{"id":"https://openalex.org/W7212125353","doi":"https://doi.org/10.23900/artefactum.v25i8.4113","title":"THE RELATIONSHIP BETWEEN DEBT LEVELS AND THE VALUATION OF SUZANO S.A.: A STUDY BASED ON FINANCIAL PERFORMANCE METRICS","display_name":"THE RELATIONSHIP BETWEEN DEBT LEVELS AND THE VALUATION OF SUZANO S.A.: A STUDY BASED ON FINANCIAL PERFORMANCE METRICS","publication_year":2026,"publication_date":"2026-09-10","ids":{"openalex":"https://openalex.org/W7212125353","doi":"https://doi.org/10.23900/artefactum.v25i8.4113"},"language":"en","primary_location":{"id":"doi:10.23900/artefactum.v25i8.4113","doi":"https://doi.org/10.23900/artefactum.v25i8.4113","is_oa":true,"landing_page_url":"https://doi.org/10.23900/artefactum.v25i8.4113","pdf_url":"https://artefactumjournal.com/index.php/artefactum/article/download/4113/2703","source":{"id":"https://openalex.org/S2739026254","display_name":"Artefactum","issn_l":"1984-3852","issn":["1984-3852"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus"],"host_organization":"https://openalex.org/P4310312420","host_organization_name":"Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda","host_organization_lineage":["https://openalex.org/P4310312420"],"host_organization_lineage_names":["Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Artefactum - revista de estudos interdisciplinares","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://artefactumjournal.com/index.php/artefactum/article/download/4113/2703","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5151219566","display_name":"Giulia Helena Gavazzi","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I177909021","display_name":"Universidade Federal de S\u00e3o Carlos","ror":"https://ror.org/00qdc6m37","country_code":"BR","type":"education","lineage":["https://openalex.org/I177909021"]}],"countries":["BR"],"is_corresponding":false,"raw_author_name":"Giulia Helena Gavazzi","raw_affiliation_strings":["Graduanda em Administra\u00e7\u00e3o Institui\u00e7\u00e3o : Universidade Federal de S\u00e3o Carlos (UFSCAR)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduanda em Administra\u00e7\u00e3o Institui\u00e7\u00e3o : Universidade Federal de S\u00e3o Carlos (UFSCAR)","institution_ids":["https://openalex.org/I177909021"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5067207049","display_name":"Nilton C\u00e9zar Carraro","orcid":"https://orcid.org/0000-0002-4042-3281","observed_orcids":["https://orcid.org/0000-0002-4042-3281"]},"institutions":[{"id":"https://openalex.org/I4210095520","display_name":"Methodist University of Piracicaba","ror":"https://ror.org/00shzgx32","country_code":"BR","type":"education","lineage":["https://openalex.org/I4210095520"]}],"countries":["BR"],"is_corresponding":false,"raw_author_name":"Nilton Cezar Carraro","raw_affiliation_strings":["Doutor em Engenharia de Produ\u00e7\u00e3o Institui\u00e7\u00e3o : Universidade Metodista de Piracicaba (UNIMEP)"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Doutor em Engenharia de Produ\u00e7\u00e3o Institui\u00e7\u00e3o : Universidade Metodista de Piracicaba (UNIMEP)","institution_ids":["https://openalex.org/I4210095520"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"25","issue":"8","first_page":"e4113","last_page":"e4113"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.9897000193595886,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.008700000122189522,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.906000018119812},{"id":"https://openalex.org/keywords/debt-level","display_name":"debt level","score":0.503000020980835},{"id":"https://openalex.org/keywords/firm-valuation","display_name":"business valuation","score":0.7269999980926514},{"id":"https://openalex.org/keywords/value-creation","display_name":"value creation","score":0.9610000252723694},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.5640000104904175},{"id":"https://openalex.org/keywords/return-on-invested-capital","display_name":"return on invested capital","score":0.7210000157356262},{"id":"https://openalex.org/keywords/cost-of-capital","display_name":"cost of capital","score":0.7749999761581421},{"id":"https://openalex.org/keywords/economic-value-added","display_name":"economic value added","score":0.9079999923706055},{"id":"https://openalex.org/keywords/ev-ebitda","display_name":"EV/EBITDA","score":0.9100000262260437},{"id":"https://openalex.org/keywords/debt-ratio","display_name":"debt ratio","score":0.5649999976158142},{"id":"https://openalex.org/keywords/foreign-exchange-exposure","display_name":"foreign exchange exposure","score":0.8880000114440918},{"id":"https://openalex.org/keywords/pulp-and-paper-industry","display_name":"paper industry","score":0.6919999718666077}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.7042999863624573},{"id":"https://openalex.org/C25188504","wikidata":"https://www.wikidata.org/wiki/Q178749","display_name":"Weighted average cost of capital","level":5,"score":0.6762999892234802},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6044999957084656},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.5091999769210815},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.49619999527931213},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4959000051021576},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.45239999890327454},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.41359999775886536},{"id":"https://openalex.org/C135665773","wikidata":"https://www.wikidata.org/wiki/Q2234049","display_name":"Debt ratio","level":3,"score":0.4122999906539917},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4025999903678894},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.3817000091075897},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.357699990272522},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.35249999165534973},{"id":"https://openalex.org/C2992672087","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt financing","level":3,"score":0.3497999906539917},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.3467000126838684},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.33640000224113464},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.334199994802475},{"id":"https://openalex.org/C169824061","wikidata":"https://www.wikidata.org/wiki/Q1761731","display_name":"Book value","level":3,"score":0.3328999876976013},{"id":"https://openalex.org/C25070020","wikidata":"https://www.wikidata.org/wiki/Q426971","display_name":"Economic Value Added","level":3,"score":0.32710000872612},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.323199987411499},{"id":"https://openalex.org/C2983132609","wikidata":"https://www.wikidata.org/wiki/Q66076","display_name":"Foreign exchange","level":2,"score":0.3003000020980835},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.28060001134872437},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.28040000796318054},{"id":"https://openalex.org/C175647561","wikidata":"https://www.wikidata.org/wiki/Q1347876","display_name":"Equity value","level":5,"score":0.2759999930858612},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.27000001072883606},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.26489999890327454},{"id":"https://openalex.org/C112896921","wikidata":"https://www.wikidata.org/wiki/Q1728600","display_name":"Asset turnover","level":4,"score":0.26440000534057617},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.26330000162124634},{"id":"https://openalex.org/C2985497776","wikidata":"https://www.wikidata.org/wiki/Q1148384","display_name":"Leverage effect","level":4,"score":0.2624000012874603},{"id":"https://openalex.org/C98014903","wikidata":"https://www.wikidata.org/wiki/Q832161","display_name":"Financial ratio","level":2,"score":0.2605000138282776}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.23900/artefactum.v25i8.4113","doi":"https://doi.org/10.23900/artefactum.v25i8.4113","is_oa":true,"landing_page_url":"https://doi.org/10.23900/artefactum.v25i8.4113","pdf_url":"https://artefactumjournal.com/index.php/artefactum/article/download/4113/2703","source":{"id":"https://openalex.org/S2739026254","display_name":"Artefactum","issn_l":"1984-3852","issn":["1984-3852"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus"],"host_organization":"https://openalex.org/P4310312420","host_organization_name":"Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda","host_organization_lineage":["https://openalex.org/P4310312420"],"host_organization_lineage_names":["Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Artefactum - revista de estudos interdisciplinares","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.23900/artefactum.v25i8.4113","doi":"https://doi.org/10.23900/artefactum.v25i8.4113","is_oa":true,"landing_page_url":"https://doi.org/10.23900/artefactum.v25i8.4113","pdf_url":"https://artefactumjournal.com/index.php/artefactum/article/download/4113/2703","source":{"id":"https://openalex.org/S2739026254","display_name":"Artefactum","issn_l":"1984-3852","issn":["1984-3852"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","erih-plus"],"host_organization":"https://openalex.org/P4310312420","host_organization_name":"Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda","host_organization_lineage":["https://openalex.org/P4310312420"],"host_organization_lineage_names":["Rafrom Com\u00e9rcio e Representa\u00e7\u00f5es Ltda"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Artefactum - revista de estudos interdisciplinares","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7212125353.pdf","grobid_xml":"https://content.openalex.org/works/W7212125353.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W4394939477","https://openalex.org/W4405554600","https://openalex.org/W327683628","https://openalex.org/W4254341687","https://openalex.org/W2271308616","https://openalex.org/W4318573530","https://openalex.org/W239425532","https://openalex.org/W7216834262","https://openalex.org/W7217365486","https://openalex.org/W2347327818"],"abstract_inverted_index":{"This":[0],"study":[1,24],"analyzed":[2],"the":[3,61,109,117,120,127],"relationship":[4,62],"between":[5,14,63],"Suzano":[6],"S.A.\u2019s":[7],"capital":[8],"structure,":[9],"valuation,":[10],"and":[11,16,21,35,55,65,73,77,89,95,108],"value":[12,66,98],"creation":[13,67],"2019":[15],"2024.":[17],"A":[18],"qualitative,":[19],"descriptive,":[20],"documentary":[22],"case":[23],"was":[25,68,99,102],"conducted":[26],"using":[27],"data":[28],"from":[29],"financial":[30],"statements,":[31],"company":[32],"reports,":[33],"B3,":[34],"Econom\u00e1tica.":[36],"The":[37,57],"following":[38],"indicators":[39],"were":[40,83],"examined:":[41],"debt":[42,105],"ratios,":[43],"foreign":[44],"exchange":[45],"exposure,":[46],"ROE,":[47],"ROIC,":[48],"WACC,":[49],"ROIC-WACC":[50],"spread,":[51],"EVA,":[52],"enterprise":[53],"value,":[54],"EV/EBITDA.":[56],"results":[58],"showed":[59],"that":[60,104],"leverage":[64,82],"not":[69],"linear.":[70],"In":[71,92],"2021":[72],"2022,":[74],"operational":[75],"recovery":[76],"a":[78],"reduction":[79],"in":[80],"relative":[81],"accompanied":[84],"by":[85],"ROIC":[86],"exceeding":[87,126],"WACC":[88],"positive":[90],"EVA.":[91],"2019,":[93],"2020,":[94],"2024,":[96],"economic":[97],"destroyed.":[100],"It":[101],"concluded":[103],"enabled":[106],"investments":[107],"company\u2019s":[110],"expansion,":[111],"but":[112],"its":[113],"effects":[114],"depended":[115],"on":[116],"ability":[118],"of":[119,129],"financed":[121],"assets":[122],"to":[123],"generate":[124],"returns":[125],"cost":[128],"capital.":[130]},"counts_by_year":[],"updated_date":"2026-11-13T13:42:25.865203","created_date":"2026-09-11T00:00:00"}