EXPLAINING CAPITAL STRUCTURE IN AGRIBUSINESS: EVIDENCE FROM FARMS, AGRICULTURAL ORGANIZATIONS, AND RESEARCH FRONTIERS

evidence from farms, agricultural organizations, and research frontiers

Authors

  • Deny Carolina Garcia UFGD - Universidade Federal da Grande Dourados
  • Dr. Régio Marcio Toesca Gimenes UFGD - Universidade Federal da Grande Dourados
  • M.e. Adriana Zeponi Peruzzi UFGD - Universidade Federal da Grande Dourados
  • Nelson Tsuji Junior UFGD - Universidade Federal da Grande Dourados
  • Dr. Rafael Todescato Cavalheiro UFGD - Universidade Federal da Grande Dourados

Abstract

This article examined how the literature has explained capital structure in agribusiness, with an emphasis on the theories employed and the determinants of financing decisions in agricultural holdings and related organizations. To this end, a systematic literature review was conducted based on Scopus and Web of Science, analyzing a sample of 47 articles published from 2013 onward, whose interpretive core focused on studies centered on farms and farmers. The results indicated that the literature is theoretically plural, yet unevenly consolidated. Pecking Order Theory and Trade-Off Theory were the most recurrent approaches, while risk-based and optimal debt models gained relevance under conditions of uncertainty. The determinants of capital structure were organized into four interconnected dimensions: economic and financial variables, farm characteristics, financing conditions and the institutional environment, and human, organizational, and management factors. Financing decisions resulted from the interaction among these elements. The article contributed by integrating theoretical approaches, systematizing key determinants, and identifying gaps for future research.

Author Biographies

  • Deny Carolina Garcia, UFGD - Universidade Federal da Grande Dourados

    Deny Carolina Garcia is a PhD candidate in Agribusiness at the Federal University of Grande Dourados (UFGD), Brazil. She holds a bachelor’s degree in Information Systems and an MBA in Business Management, Corporate Finance, and Managerial Accounting. Her professional background includes more than a decade of experience in management, financial administration, cost control, contract management, and the implementation of information systems in agricultural enterprises and private organizations.

    Her research focuses on capital structure, agricultural finance, farmers’ financing decisions, and behavioral determinants of financial choices. She investigates how structural, institutional, and market conditions shape leverage dynamics and risk exposure in agribusiness. Her academic interests also include financial risk, investment analysis, and the interplay between credit access and farm-level financial sustainability. Her work aims to contribute to international discussions on rural finance, credit markets, and capital structure behavior in emerging economies.

  • Dr. Régio Marcio Toesca Gimenes, UFGD - Universidade Federal da Grande Dourados

    Régio Marcio Toesca Gimenes is an Economist and Accountant, with specializations in Higher Education Methodology and Business Analysis and Planning. He holds a Master’s degree in Business Administration, a PhD in Business Administration, a PhD in Production and Systems Engineering (Management Control), and a Postdoctoral degree in Corporate Finance from the School of Economics, Business and Accounting, University of São Paulo (FEA/USP).

    He has served as Full Professor, Course Coordinator, Department Head, Faculty Director, Institute Director, and Vice-Rector for Research and Graduate Studies at Paranaense University (UNIPAR). He has been a permanent faculty member in several Master's programs and a visiting professor in Master's and PhD programs in Agribusiness and Regional Development at Western Paraná State University (UNIOESTE).

    Currently, he is an Adjunct Professor at the School of Administration, Accounting, and Economics (FACE) of the Federal University of Grande Dourados (UFGD), where he also teaches in postgraduate programs. He serves as Vice-Rector for Institutional Assessment and Planning and is a member of the Deliberative Council of FUNAEPE. He is a researcher and consultant for the Paraná Academy of Doctors for Development.

    He is a member of several scientific societies, including the Brazilian Finance Society, the Brazilian Society of Economics and Rural Sociology, the Brazilian Production Engineering Association, and the Brazilian Cost Association. He acts as a reviewer for numerous national and international journals and has participated in academic committees and consulting projects for research funding agencies and private companies.

    His academic output includes over 100 journal articles, books, book chapters, and hundreds of presentations at national and international conferences. He has supervised numerous undergraduate, research initiation, specialization, master’s, and doctoral theses, contributing significantly to academic training and scientific development.

  • M.e. Adriana Zeponi Peruzzi , UFGD - Universidade Federal da Grande Dourados

    Adriana Zeponi Peruzzi is a PhD candidate in Agribusiness at the Federal University of Grande Dourados (UFGD), Brazil. She holds a bachelor’s degree in Animal Science from the State University of Maringá (2003) and a master’s degree in Animal Science from the Federal University of Mato Grosso do Sul (2006). She currently works as a rural producer, focusing on soybean and corn production and crop-livestock integration, a model aimed at combining productive efficiency and environmental sustainability.

    Her professional background includes extensive experience in Animal Science, with an emphasis on agricultural product quality, good manufacturing practices, farm management, and consultancy for animal nutrition companies. This practical experience strengthens her applied perspective on the challenges of production and management in agribusiness.

    Her research interests focus on farm management and agribusiness innovations, with particular attention to crop-livestock integration strategies as tools for sustainability and competitiveness. Her work aims to contribute to international discussions on rural management models, technological innovation, and productive sustainability in emerging economies.

  • Nelson Tsuji Junior, UFGD - Universidade Federal da Grande Dourados

    Nelson Tsuji Junior is a PhD candidate in Agribusiness at the Federal University of Grande Dourados (UFGD), Brazil, where he also completed a Professional Master’s degree in Public Administration (PROFIAP). He holds a bachelor’s degree in Mathematics from the State University of Mato Grosso do Sul (UEMS) and works as an Educational Affairs Technician at UFGD, with experience in academic management, university extension, institutional evaluation, and the development of educational projects.

    His academic and professional work focuses on data analysis, applied research, and the development of strategies for public and organizational management. Throughout his career, he has participated in initiatives in inclusive education, training of school managers, institutional planning, and preparation of technical-scientific reports, especially within the Faculty of Administration, Accounting, and Economics (FACE/UFGD).

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Published

2026-07-03

Issue

Vol. 8 No. 1 (2026): Anais do VIII Encontro Internacional de Gestão, Desenvolvimento e Inovação

Section

EIXO 6 - Artigo Completo - Gestão do Agronegócio, Economia e Bioeconomia

How to Cite

GARCIA, Deny Carolina; GIMENES, Régio Marcio Toesca; PERUZZI , Adriana Zeponi; JUNIOR, Nelson Tsuji; CAVALHEIRO, Rafael Todescato. EXPLAINING CAPITAL STRUCTURE IN AGRIBUSINESS: EVIDENCE FROM FARMS, AGRICULTURAL ORGANIZATIONS, AND RESEARCH FRONTIERS: evidence from farms, agricultural organizations, and research frontiers. Encontro Internacional de Gestão, Desenvolvimento e Inovação (EIGEDIN), [S. l.], v. 8, n. 1, 2026. Disponível em: https://periodicos.ufms.br/index.php/EIGEDIN/article/view/25305. Acesso em: 8 jul. 2026.