Corporate governance and debt structure
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | https://doi.org/10.29352/mill0205e.36.00234 |
Resumo: | Introduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Objectives: The study aims to analyze whether government influences corporate financing decisions, bearing in mind the nature of ownership (family vs. non-familiar). Methods: Multiple linear regression models to explain debt variables were estimated using least squares method with robust standard errors. Results: Family businesses have higher total indebtedness with managerial ownership playing a relevant role. Regardless of the property nature, higher return is associated with lower debt, while size has a positive impact on total debt. On the other hand, the nature of property is a differentiating factor in the way in which concentration of ownership is related to debt: In family-owned companies the concentration of ownership establishes a nonlinear (U-shaped) relationship with total indebtedness, but in non-family-owned companies the relationship between the two was not significant. Conclusions: Managerial ownership and concentration of ownership determine the debt structure differently in family and non-family businesses. |
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Corporate governance and debt structureGobierno corporativo y estructura de la deudaO governo empresarial e a estrutura da dívidaEngineering, Technology, Management and TourismIntroduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Objectives: The study aims to analyze whether government influences corporate financing decisions, bearing in mind the nature of ownership (family vs. non-familiar). Methods: Multiple linear regression models to explain debt variables were estimated using least squares method with robust standard errors. Results: Family businesses have higher total indebtedness with managerial ownership playing a relevant role. Regardless of the property nature, higher return is associated with lower debt, while size has a positive impact on total debt. On the other hand, the nature of property is a differentiating factor in the way in which concentration of ownership is related to debt: In family-owned companies the concentration of ownership establishes a nonlinear (U-shaped) relationship with total indebtedness, but in non-family-owned companies the relationship between the two was not significant. Conclusions: Managerial ownership and concentration of ownership determine the debt structure differently in family and non-family businesses. Introducción: El estudio del gobierno corporativo en las decisiones financieras ha ganado relevancia, particularmente en la estructura de la deuda, mientras permanece abierto cómo sus características influyen en tales decisiones. En este estudio, se consideraron tres formas de deuda (total, corto plazo y mediano/largo plazo). Objetivos: El estudio tiene como objetivo analizar si el gobierno influye en las decisiones de financiamiento corporativo, teniendo en cuenta la naturaleza de la propiedad (familiar versus no familiar). Métodos: Se estimaron modelos de regresión lineal múltiple para explicar las variables de deuda utilizando el método de mínimos cuadrados con errores estándar robustos. Resultados: Las empresas familiares tienen un mayor endeudamiento total y la propiedad gerencial desempeña un papel relevante. Independientemente de la naturaleza de la propiedad, un mayor rendimiento está asociado con una menor deuda, mientras que el tamaño tiene un impacto positivo en la deuda total. Por otro lado, en las empresas familiares, la concentración de la propiedad establece una relación no lineal (en forma de U) con el endeudamiento total, pero en empresas no familiares la relación entre los dos no fue significativa. Conclusiones: La propiedad interna y la concentración de propiedad determinan la estructura de la deuda de manera diferente en las empresas familiares y no familiares. Introdução: O estudo do governo empresarial nas decisões financeiras tem vindo a ganhar relevância, em particular, na estrutura de dívida, permanecendo em aberto, o modo como as suas características influenciam tais decisões. Consideraram-se três formas de endividamento (total, a curto prazo e a médio/longo prazo). Objetivos: O estudo pretende avaliar se o governo influência as decisões de financiamento das empresas, tendo presente a natureza da propriedade (familiar vs. não-familiar). Métodos: Recorreu-se à regressão linear múltipla para estimar os modelos explicativos das variáveis de endividamento e ao método dos mínimos quadrados com erros padrões robustos. Resultados: As empresas familiares apresentam maior endividamento total assumindo a propriedade interna um papel relevante. Independentemente da natureza de propriedade, maior rendibilidade está associada a menor endividamento, enquanto que a dimensão tem um impacto positivo no endividamento total. Por outro lado, nas empresas familiares a concentração de propriedade estabelece uma relação não linear (em forma de U) com o endividamento total, enquanto que nas não familiares a relação entre as duas variáveis não se revelou significativa. Conclusões: A propriedade interna e a concentração de propriedade determinam a estrutura de endividamento de forma diferenciada nas empresas familiares e não familiares. Polytechnic Institute of Viseu (IPV)2020-06-01info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlehttps://doi.org/10.29352/mill0205e.36.00234eng1647-662X0873-3015Pinto, António PedroHenriques, Carla ManuelaRodrigues, José Manuelinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-06-15T15:01:49Zoai:ojs.revistas.rcaap.pt:article/17519Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T15:29:27.267247Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Corporate governance and debt structure Gobierno corporativo y estructura de la deuda O governo empresarial e a estrutura da dívida |
title |
Corporate governance and debt structure |
spellingShingle |
Corporate governance and debt structure Pinto, António Pedro Engineering, Technology, Management and Tourism |
title_short |
Corporate governance and debt structure |
title_full |
Corporate governance and debt structure |
title_fullStr |
Corporate governance and debt structure |
title_full_unstemmed |
Corporate governance and debt structure |
title_sort |
Corporate governance and debt structure |
author |
Pinto, António Pedro |
author_facet |
Pinto, António Pedro Henriques, Carla Manuela Rodrigues, José Manuel |
author_role |
author |
author2 |
Henriques, Carla Manuela Rodrigues, José Manuel |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Pinto, António Pedro Henriques, Carla Manuela Rodrigues, José Manuel |
dc.subject.por.fl_str_mv |
Engineering, Technology, Management and Tourism |
topic |
Engineering, Technology, Management and Tourism |
description |
Introduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Objectives: The study aims to analyze whether government influences corporate financing decisions, bearing in mind the nature of ownership (family vs. non-familiar). Methods: Multiple linear regression models to explain debt variables were estimated using least squares method with robust standard errors. Results: Family businesses have higher total indebtedness with managerial ownership playing a relevant role. Regardless of the property nature, higher return is associated with lower debt, while size has a positive impact on total debt. On the other hand, the nature of property is a differentiating factor in the way in which concentration of ownership is related to debt: In family-owned companies the concentration of ownership establishes a nonlinear (U-shaped) relationship with total indebtedness, but in non-family-owned companies the relationship between the two was not significant. Conclusions: Managerial ownership and concentration of ownership determine the debt structure differently in family and non-family businesses. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-06-01 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://doi.org/10.29352/mill0205e.36.00234 |
url |
https://doi.org/10.29352/mill0205e.36.00234 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
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1647-662X 0873-3015 |
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info:eu-repo/semantics/openAccess |
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openAccess |
dc.publisher.none.fl_str_mv |
Polytechnic Institute of Viseu (IPV) |
publisher.none.fl_str_mv |
Polytechnic Institute of Viseu (IPV) |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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