O impacto da teoria de maximização da utilidade do gestor na escolha da estrutura de capital das empresas, e sua consequência na riqueza dos accionistas

Abstract

This report is the result of a research entitled "the impact of the manager's utility maximization theory on the choice of companies' capital structure, and its consequences on shareholder wealth", which called for analyzing the effects of a decision on the structure of capital based on the priority of meeting the interests of managers, the value of equity and liquidity of companies and, understanding the importance of controlling a company and how this control can influence the choice of capital structures, since, as the structure of capital defines the number of shares, ownership of shares defines control. To achieve the stated purpose, we sought to: (i) analyze the control structure of a company; (ii) identify the main variables of permanent capital structure decision; (iii) assess the degree of importance given to control in the decision of the permanent capital structure; (iv) simulate alternative scenarios of permanent capital structures for a given volume of capital; (v) establish the relationship between permanent capital structures, earnings per share and interest coverage ratio; and (vi) demonstrate the impact of capital structure choices on a share price. The method chosen was the case study and the unit of analysis selected was ceta s.a.r.l, a Mozambican company with private capital that operates in the construction sector. The selection criterion was the search for typical cases, based on previous information obtained from the results of a degree thesis defended at the Faculty of Economics/uem in 2005. The analysis techniques used were: (i) interviews; (ii) establishment of ratios based on the company's financial statements; (iii) simulations using mathematical equations. The results of the study suggest that the keta: (i) has a concentrated control structure; (ii) its main capital structure decision variables are risk and return; (iii) control is of significant importance for its directors who do not intend to abdicate from it, (iv) the expected return and risk are sensitive to the capital structures adopted. (v) when the weight of debt increases in the permanent capital structure, the interest coverage ratio decreases, and earnings per share increase; (vi) the share price varies depending on the shareholders' sensitivity to risk and return. The ceta sarl, a decentralization of control, was recommended; greater relevance to return and lesser relevance to control as determinants of the capital structure; and that assesses the impacts on earnings per share and interest coverage on capital structure decisions