Forty Years of Capital Structure in Financial Institutions: what does the Literature say About it?

RESUMO
O estudo tem como objetivo analisar os últimos 40 anos da literatura sobre o tema “estrutura de capital” em instituições finan- ceiras. Aplicou-se uma metodologia sistemática com revisão inte- grativa para análise da literatura, no período de 1979 a 2022. Ob- teve-se 45 artigos científicos publicados em revistas com fator de impacto Q1, que foram levantados junto às bases de dados Sco- pus e Web of Science (WoS) e tabulados conforme a metodologia de Jabbour (2013), considerando cinco categorias: contexto; tema principal; método; dados; e, resultados. Após levantamento da li- teratura, pode-se identificar que: o contexto aponta que a maior parte dos artigos não aborda especificamente o país de origem dos dados, pois são modelos econométricos, mas quando abordado contêm informações de países desenvolvidos; os determinantes da estrutura de capital representam o tema mais abordado nos estudos; análises estatísticas são as principais abordagens meto- dológicas empregadas; as pesquisas com dados oriundos de data- base são as mais utilizadas, revelando a dependência de base de dados; e, a maior parte dos artigos trazem novas conclusões. Além disso, a maior contribuição deste estudo está relacionada às reco- mendações que oferecem oportunidades para pesquisas futuras.
Palavras-chave: Estrutura de Capital, Instituições Financei-
ras, Revisão Sistemática.

ABSTRACT
The study aims to analyze the last 40 years of literature on the subject of capital structure in financial institutions. A systematic me- thodology with an integrative review was applied for the analysis of the literature, from 1979 to 2022. We obtained 45 scientific articles published in journals with impact factor Q1, which were collected from the Scopus and Web of Science databases ( WoS) and tabu- lated according to Jabbour’s (2013) methodology, considering five categories: context; main theme; method; data; results. After sur- veying the literature, it can be identified that: the context indicates that most articles do not specifically address the country of origin of the data, as they are econometric models, but when approached contain information from developed countries; the determinants of the capital structure represent the most discussed topic in the studies; statistical analyzes are the main methodological approa- ches employed; searches with data from databases are the most used, revealing database dependency; and, most of the articles bring new conclusions. Furthermore, the major contribution of this study is related to the recommendations that offer opportunities for future research.
Keywords: Capital Structure, Financial Institutions, Systema- tic Review.

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