DETERMINING FACTORS COMPOSITION AND INDEBTEDNESS OF THE COMPANIES LISTED ON THE BM & FBOVESPA BETWEEN THE LULA'S PRESIDENTIAL TERM (2007-2010) AND DILMA'S PRESIDENTIAL TERM (2011-2014)

Objective: To analyze which economic and financial variables explain the composition of the debt of the 100 largest and smallest companies listed on the BM&FBovespa in the last presidential term (2007-2010 Lula government and 2011-2014 Dilma government). Background: Analyzing the variables that explain the composition of companies' indebtedness, becomes relevant to analyze the organizational competitive advantage in the presidential periods. Method: Multiple linear regression was used. Results: The results show that in 2007, the variables: ROA, ROE, total assets, net worth, general liquidity and current liquidity presented significance in any of the three dependent variables. The variable growth presented significance in some dependent variable only in the years of 2009 and 2011. The variables general liquidity and current liquidity presented significance throughout the analyzed period, since the ROE variable did not show significance only in the year 2013, while the ROA variable presented significance in all periods. As for the variable Net Equity, it also presented significance to some dependent variables. The variables asset profitability and general liquidity presented a higher frequency of significance in relation to the dependent variable general indebtedness in the whole analyzed period. Contributions: It is concluded that observing the data under the presidential term, only the dependent variable composition of the indebtedness showed great difference between the two trems (over the 100 majors), noting that in the first term (2007-2010) is explained by seven independent variables, namely: general liquidity, current liquidity, net worth, ROA, total assets and growth, while in the second term (2010-2014) is explained by only one variable, current liquidity.