CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES

Detalhes bibliográficos
Autor(a) principal: Fonseca, Camila Veneo Campos
Data de Publicação: 2016
Outros Autores: Silveira, Rodrigo Lanna Franco da
Tipo de documento: Artigo
Idioma: por
Título da fonte: REAd (Porto Alegre. Online)
Texto Completo: https://seer.ufrgs.br/index.php/read/article/view/62739
Resumo: The reduced access to debt capital, especially to long-term maturity debt, is one of the main problems of the Brazilian corporate environment. Agency conflicts and the existence of asymmetric information in transactions carried on the financial markets result in higher cost of capital and credit rationing. The adoption of best practices of corporate governance by enterprises, results in a reduced cost of capital, expands the role played by the market in raising funds for investment, and mitigates the problem of business financing. The purpose of this study is to evaluate the relationship between best practices of corporate governance and cost of debt among Brazilian non-financial listed companies during 2010-2014. Panel data with 230 companies and Generalized Method of Moments (GMM-Sis) method were used. Results suggested that a better corporate governance pattern has contributed to lowering the cost of debt of the companies. In addition, one-year-lagged cost of debt, profitability and issuance of preference shares have influenced the contemporary cost of debt.
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spelling CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIESGOBIERNO CORPORATIVO Y COSTE DE CAPITAL DE TERCEROS: EVIDENCIAS ENTRE EMPRESAS BRASILEÑAS DE CAPITAL ABIERTOGovernança Corporativa e Custo de Capital de Terceiros: Evidências entre Empresas Brasileiras de Capital Abertogovernança corporativacusto de capitaldados em painelGMM sistêmicocorporate governancecost of capitalpanel datasystem GMM.gobierno corporativocoste de capitaldatos de panelGMM sistémico.The reduced access to debt capital, especially to long-term maturity debt, is one of the main problems of the Brazilian corporate environment. Agency conflicts and the existence of asymmetric information in transactions carried on the financial markets result in higher cost of capital and credit rationing. The adoption of best practices of corporate governance by enterprises, results in a reduced cost of capital, expands the role played by the market in raising funds for investment, and mitigates the problem of business financing. The purpose of this study is to evaluate the relationship between best practices of corporate governance and cost of debt among Brazilian non-financial listed companies during 2010-2014. Panel data with 230 companies and Generalized Method of Moments (GMM-Sis) method were used. Results suggested that a better corporate governance pattern has contributed to lowering the cost of debt of the companies. In addition, one-year-lagged cost of debt, profitability and issuance of preference shares have influenced the contemporary cost of debt.La reducción del acceso al capital de terceros, especialmente a largo plazo, es uno de los principales problemas del entorno corporativo brasileño. Conflictos de agencia y la existencia de información asimétrica en las transacciones realizadas en los mercados financieros conducen al racionamiento del crédito y elevados costes de capital. La adopción de mejores prácticas de gobierno corporativo por las empresas y, por tanto, la reducción del costo de capital, amplía la captación de recursos de inversión, mitigando así el problema de las finanzas corporativas. El objetivo de este estudio es evaluar la relación entre la adopción de mejores prácticas de gobierno corporativo y el coste de la deuda de 230 empresas brasileñas no financieras de capital abierto en el periodo 2010-2014. Con el fin de lograr este objetivo, se utilizó un modelo de datos de panel con 230 empresas y el Método Generalizado de Momentos Sistémico (GMM-Sis). Los resultados mostraron que la adopción de mejores niveles de gobierno corporativo reduce el coste de la deuda de las compañías en la muestra. Además, se observó que el costo de la deuda pasada, la rentabilidad y el nivel de emisión de acciones preferentes tuvieron una influencia estadísticamente significativa sobre el costo de la deuda actual.O reduzido acesso ao capital de terceiros, especialmente os de mais longo prazo, é um dos principais problemas do ambiente corporativo brasileiro. Conflitos de agência e existência de informação assimétrica nas transações efetivadas no mercado financeiro resultam no racionamento do crédito e no encarecimento do custo de capital. A adoção de melhores práticas de governança corporativa pelas empresas, ao implicar redução do custo de capital, amplia a captação de recursos para o investimento, mitigando o problema do financiamento empresarial. O objetivo deste estudo é avaliar a relação entre a adoção de melhores práticas de governança corporativa e o custo do capital de terceiros das empresas brasileiras não financeiras de capital aberto no período 2010-2014. De forma a atingir tal objetivo, foi utilizado um modelo de dados de painel com 230 companhias, tendo a estimação sido realizada pelo Método dos Momentos Generalizado Sistêmico (GMM-Sis). Os resultados apontaram que a adoção de melhores níveis de governança corporativa reduziu o custo do capital de terceiros das companhias presentes na amostra. Além disso, verificou-se que as variáveis custo de capital de terceiros do ano anterior, lucratividade e nível de emissão de ações preferenciais exerceram uma influência estatisticamente significativa sobre o custo contemporâneo da dívida. Universidade Federal do Rio Grande do Sul2016-06-07info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionarticleartículoAvaliado pelos paresartigoapplication/pdfhttps://seer.ufrgs.br/index.php/read/article/view/62739Electronic Review of Administration; Vol. 22 No. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-133Revista Electrónica de Administración; Vol. 22 Núm. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-133Revista Eletrônica de Administração; v. 22 n. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-1331413-23111980-4164reponame:REAd (Porto Alegre. Online)instname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/read/article/view/62739/37601Fonseca, Camila Veneo CamposSilveira, Rodrigo Lanna Franco dainfo:eu-repo/semantics/openAccess2016-06-07T22:15:52Zoai:seer.ufrgs.br:article/62739Revistahttp://seer.ufrgs.br/index.php/read/indexPUBhttps://seer.ufrgs.br/read/oaiea_read@ufrgs.br1413-23111413-2311opendoar:2016-06-07T22:15:52REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)false
dc.title.none.fl_str_mv CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
GOBIERNO CORPORATIVO Y COSTE DE CAPITAL DE TERCEROS: EVIDENCIAS ENTRE EMPRESAS BRASILEÑAS DE CAPITAL ABIERTO
Governança Corporativa e Custo de Capital de Terceiros: Evidências entre Empresas Brasileiras de Capital Aberto
title CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
spellingShingle CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
Fonseca, Camila Veneo Campos
governança corporativa
custo de capital
dados em painel
GMM sistêmico
corporate governance
cost of capital
panel data
system GMM.
gobierno corporativo
coste de capital
datos de panel
GMM sistémico.
title_short CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
title_full CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
title_fullStr CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
title_full_unstemmed CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
title_sort CORPORATE GOVERNANCE AND COST OF DEBT: EVIDENCES AMONG BRAZILIAN LISTED COMPANIES
author Fonseca, Camila Veneo Campos
author_facet Fonseca, Camila Veneo Campos
Silveira, Rodrigo Lanna Franco da
author_role author
author2 Silveira, Rodrigo Lanna Franco da
author2_role author
dc.contributor.author.fl_str_mv Fonseca, Camila Veneo Campos
Silveira, Rodrigo Lanna Franco da
dc.subject.por.fl_str_mv governança corporativa
custo de capital
dados em painel
GMM sistêmico
corporate governance
cost of capital
panel data
system GMM.
gobierno corporativo
coste de capital
datos de panel
GMM sistémico.
topic governança corporativa
custo de capital
dados em painel
GMM sistêmico
corporate governance
cost of capital
panel data
system GMM.
gobierno corporativo
coste de capital
datos de panel
GMM sistémico.
description The reduced access to debt capital, especially to long-term maturity debt, is one of the main problems of the Brazilian corporate environment. Agency conflicts and the existence of asymmetric information in transactions carried on the financial markets result in higher cost of capital and credit rationing. The adoption of best practices of corporate governance by enterprises, results in a reduced cost of capital, expands the role played by the market in raising funds for investment, and mitigates the problem of business financing. The purpose of this study is to evaluate the relationship between best practices of corporate governance and cost of debt among Brazilian non-financial listed companies during 2010-2014. Panel data with 230 companies and Generalized Method of Moments (GMM-Sis) method were used. Results suggested that a better corporate governance pattern has contributed to lowering the cost of debt of the companies. In addition, one-year-lagged cost of debt, profitability and issuance of preference shares have influenced the contemporary cost of debt.
publishDate 2016
dc.date.none.fl_str_mv 2016-06-07
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
article
artículo
Avaliado pelos pares
artigo
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/62739
url https://seer.ufrgs.br/index.php/read/article/view/62739
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://seer.ufrgs.br/index.php/read/article/view/62739/37601
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
publisher.none.fl_str_mv Universidade Federal do Rio Grande do Sul
dc.source.none.fl_str_mv Electronic Review of Administration; Vol. 22 No. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-133
Revista Electrónica de Administración; Vol. 22 Núm. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-133
Revista Eletrônica de Administração; v. 22 n. 1 (2016): EDIÇÃO 83 - JAN/ABR 2016; 106-133
1413-2311
1980-4164
reponame:REAd (Porto Alegre. Online)
instname:Universidade Federal do Rio Grande do Sul (UFRGS)
instacron:UFRGS
instname_str Universidade Federal do Rio Grande do Sul (UFRGS)
instacron_str UFRGS
institution UFRGS
reponame_str REAd (Porto Alegre. Online)
collection REAd (Porto Alegre. Online)
repository.name.fl_str_mv REAd (Porto Alegre. Online) - Universidade Federal do Rio Grande do Sul (UFRGS)
repository.mail.fl_str_mv ea_read@ufrgs.br
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