INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL

Detalhes bibliográficos
Autor(a) principal: Koprowski, Sirlene
Data de Publicação: 2019
Outros Autores: Krein, Viviane, Barichello, Rodrigo, Mazzioni, Sady, Baú Dal Magro, Cristian
Tipo de documento: Artigo
Idioma: por
Título da fonte: Contextus (Fortaleza. Online)
Texto Completo: http://periodicos.ufc.br/contextus/article/view/40358
Resumo: The objective of the study is to verify the influence of political connections and socioenvironmental disclosure on the cost of capital of companies. The survey sample consisted of 275 companies listed in B3. The findings reveal that: a) the level of social and environmental disclosure positively influences the cost of capital of companies, especially the cost of third-party capital; b) political connections, in isolation, negatively influence the cost of capital and positively the cost of capital of third parties; c) and moderate negatively, the relationship between socioenvironmental disclosure and cost of equity. Therefore, political connections reduce shareholder returns, create constraints on credit institutions that require a higher cost of capital and become harmful to companies by curbing the effect of socio-environmental practices on the return of equity.
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spelling INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITALINFLUENCIA DE LAS CONEXIONES POLÍTICAS Y DE LA EVIDENCIA SOCIOAMBIENTAL EN EL COSTO DE CAPITALINFLUÊNCIA DAS CONEXÕES POLÍTICAS E DA EVIDENCIAÇÃO SOCIOAMBIENTAL NO CUSTO DE CAPITAL The objective of the study is to verify the influence of political connections and socioenvironmental disclosure on the cost of capital of companies. The survey sample consisted of 275 companies listed in B3. The findings reveal that: a) the level of social and environmental disclosure positively influences the cost of capital of companies, especially the cost of third-party capital; b) political connections, in isolation, negatively influence the cost of capital and positively the cost of capital of third parties; c) and moderate negatively, the relationship between socioenvironmental disclosure and cost of equity. Therefore, political connections reduce shareholder returns, create constraints on credit institutions that require a higher cost of capital and become harmful to companies by curbing the effect of socio-environmental practices on the return of equity.El objetivo del estudio es verificar la influencia de las conexiones políticas y de la evidencia socioambiental en el costo de capital de las empresas. La muestra de la encuesta fue compuesta de 275 empresas listadas en la B3. Los hallazgos revelan que: a) el nivel de evidencia socioambiental influye positivamente en el costo de capital de las empresas, principalmente el costo de capital de terceros; b) las conexiones políticas, aisladamente, influencian negativamente el costo de capital propio y positivamente el costo de capital de terceros; c) y moderan negativamente, la relación entre la evidencia socioambiental y el costo de capital propio. Por lo tanto, las conexiones políticas reducen el retorno de los accionistas, crean restricciones por las instituciones de crédito que exigen mayor costo de capital y se vuelven maléficas para las empresas, al cohibir el efecto de las prácticas socioambientales en el retorno de capital propio.O objetivo do estudo é verificar a influência das conexões políticas e da evidenciação socioambiental no custo de capital das empresas. A amostra da pesquisa foi composta de 275 empresas listadas na B3. Os achados revelam que: a) o nível de evidenciação socioambiental influencia positivamente o custo de capital das empresas, principalmente o custo de capital de terceiros; b) as conexões políticas, isoladamente, influenciam negativamente o custo de capital próprio e positivamente o custo de capital de terceiros; c) e moderam negativamente, a relação entre a evidenciação socioambiental e o custo de capital próprio. Portanto, as conexões políticas reduzem o retorno dos acionistas, criam restrições pelas instituições de crédito que exigem maior custo de capital e tornam-se maléficas para as empresas, ao coibirem o efeito das práticas socioambientais no retorno de capital próprio.FEAAC/UFC2019-08-16info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/ziphttp://periodicos.ufc.br/contextus/article/view/4035810.19094/contextus.v17i2.40358Contextus - Contemporary Journal of Economics and Management; Vol 17 No 2: mai/ago 2019; 98-128Contextus – Revista Contemporánea de Economía y Gestión; Vol. 17 Núm. 2: mai/ago 2019; 98-128Contextus – Revista Contemporânea de Economia e Gestão; v. 17 n. 2: mai/ago 2019; 98-1282178-92581678-2089reponame:Contextus (Fortaleza. Online)instname:Universidade Federal do Ceará (UFC)instacron:UFCporhttp://periodicos.ufc.br/contextus/article/view/40358/99195http://periodicos.ufc.br/contextus/article/view/40358/165973http://periodicos.ufc.br/contextus/article/view/40358/165974http://periodicos.ufc.br/contextus/article/view/40358/165975http://periodicos.ufc.br/contextus/article/view/40358/165976Copyright (c) 2019 Revista: apenas para a 1a. publicaçãohttps://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessKoprowski, SirleneKrein, VivianeBarichello, RodrigoMazzioni, SadyBaú Dal Magro, Cristian2021-11-20T14:56:41Zoai:periodicos.ufc:article/40358Revistahttp://periodicos.ufc.br/contextusPUBhttp://periodicos.ufc.br/contextus/oairevistacontextus@ufc.br2178-92581678-2089opendoar:2021-11-20T14:56:41Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)false
dc.title.none.fl_str_mv INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
INFLUENCIA DE LAS CONEXIONES POLÍTICAS Y DE LA EVIDENCIA SOCIOAMBIENTAL EN EL COSTO DE CAPITAL
INFLUÊNCIA DAS CONEXÕES POLÍTICAS E DA EVIDENCIAÇÃO SOCIOAMBIENTAL NO CUSTO DE CAPITAL
title INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
spellingShingle INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
Koprowski, Sirlene
title_short INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
title_full INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
title_fullStr INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
title_full_unstemmed INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
title_sort INFLUENCE OF POLITICAL CONNECTIONS AND SOCIAL-ENVIRONMENTAL EVIDENCE ON THE COST OF CAPITAL
author Koprowski, Sirlene
author_facet Koprowski, Sirlene
Krein, Viviane
Barichello, Rodrigo
Mazzioni, Sady
Baú Dal Magro, Cristian
author_role author
author2 Krein, Viviane
Barichello, Rodrigo
Mazzioni, Sady
Baú Dal Magro, Cristian
author2_role author
author
author
author
dc.contributor.author.fl_str_mv Koprowski, Sirlene
Krein, Viviane
Barichello, Rodrigo
Mazzioni, Sady
Baú Dal Magro, Cristian
description The objective of the study is to verify the influence of political connections and socioenvironmental disclosure on the cost of capital of companies. The survey sample consisted of 275 companies listed in B3. The findings reveal that: a) the level of social and environmental disclosure positively influences the cost of capital of companies, especially the cost of third-party capital; b) political connections, in isolation, negatively influence the cost of capital and positively the cost of capital of third parties; c) and moderate negatively, the relationship between socioenvironmental disclosure and cost of equity. Therefore, political connections reduce shareholder returns, create constraints on credit institutions that require a higher cost of capital and become harmful to companies by curbing the effect of socio-environmental practices on the return of equity.
publishDate 2019
dc.date.none.fl_str_mv 2019-08-16
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://periodicos.ufc.br/contextus/article/view/40358
10.19094/contextus.v17i2.40358
url http://periodicos.ufc.br/contextus/article/view/40358
identifier_str_mv 10.19094/contextus.v17i2.40358
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv http://periodicos.ufc.br/contextus/article/view/40358/99195
http://periodicos.ufc.br/contextus/article/view/40358/165973
http://periodicos.ufc.br/contextus/article/view/40358/165974
http://periodicos.ufc.br/contextus/article/view/40358/165975
http://periodicos.ufc.br/contextus/article/view/40358/165976
dc.rights.driver.fl_str_mv Copyright (c) 2019 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2019 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/zip
dc.publisher.none.fl_str_mv FEAAC/UFC
publisher.none.fl_str_mv FEAAC/UFC
dc.source.none.fl_str_mv Contextus - Contemporary Journal of Economics and Management; Vol 17 No 2: mai/ago 2019; 98-128
Contextus – Revista Contemporánea de Economía y Gestión; Vol. 17 Núm. 2: mai/ago 2019; 98-128
Contextus – Revista Contemporânea de Economia e Gestão; v. 17 n. 2: mai/ago 2019; 98-128
2178-9258
1678-2089
reponame:Contextus (Fortaleza. Online)
instname:Universidade Federal do Ceará (UFC)
instacron:UFC
instname_str Universidade Federal do Ceará (UFC)
instacron_str UFC
institution UFC
reponame_str Contextus (Fortaleza. Online)
collection Contextus (Fortaleza. Online)
repository.name.fl_str_mv Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)
repository.mail.fl_str_mv revistacontextus@ufc.br
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