Academic Journal
DOES CORPORATE GOVERNANCE AFFECT THE CAPITAL STRUCTURE? EVIDENCE OF COMPANIES LISTED ON BRAZIL BOLSA BALCÃO IN THE PERIOD 2010-2020 ; AFECTA EL GOBIERNO CORPORATIVO A LA ESTRUCTURA DE CAPITAL? EVIDENCIA DE EMPRESAS LISTADAS EN BRASIL BOLSA BALCÃO EN EL PERÍODO 2010-2020 ; A GOVERNANÇA CORPORATIVA AFETA A ESTRUTURA DE CAPITAL? EVIDÊNCIAS DAS EMPRESAS LISTADAS NA BRASIL BOLSA BALCÃO NO PERÍODO 2010-2020
| العنوان: | DOES CORPORATE GOVERNANCE AFFECT THE CAPITAL STRUCTURE? EVIDENCE OF COMPANIES LISTED ON BRAZIL BOLSA BALCÃO IN THE PERIOD 2010-2020 ; AFECTA EL GOBIERNO CORPORATIVO A LA ESTRUCTURA DE CAPITAL? EVIDENCIA DE EMPRESAS LISTADAS EN BRASIL BOLSA BALCÃO EN EL PERÍODO 2010-2020 ; A GOVERNANÇA CORPORATIVA AFETA A ESTRUTURA DE CAPITAL? EVIDÊNCIAS DAS EMPRESAS LISTADAS NA BRASIL BOLSA BALCÃO NO PERÍODO 2010-2020 |
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| المؤلفون: | Ribeiro, João Eduardo, Souza, Antônio Artur de |
| المصدر: | Revista Universo Contábil; v. 18 (2022) ; 1809-3337 |
| بيانات النشر: | Universidade Regional de Blumenau |
| سنة النشر: | 2023 |
| المجموعة: | Fundação Universidade Regional de Blumenau: Portal de Periódicos da FURB - SEER |
| الوصف: | Given the transformations in corporations, the specificities and dynamism of the Brazilian market require periodic updating of studies on the capital structure of Brazilian companies. The agency theory connects the capital structure to corporate governance, which has to safeguard shareholders' rights as one of its functions. In this sense, the objective of this study was to analyze the relationship between corporate governance and the capital structure of Brazilian companies. We used panel data models in a sample of 118 non-financial companies with shares traded by Brazil Bolsa Balcão between 2010 and 2020. In addition to the Differentiated Levels of Corporate Governance, an index of evaluation of the quality of governance for the Brazilian capital market was created from objective questions to represent the governance mechanisms pointed out by the literature as capable of reducing agency conflicts. It was evident that corporate governance does not seem to influence the capital structure of Brazilian companies; there are other relevant factors in the manager's decision regarding indebtedness, such as macroeconomic variables. In addition, we found that the Pecking Order Theory was the most adequate to explain the level of general and short-term debt. In contrast, the relationship between the variables did not indicate the predominance of any of the analyzed theories for long-term debt. These results are important for managers and shareholders of companies that require third-party capital to finance their activities, as well as for creditors who need to reduce their credit risks. ; Las especificidades y el dinamismo del mercado brasileño, frente a las transformaciones en las sociedades, exigen la actualización periódica de los estudios sobre la estructura de capital de las empresas brasileñas. La teoría de la agencia vincula la estructura de capital con el gobierno corporativo, que tiene como una de sus funciones la salvaguardia de los derechos de los accionistas. En ese sentido, el objetivo de este estudio fue ... |
| نوع الوثيقة: | article in journal/newspaper |
| وصف الملف: | application/pdf |
| اللغة: | Portuguese |
| Relation: | https://proxy.furb.br/ojs/index.php/universocontabil/article/view/10800/5966; https://proxy.furb.br/ojs/index.php/universocontabil/article/view/10800 |
| DOI: | 10.4270/ruc.2022112 |
| الاتاحة: | https://proxy.furb.br/ojs/index.php/universocontabil/article/view/10800 https://doi.org/10.4270/ruc.2022112 |
| رقم الانضمام: | edsbas.EF27BE31 |
| قاعدة البيانات: | BASE |
| DOI: | 10.4270/ruc.2022112 |
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