Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional
Autor(a) principal: | |
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Data de Publicação: | 2020 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da UFU |
Texto Completo: | https://repositorio.ufu.br/handle/123456789/29173 http://doi.org/10.14393/ufu.di.2020.98 |
Resumo: | Firm theory studies show that managers have to deal with agency and information asymmetry problems to align their interests with those of shareholders, creditors and stakeholders, while keeping the company valued. Considering the influences of internal and external environments, this study aimed to analyze the relationship between corporate governance, capital structure, sovereign rating and firm performance at multi-country, national and regional levels. In a first step, a multilevel regression model was performed using a sample of 823 Latin American listed companies from 2004 to 2018. In a second step, data from 671 Brazilian listed companies and Brazil's sovereign rating between 2010 and 2017 were considered to analyze the performance behavior at the national and regional levels, more specifically in the Triangulo Mineiro and Alto Paranaíba and southern of Goiás regions. A panel data regression was employed. The results from the first study show that sovereign rating positively impact the capital structure and the performance of Latin American companies. The board size as well as the dual roles of the CEO / Chairman of the board can destroy firm’s value, while having an independent audit committee can increase both their indebtedness and performance. The evidence found reinforced the agency theory signaling that even with the adoption of good corporate governance practices, the more indebted companies are, the less valued they are. In the second study, at the national level we found that the board size, the audit reputation and sovereign rating positively affects the leverage of Brazilian companies. Return on assets was negatively influenced by the dual roles of the CEO / Chairman of the board and the size of the board, the return on equity is positively affected by the reputation of the audit, the concentration of ownership and control and the duality of CEO / Chairman. At the regional level, it was observed that companies that operate in TMAP and South Goiás regions are more leveraged due to the reputation of the audit and when there is an outsider in the board of directors, in contrast, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding to the performance, it was noted that for these companies ROA is positively influenced by the reputation of the audit and the presence of outsiders on the board, while the dual roles of CEO and Chairman can destroy it. Return on equity increases when there are professional directors on the board of directors, and decreases when there is a concentration of ownership and control. |
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Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regionalCorporate governance, capital structure, sovereign rating and firm performance: an analysis at multi-country, national and regional levelsGovernança CorporativaEstrutura de CapitalRating SoberanoDesempenhoAmérica LatinaRegionalidadeCorporate GovernanceCapital StructureSovereign RatingPerformanceLatin AmericaRegionalityCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOFirm theory studies show that managers have to deal with agency and information asymmetry problems to align their interests with those of shareholders, creditors and stakeholders, while keeping the company valued. Considering the influences of internal and external environments, this study aimed to analyze the relationship between corporate governance, capital structure, sovereign rating and firm performance at multi-country, national and regional levels. In a first step, a multilevel regression model was performed using a sample of 823 Latin American listed companies from 2004 to 2018. In a second step, data from 671 Brazilian listed companies and Brazil's sovereign rating between 2010 and 2017 were considered to analyze the performance behavior at the national and regional levels, more specifically in the Triangulo Mineiro and Alto Paranaíba and southern of Goiás regions. A panel data regression was employed. The results from the first study show that sovereign rating positively impact the capital structure and the performance of Latin American companies. The board size as well as the dual roles of the CEO / Chairman of the board can destroy firm’s value, while having an independent audit committee can increase both their indebtedness and performance. The evidence found reinforced the agency theory signaling that even with the adoption of good corporate governance practices, the more indebted companies are, the less valued they are. In the second study, at the national level we found that the board size, the audit reputation and sovereign rating positively affects the leverage of Brazilian companies. Return on assets was negatively influenced by the dual roles of the CEO / Chairman of the board and the size of the board, the return on equity is positively affected by the reputation of the audit, the concentration of ownership and control and the duality of CEO / Chairman. At the regional level, it was observed that companies that operate in TMAP and South Goiás regions are more leveraged due to the reputation of the audit and when there is an outsider in the board of directors, in contrast, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding to the performance, it was noted that for these companies ROA is positively influenced by the reputation of the audit and the presence of outsiders on the board, while the dual roles of CEO and Chairman can destroy it. Return on equity increases when there are professional directors on the board of directors, and decreases when there is a concentration of ownership and control.FAPEMIG - Fundação de Amparo a Pesquisa do Estado de Minas GeraisDissertação (Mestrado)Os estudos sobre a teoria da firma mostram que os gestores têm que lidar com os problemas de agência e de assimetria de informação para alinhar seus interesses com os dos acionistas, dos credores e stakeholders, e, ao mesmo tempo manter valorizada a empresa. Considerando as influências dos ambientes interno e externo, este estudo teve por objetivo analisar a relação entre a governança corporativa, estrutura de capital, o rating soberano e o desempenho da firma em níveis multipaís, nacional e regional. Em uma primeira etapa, foi utilizado um modelo de regressão multinível para uma amostra de 823 companhias listadas nas principais bolsas de valores da América Latina no período de 2004 a 2018. Em uma segunda etapa, considerou-se dados de 671 empresas brasileiras listadas na Bolsa Brasil Balcão – B3 e do rating soberano do Brasil entre 2010 e 2017 para analisar o comportamento do desempenho em nível nacional e regional, mais especificamente nas mesorregiões do Triângulo Mineiro e do Alto Paranaíba e do Sul de Goiás. Foi empregado um método de regressão linear com dados em painel. Os resultados do primeiro estudo mostram que o rating soberano influencia positivamente a estrutura de capital e a performance das empresas latino americanas. O tamanho do conselho de administração assim como a dualidade das funções diretor presidente e membro do conselho podem destruir o valor das firmas, enquanto isso, possuir um comitê de auditoria e independente pode aumentar tanto o endividamento quanto o desempenho das mesmas. As evidências encontradas reforçaram a teoria de agência sinalizando que mesmo com a adoção de boas práticas de governança corporativa, quanto mais endividadas são as companhias, menos valorizadas elas são. No segundo estudo, em nível nacional foi encontrado que o tamanho do conselho de administração, a reputação da auditoria e o rating soberano impactam positivamente a alavancagem das empresas brasileiras. O retorno sobre o ativo é influenciado negativamente pela dualidade das funções CEO/Presidente conselho de administração e pelo tamanho do conselho, enquanto o retorno sobre o patrimônio líquido é afetado de forma positiva pela reputação da auditoria, pela concentração de propriedade e controle e pela dualidade do CEO/Presidente conselho. No nível regional, observou-se que as empresas que atuam no TMAP e no Sul de Goiás são mais alavancadas em razão da reputação da auditoria e quando há um outsider no conselho de administração, em contrapartida, a alavancagem diminuiu 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 ROA é influenciado de forma positiva pela reputação da auditoria e pela presença de outsiders no conselho, enquanto a dualidade das funções CEO e presidente do conselho destrói o ROA. O retorno sobre o patrimônio líquido por sua vez aumenta quando há presença de conselheiros profissionais no conselho de administração, e diminui quando há concentração de propriedade e controle.Universidade Federal de UberlândiaBrasilPrograma de Pós-graduação em AdministraçãoPeixoto, Fernanda Macielhttp://lattes.cnpq.br/5814414461245366Pereira, Vinícius Silvahttp://lattes.cnpq.br/0266010376410444Kimura, Herberthttp://lattes.cnpq.br/2048706172366367Castro, Luiz Ricardo Kabbach dehttp://lattes.cnpq.br/5041171104552824Jesuka, Duterval2020-04-13T12:40:43Z2020-04-13T12:40:43Z2020-02-27info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfJESUKA, Duterval. Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional. 2020. 122 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2020. DOI http://doi.org/10.14393/ufu.di.2020.98https://repositorio.ufu.br/handle/123456789/29173http://doi.org/10.14393/ufu.di.2020.98porhttp://creativecommons.org/licenses/by-nc-nd/3.0/us/info:eu-repo/semantics/openAccessreponame:Repositório Institucional da UFUinstname:Universidade Federal de Uberlândia (UFU)instacron:UFU2020-04-14T06:12:09Zoai:repositorio.ufu.br:123456789/29173Repositório InstitucionalONGhttp://repositorio.ufu.br/oai/requestdiinf@dirbi.ufu.bropendoar:2020-04-14T06:12:09Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU)false |
dc.title.none.fl_str_mv |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional Corporate governance, capital structure, sovereign rating and firm performance: an analysis at multi-country, national and regional levels |
title |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
spellingShingle |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional Jesuka, Duterval Governança Corporativa Estrutura de Capital Rating Soberano Desempenho América Latina Regionalidade Corporate Governance Capital Structure Sovereign Rating Performance Latin America Regionality CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
title_full |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
title_fullStr |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
title_full_unstemmed |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
title_sort |
Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional |
author |
Jesuka, Duterval |
author_facet |
Jesuka, Duterval |
author_role |
author |
dc.contributor.none.fl_str_mv |
Peixoto, Fernanda Maciel http://lattes.cnpq.br/5814414461245366 Pereira, Vinícius Silva http://lattes.cnpq.br/0266010376410444 Kimura, Herbert http://lattes.cnpq.br/2048706172366367 Castro, Luiz Ricardo Kabbach de http://lattes.cnpq.br/5041171104552824 |
dc.contributor.author.fl_str_mv |
Jesuka, Duterval |
dc.subject.por.fl_str_mv |
Governança Corporativa Estrutura de Capital Rating Soberano Desempenho América Latina Regionalidade Corporate Governance Capital Structure Sovereign Rating Performance Latin America Regionality CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
topic |
Governança Corporativa Estrutura de Capital Rating Soberano Desempenho América Latina Regionalidade Corporate Governance Capital Structure Sovereign Rating Performance Latin America Regionality CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
Firm theory studies show that managers have to deal with agency and information asymmetry problems to align their interests with those of shareholders, creditors and stakeholders, while keeping the company valued. Considering the influences of internal and external environments, this study aimed to analyze the relationship between corporate governance, capital structure, sovereign rating and firm performance at multi-country, national and regional levels. In a first step, a multilevel regression model was performed using a sample of 823 Latin American listed companies from 2004 to 2018. In a second step, data from 671 Brazilian listed companies and Brazil's sovereign rating between 2010 and 2017 were considered to analyze the performance behavior at the national and regional levels, more specifically in the Triangulo Mineiro and Alto Paranaíba and southern of Goiás regions. A panel data regression was employed. The results from the first study show that sovereign rating positively impact the capital structure and the performance of Latin American companies. The board size as well as the dual roles of the CEO / Chairman of the board can destroy firm’s value, while having an independent audit committee can increase both their indebtedness and performance. The evidence found reinforced the agency theory signaling that even with the adoption of good corporate governance practices, the more indebted companies are, the less valued they are. In the second study, at the national level we found that the board size, the audit reputation and sovereign rating positively affects the leverage of Brazilian companies. Return on assets was negatively influenced by the dual roles of the CEO / Chairman of the board and the size of the board, the return on equity is positively affected by the reputation of the audit, the concentration of ownership and control and the duality of CEO / Chairman. At the regional level, it was observed that companies that operate in TMAP and South Goiás regions are more leveraged due to the reputation of the audit and when there is an outsider in the board of directors, in contrast, leverage decreases when the board of directors is large and when there is concentration of ownership and control. Regarding to the performance, it was noted that for these companies ROA is positively influenced by the reputation of the audit and the presence of outsiders on the board, while the dual roles of CEO and Chairman can destroy it. Return on equity increases when there are professional directors on the board of directors, and decreases when there is a concentration of ownership and control. |
publishDate |
2020 |
dc.date.none.fl_str_mv |
2020-04-13T12:40:43Z 2020-04-13T12:40:43Z 2020-02-27 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
JESUKA, Duterval. Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional. 2020. 122 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2020. DOI http://doi.org/10.14393/ufu.di.2020.98 https://repositorio.ufu.br/handle/123456789/29173 http://doi.org/10.14393/ufu.di.2020.98 |
identifier_str_mv |
JESUKA, Duterval. Governança corporativa, estrutura de capital, rating soberano e desempenho da firma: uma análise em níveis multipaís, nacional e regional. 2020. 122 f. Dissertação (Mestrado em Administração) - Universidade Federal de Uberlândia, Uberlândia, 2020. DOI http://doi.org/10.14393/ufu.di.2020.98 |
url |
https://repositorio.ufu.br/handle/123456789/29173 http://doi.org/10.14393/ufu.di.2020.98 |
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por |
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openAccess |
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application/pdf |
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Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Administração |
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Universidade Federal de Uberlândia Brasil Programa de Pós-graduação em Administração |
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reponame:Repositório Institucional da UFU instname:Universidade Federal de Uberlândia (UFU) instacron:UFU |
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Repositório Institucional da UFU - Universidade Federal de Uberlândia (UFU) |
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diinf@dirbi.ufu.br |
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