Estrutura de Capital e Peculiaridades Regionais nas Cooperativas Agropecuárias do Paraná – Brasil

: This study aims to characterize the capital structure of Paraná’s agribusiness cooperatives and their regional peculiarities. We analyzed regional historical contexts and the forms of capitalization vis-à-vis the colonization processes of European and other Brazilian immigrants and the regional development projects. For this purpose, an intentional sample of the 43 cooperatives of Paraná state was used, representing 99.5% of the total revenue of all agribusiness cooperatives of the state. It was used ANOVA and perceptual mapping to analyze the cooperatives and to identify regional peculiarities. It is concluded that it is possible to group cooperatives according to capitalization strategies and regional characteristics. Among regions analyzed, cooperatives in the western region of Paraná, due to their higher level of industrialization, have greater working capital requirement, and the cooperatives in the center-south mostly have a positive cash position. One limitation of the study is that, without understanding which model could be elected the best for the sector, the question of optimal capital structure remains open for agribusiness cooperatives.

本研究旨在刻画巴西巴拉那州农业综合企业合作社的资本结构及其区域特殊性。研究结合欧洲及其他巴西移民的殖民进程与区域发展规划，分析了区域历史语境与资本化形式。为此，本研究采用意向抽样法选取巴拉那州的43家合作社作为样本，其营收占该州所有农业综合企业合作社总营收的99.5%。本研究运用方差分析（ANOVA）与感知图谱法对合作社开展分析，以识别其区域特殊性。研究结论表明，可依据资本化战略与区域特征对合作社进行分组。在所分析的区域中，巴拉那州西部地区的合作社因工业化水平更高，营运资金需求更大；而中南部地区的合作社大多呈现正向现金头寸。本研究存在一项局限：由于尚未明确适配该行业的最优资本结构模型，农业综合企业合作社的最优资本结构问题仍有待进一步探讨。