The capital concentration level influences the capital structure of Brazilian companies?

The aim of this research is to identify whether the capital structure of Brazilian public companies is influenced by the level of concentration of capital. It was adopted as a sample of 104 brazilian publicly traded companies listed on BM&FBOVESPA, totaling 1.258 observations for annual data for the period from 1stJanuary 2008 to 31 December 2014. By using the analysis with panel data and take into account the control variables considered relevant by the literature, the main results showed that: (i) the concentration of capital has a positive relationship with the market debt and the long-term net debt to market equity; (ii) the size variables, volatility, profitability and tangibility, highlighted the theoretical archetype, showed a significant influence on long-term debt on PL market and accounting, and (iii) there was no kind of observation and/or inference that net debt to EBITDA may have implications for the concentration of capital to shareholders. For future studies, it is suggested: i) increasing observations of Brazilian private companies; ii) comparing the results obtained with the capital structure of other countries, and iii) evidence and relate other variables in the literature not covered by this research.