Author(s): Medeiros Ricardo, Santos Josete Florencio
This study aims to verify whether the capital structure of Brazilian and Chinese companies that disclose Corporate Social Responsibility report, listed on the NYSE, are aligned with the theories of Pecking Order and Trade-off, from 2008 to 2015. It was made the comparison test of means, factorial ANOVA and multiple regressions data on unbalanced panel. The results show that the capital structure of Brazilian companies is aligned with the trade-off theory, while Chinese companies align with the pecking order theory. There is a difference in the leverage of companies that disclose (or not) the report for Brazilian companies, with a positive impact of CSR on leverage, while among Chinese companies the result was not significant. Finally, the leverage of Brazilian companies that publish CSR report differs from Chinese companies that also disclose that report.