We also evaluate the behavior of the two ratios (Debt and Financial Dependency) across
different types of industries, which are defined according to an adapted classification of the
BM&FBovespa into five groups: a) Industrial Goods, Basic Materials and Oil & Gas; b)
Cyclical and Non-Cyclical Consumption c) Construction and Transportation; d) Technology
and Telecommunications; e) Public Utility. Segregation in only five groups was due to the
reduced number of companies in the sample. This sectorial analysis met the same logic of the
analysis of the total sample, by taking each company individually, and analyzing the
frequency of companies with structural break as the analysis of Debt and the structural break
behavior for the industry average as for the examination of Financial Dependency.