Estrutura de capital e divulgação voluntária de informações de responsabilidade social corporativa das empresas brasileiras

Abstract

This study aims to determine whether the voluntary disclosures of corporate social responsibility influence the capital structure of companies listed on BM&FBOVESPA, according to the perspective of Tradeoff and Pecking Order theories, in the period 2008-2012. The sample was composed by non-financial firms with available information. Data were collected from secondary sources. The analysis was performed using multiple regression on unbalanced panel data with fixed effects. The results show that the Pecking Order Theory support to how companies adopt their capital structures. With the inclusion of voluntary disclosure of corporate social responsibility in the determinants of capital structure model, a positive relationship was observed, indicating firms that provide more information to the market can more easily raise funds through debt.