A influência da governança corporativa na estrutura de capital e no desempenho financeiro das companhias brasileiras de capital aberto
Tipo
Dissertação
Data de publicação
2019-02-14
Periódico
Citações (Scopus)
Autores
Savelli, Andrea Décourt
Orientador
Hadad Junior, Eli
Título da Revista
ISSN da Revista
Título de Volume
Membros da banca
Nakamura, Wilson Toshiro
Silva, Edison Simoni da
Silva, Edison Simoni da
Programa
Administração de Empresas
Resumo
This paper investigates the relationship between corporate governance (CG) in the
capital structure and financial performance of non-financial companies listed in the Brazilian
index (IBrX-50) between 2010 and 2017. For this purpose, a review of the literature on
corporate governance and capital structure and the collection of necessary data in the
Bloomberg, Capital IQ and Economática database was done, which were included in the Stata
software. After analyzing 14 models (3 regressions with static panel data and fixed effects and
11 regressions with static panel data and random effects), we can see that the most relevant
CG variables are ownership concentration, percentage of independent directors on the board
and the dual presence of the CEO. The results evince that the ownweship concentration
variable shows a negative relation with the company's performance and positive for the
indebtedness, as well as indicates that a higher percentage of independent directors is
positively related to a higher indebtedness. The results for CEO dual presence in relation to
leverage are mixed and suggest that duality improves performance, which is contrary to
expectations. The control variables that present statistical significance are: size, age of
incorporation (only for the fixed effect panel and in relation to the performance variables),
sales growth (only in relation to leverage variables) and current ratio (in relation to the
leverage variables).
Descrição
Palavras-chave
governança corporativa , endividamento , estrutura de capital , desempenho financeiro
Assuntos Scopus
Citação
SAVELLI, Andrea Décourt. A influência da governança corporativa na estrutura de capital e no desempenho financeiro das companhias brasileiras de capital aberto. 2019. 81 f. Dissertação (Mestrado em Administração de Empresas) - Universidade Presbiteriana Mackenzie, São Paulo, 2019.