Governança corporativa e sensibilidade investimento-fluxo de caixa no Brasil

This study aimed to investigate the investment-cash flow sensitivity forBrazilian companies with different degrees of financial constraint accordingto the quality level of their corporate governance practices. An investmentmodel was estimated through GMM for a panel data of 248 Brazilian publiclytraded companies, which were a priori classified in two groups of financialconstraint degrees (high and low) according to the Corporate GovernancePractices Index (IPGC). The results showed that the quality of corporategovernance influences the investment-cash flow sensitivity, and thissensitivity is negative and significant only for firms with poor governance,classified with high financial constraint. Furthermore, it can be concludedthat IPGC proved to be an interesting variable for a priori classificationof companies and an important determinant of the investment-cash flowsensitivity to identify potentially financially constrained firms.