A relação entre a governança corporativa e a estrutura de capital das empresas Brasileiras no período 2000-2013 | Zendy

Camila Veneo Campos Fonseca | Zendy; Rodrigo Lanna Franco da Silveira | Zendy; Célio Hiratuka | Zendy

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A relação entre a governança corporativa e a estrutura de capital das empresas Brasileiras no período 2000-2013

Author(s) -

Camila Veneo Campos Fonseca,

Rodrigo Lanna Franco da Silveira,

Célio Hiratuka

Publication year - 2016

Publication title -

enfoque reflexão contábil

Language(s) - English

Resource type - Journals

eISSN - 1984-882X

pISSN - 1517-9087

DOI - 10.4025/enfoque.v35i2.29673

Subject(s) - endogeneity , capital structure , corporate governance , panel data , debt , business , corporate finance , debt ratio , maturity (psychological) , capital (architecture) , financial system , accounting , welfare economics , economics , finance , econometrics , political science , geography , archaeology , law

The purpose of this study is to explore the impact of corporate governance practices on capital structure of 252 Brazilian non-financial public listed companies between 2000 and 2013. Panel data econometric techniques were used, with the adoption of a System Generalized Methods of Moments estimator in order to control the potential sources of endogeneity between ownership structure and governance practices. Results show evidence that high corporate governance levels improved the access to debt capital and increased the debt maturity

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