Fatores determinantes do desempenho de instituições financeiras brasileiras de grande e médio portes

Abstract

The Brazilian financial system is internationally recognized as one of the most developed, coexisting in an economy that shows one of the highest interest rates in the world, intrinsically capturing the gains derived from this fact to the detriment of other sectors of the economy. The debate is less intense, however, regarding the good performance attributed to this financial system is homogeneous in relation to the financial institutions that compose it. This study aims to identify the main factors determining the performance of Brazilian banks and to contextualize them in relation to large and medium sized banks, in order to identify the existence of homogeneity or heterogeneity in relation to the performance of the banks that make up these two segments. For this purpose, a linear regression model with panel data was developed, where the dependent variable was the Return on Equity. The results indicated as the main drivers of the bank performance the size, cost of funding, operational efficiency, revenues from services and other activities, credit risk, level of the concentration of the financial system, inflation and the economy's basic interest rate. The results showed, either, that the performance of the Brazilian banks is not homogeneous, and the Return on Equity of large institutions is consistently higher than that of medium-sized institutions. The study also demonstrated that the capital structure of the system is relatively homogeneous, with the Brazilian banks capitalization higher than the international benchmarks and the minimum required by local regulation.