DETERMINATIVE FACTORS OF THE CAPITAL STRUCTURE IN THE INTEGRATED COMPANY OF OIL

Resumen

The financing decisions have been widely argued in academic debates on corporative finances. As the oil sector is crucial to the world-wide economic development, for representing the main primary source of energy, it is perceived the necessity of research on this group of decisions directed to the sector in question. In this context, the objective of the work was to study the inductive factors in the decisions of capital structure in the integrated companies of world-wide oil sector. 18 companies listed in the NYSE - New York Exchange Stock, had been searched, considering the period of 2005 to 2010. The studied variable had been liquidity, yield, tangibility, risk, size, growth, exhaustion and replacement of reserves (independent) and short term debt, long term debt and total debt (dependent). For the analysis of the behavior between the variables, the regression test was adopted. It was verified that the main attributes that had influenced the decisions of financing in the sector had been: liquidity, yield, risk and size. Moreover, evidences had been demonstrated that the specific sector variables replacement and exhaustion carried out a strong influence in capital structure. There has been evidences that even pecking-order theory and trade-off theory explains the decisions of financing in the sector.