008 through the last quarter of 2012. Findings demonstrate that companies with the best liquidity levels use less short and long-term resources to finance their activities. The most profitable companies run less into long-term debt and, thus, have more inner resources available for investment. This paper concludes that, in terms of debt, Brazilian information technology companies base their corporate finances on the Pecking Order model.

Keywords : Capital structure; Funding; Information technology.

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