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O presente estudo investiga os determinantes da estrutura de capital, utilizando a técnica de painel de dados estático, para uma amostra de 297 empresas, de diversos setores, pertencentes ao Brasil, México e Chile, no período entre 2001 e 2006, a fim de determinar a importância relativa dos fatores específicos da empresa. A partir de seis indicadores de nível de endividamento (contábil total e de curto e longo prazo, total a valor de mercado e financeiros onerosos de curto e longo prazo), foi evidenciado que os fatores específicos da firma: liquidez corrente, rentabilidade, market to book value e tamanho apresentaram os resultados mais significantes para a estrutura de capital das empresas dos três países. Dentre as quatro correntes teóricas analisadas (Trade off, Assimetria de informações, Pecking order e Agência), a teoria do Pecking order parece ser aquela que melhor explica os resultados obtidos para o Brasil e México. Para o Chile, além do Pecking order, a teoria do Trade off exerce forte influência sobre a estrutura de capital. The present study investigates the determinants of the capital structure, using the technique of static panel data, for a sample of 297 companies from several sectors in Brazil, Mexico and Chile, between 2001 and 2006, in order to determine the relative importance of the specific factors of the firm. Starting from six indicators of leverage ratio (total book-debt ratio, short-term and long-term book-debt ratio, total market-debt ratio and short-term and long-term financial-debt ratio), it was evidenced that the specific factors of the firm: current liquidity, profitability, market to book value and size presented the most significant results for the capital structure of the companies from the three countries. Among the four theoretical currents analyzed (Trade off, Asymmetry of information, Pecking order and Agency), the theory of Pecking order seems to be the one that best explains the results obtained for Brazil and Mexico. For Chile, besides the Pecking order, the theory of Trade off strongly influences the capital structure

Determinantes da estrutura de capital das companhias abertas no Brasil, México e Chile no período 2001-2006