DETERMINANTS OF THE CAPITAL STRUCTURE OF BRAZILIAN BANKS/DETERMINANTES DE LA ESTRUCTURA DE CAPITAL DE LOS BANCOS BRASILENOS/ DETERMINANTES DA ESTRUTURA DE CAPITAL DOS BANCOS BRASILEIROS

This paper aims to analyze the determinants of the capital structure of Brazilian banks, as recent studies suggest that regulatory requirements do not have a primary effect on the leverage of the banking sector. The methodology is characterized by a quantitative approach, with a sample formed by 80 institutions in the period from 2010 to 2017, based on accounting information available on the website of the Central Bank of Brazil--BACEN. The techniques used involved descriptive statistics, correlation analysis and multiple linear regression with panel data. The results indicated that the main determinants of the capital structure of nonfinancial companies are statistically significant to explain the leverage of Brazilian banking institutions, with risk, size and tangibility being significant at the 1% level, profitability at the 5% level. In the macroeconomic variables tested, only IPCA was significant at 5%. In addition, the results signaled that Brazilian banks prioritize their financing sources in line with the Pecking Order Theory.