Does debt structure heterogeneity reduce the cost of capital?

ABSTRACT This paper seeks to investigate the relationship between level of debt structure heterogeneity and cost publicly privately held Brazilian companies in period from 2020 2019. Debt is a relatively recent topic financial literature related capital structure. As far as known, direct has not yet been addressed previous studies national international literature. Research that broadens knowledge regarding factors attenuate pertinent, especially context such Brazil, which high funding spreads end up compromising economic viability many projects and, consequently, capacity for generate value. The research results have impacts over decision-making process, given association identified cost, leading reflections on definition company’s Thus, it closely with firm value, whose maximization object interest managers shareholders. Panel data regression models were estimated dependent variable represented by explanatory variables are companies’ structure, turn two different proxies, aiming give greater robustness results. original highlight role reducing debt. It verified heterogeneity, lower even more intense susceptible agency costs.