Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista de Administração, Sociedade e Inovação |
Texto Completo: | https://www.rasi.vr.uff.br/index.php/rasi/article/view/669 |
Resumo: | This paper analyzed, in a regional dimension, the effects of corporate governance and sovereign rating on the leverage and performance of Brazilian companies. We used a panel data regression in a sample of 671 Brazilian companies listed on the Bolsa Brasil Balcão – B3 between 2010 and 2018. We explore the behavior of leverage and performance of firms operating in the Triângulo Mineiro and Alto Paranaíba and Sul de Goiás Region - TMAP and their peers that do not have activities in that region. For the regional level, the sample was divided in companies that have headquarters, branches, or subsidiaries in the mesoregions of Triângulo Mineiro, Alto Paranaíba and the south of Goiás - TMAP. The results showed that companies operating in TMAP and in the south of Goiás are more leveraged when they are audited by at least one of the four auditing firms – Big4 and when there is an outsider on the board of directors, on the other hand, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding performance, it was noticed that for these companies, the return on assets is positively influenced by the audit's reputation and the presence of outsiders on the board, while the dual role of CEO and chairman destroys Tobin's Q. |
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Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level Governança Corporativa, Rating Soberano, Alavancagem e Desempenho da Firma: : uma Análise em Nível RegionalGovernança CorporativaAlavancagemRating SoberanoDesempenhoRegionalidadeGovernança CorporativaRating SoberanoAlavancagemDesempenho da FirmaRegionalidadeCorporate GovernanceLeverageSovereign RatingPerformanceRegionalityCorporate GovernanceSovereign RatingLeverageFirm PerformanceRegionalityThis paper analyzed, in a regional dimension, the effects of corporate governance and sovereign rating on the leverage and performance of Brazilian companies. We used a panel data regression in a sample of 671 Brazilian companies listed on the Bolsa Brasil Balcão – B3 between 2010 and 2018. We explore the behavior of leverage and performance of firms operating in the Triângulo Mineiro and Alto Paranaíba and Sul de Goiás Region - TMAP and their peers that do not have activities in that region. For the regional level, the sample was divided in companies that have headquarters, branches, or subsidiaries in the mesoregions of Triângulo Mineiro, Alto Paranaíba and the south of Goiás - TMAP. The results showed that companies operating in TMAP and in the south of Goiás are more leveraged when they are audited by at least one of the four auditing firms – Big4 and when there is an outsider on the board of directors, on the other hand, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding performance, it was noticed that for these companies, the return on assets is positively influenced by the audit's reputation and the presence of outsiders on the board, while the dual role of CEO and chairman destroys Tobin's Q.Este estudo analisou em dimensão regional os efeitos da governança corporativa e do rating soberano sobre a alavancagem e o desempenho das empresas brasileiras. Foi empregado um método de regressão com dados em painel em amostra de 671 empresas brasileiras listadas na Bolsa Brasil Balcão entre 2010 e 2018. Exploramos o comportamento da alavancagem e da performance das firmas que atuam na Região do Triângulo Mineiro e do Alto Paranaíba e do Sul de Goiás - TMAP em a seus pares que não possuem atividades naquela região. Para o nível regional, a amostra foi dívida em empresas que possuem sede, ou filiais, ou subsidiários nas mesorregiões do Triângulo Mineiro e do Alto Paranaíba e do Sul de Goiás. Os resultados mostraram que as empresas que atuam no TMAP e no Sul de Goiás são mais alavancadas quando são auditados por pelos menos uma das quatro firmas de auditoria – Big4 e quando há presença de um outsider no conselho de administração, em contrapartida, a alavancagem diminui quando o conselho de administração é grande e quando há concentração de propriedade e controle. Em relação ao desempenho, percebeu-se que para essas companhias, o retorno sobre o ativo é influenciado positivamente pela reputação da auditoria e pela presença de outsiders no conselho, enquanto a dualidade das funções CEO e presidente do conselho destrói o Q de Tobin.Universidade Federal Fluminense, Programa de Pós-graduação em Administração (Fluminense Federal University, Master Program in Management)2023-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer reviewedAvaliado pelos paresapplication/pdfhttps://www.rasi.vr.uff.br/index.php/rasi/article/view/66910.20401/rasi.9.1.669Review of Administration, Society and Innovation; Vol. 9 No. 1 (2023): Vol. 9, n.. 1; 67-85Revista de Administração, Sociedade e Inovação; v. 9 n. 1 (2023): Vol. 9, n. 1 (2023); 67-852447-8156reponame:Revista de Administração, Sociedade e Inovaçãoinstname:Universidade Federal Fluminense (UFF)instacron:UFFporhttps://www.rasi.vr.uff.br/index.php/rasi/article/view/669/180Copyright (c) 2022 Revista de Administração, Sociedade e Inovaçãohttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessJesuka, DutervalPeixoto, Fernanda Maciel2023-04-21T11:09:48Zoai:ojs.192.168.8.15:article/669Revistahttps://www.rasi.vr.uff.br/index.php/rasiPUBhttps://www.rasi.vr.uff.br/index.php/rasi/oaiperiodico.rasi@gmail.com || marciomabdalla@gmail.com10.204012447-81562447-8156opendoar:2023-04-21T11:09:48Revista de Administração, Sociedade e Inovação - Universidade Federal Fluminense (UFF)false |
dc.title.none.fl_str_mv |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level Governança Corporativa, Rating Soberano, Alavancagem e Desempenho da Firma: : uma Análise em Nível Regional |
title |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
spellingShingle |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level Jesuka, Duterval Governança Corporativa Alavancagem Rating Soberano Desempenho Regionalidade Governança Corporativa Rating Soberano Alavancagem Desempenho da Firma Regionalidade Corporate Governance Leverage Sovereign Rating Performance Regionality Corporate Governance Sovereign Rating Leverage Firm Performance Regionality |
title_short |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
title_full |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
title_fullStr |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
title_full_unstemmed |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
title_sort |
Corporate Governance, Sovereign Rating, Leverage and Firm Performance: : an Analysis at the Regional Level |
author |
Jesuka, Duterval |
author_facet |
Jesuka, Duterval Peixoto, Fernanda Maciel |
author_role |
author |
author2 |
Peixoto, Fernanda Maciel |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Jesuka, Duterval Peixoto, Fernanda Maciel |
dc.subject.por.fl_str_mv |
Governança Corporativa Alavancagem Rating Soberano Desempenho Regionalidade Governança Corporativa Rating Soberano Alavancagem Desempenho da Firma Regionalidade Corporate Governance Leverage Sovereign Rating Performance Regionality Corporate Governance Sovereign Rating Leverage Firm Performance Regionality |
topic |
Governança Corporativa Alavancagem Rating Soberano Desempenho Regionalidade Governança Corporativa Rating Soberano Alavancagem Desempenho da Firma Regionalidade Corporate Governance Leverage Sovereign Rating Performance Regionality Corporate Governance Sovereign Rating Leverage Firm Performance Regionality |
description |
This paper analyzed, in a regional dimension, the effects of corporate governance and sovereign rating on the leverage and performance of Brazilian companies. We used a panel data regression in a sample of 671 Brazilian companies listed on the Bolsa Brasil Balcão – B3 between 2010 and 2018. We explore the behavior of leverage and performance of firms operating in the Triângulo Mineiro and Alto Paranaíba and Sul de Goiás Region - TMAP and their peers that do not have activities in that region. For the regional level, the sample was divided in companies that have headquarters, branches, or subsidiaries in the mesoregions of Triângulo Mineiro, Alto Paranaíba and the south of Goiás - TMAP. The results showed that companies operating in TMAP and in the south of Goiás are more leveraged when they are audited by at least one of the four auditing firms – Big4 and when there is an outsider on the board of directors, on the other hand, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding performance, it was noticed that for these companies, the return on assets is positively influenced by the audit's reputation and the presence of outsiders on the board, while the dual role of CEO and chairman destroys Tobin's Q. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-01-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer reviewed Avaliado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.rasi.vr.uff.br/index.php/rasi/article/view/669 10.20401/rasi.9.1.669 |
url |
https://www.rasi.vr.uff.br/index.php/rasi/article/view/669 |
identifier_str_mv |
10.20401/rasi.9.1.669 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://www.rasi.vr.uff.br/index.php/rasi/article/view/669/180 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2022 Revista de Administração, Sociedade e Inovação http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2022 Revista de Administração, Sociedade e Inovação http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Federal Fluminense, Programa de Pós-graduação em Administração (Fluminense Federal University, Master Program in Management) |
publisher.none.fl_str_mv |
Universidade Federal Fluminense, Programa de Pós-graduação em Administração (Fluminense Federal University, Master Program in Management) |
dc.source.none.fl_str_mv |
Review of Administration, Society and Innovation; Vol. 9 No. 1 (2023): Vol. 9, n.. 1; 67-85 Revista de Administração, Sociedade e Inovação; v. 9 n. 1 (2023): Vol. 9, n. 1 (2023); 67-85 2447-8156 reponame:Revista de Administração, Sociedade e Inovação instname:Universidade Federal Fluminense (UFF) instacron:UFF |
instname_str |
Universidade Federal Fluminense (UFF) |
instacron_str |
UFF |
institution |
UFF |
reponame_str |
Revista de Administração, Sociedade e Inovação |
collection |
Revista de Administração, Sociedade e Inovação |
repository.name.fl_str_mv |
Revista de Administração, Sociedade e Inovação - Universidade Federal Fluminense (UFF) |
repository.mail.fl_str_mv |
periodico.rasi@gmail.com || marciomabdalla@gmail.com |
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1798325248673710080 |