Estrutura de capital e governança corporativa: uma análise da empresa brasileira

Abstract

The organizations plan a series of investment projects, both to modernize them and to expand their activity. However, there is an obstacle related to the limited amount of resources available in the market, corporate governance presents itself as a set of mechanisms that would reduce conflicts in the companies and increase the confidence of the creditors, thus facilitating the companies access to external resources - debt and share issuance. The objective of this research is to analyze whether corporate governance is capable of interfering in the ability of the Brazilian company to obtain external resources. Data were collected from 383 companies listed in the B3 from 2001 to 2015, totaling 2851 observations. Quantitative techniques were used for the analysis: descriptive statistics, mean comparison tests, linear regression estimated by Generalized Least Squares for panel and logit regression. The research findings indicate that corporate governance has a negative effect on short-term and positive indebtedness over long-term indebtedness. The issue of shares is positively influenced by corporate governance. Short-term debt is positively influenced by growth expectations and is negatively influenced by size, tangibility and cash flow. Long-term indebtedness is positively influenced by size, tangibility and growth expectations, being negatively influenced by cash flow. Total indebtedness is influenced by size and tangibility, and is negatively influenced by cash flow. The issue of shares is positively affected by size, growth expectations and cash flow. Organizations that voluntarily adopt good corporate governance practices signal to the market and stakeholders about reliability and security, reducing agency problems and the cost associated with information failures, providing companies with easier access to lower financing rate and prospecting stock market.