Governança Corporativa e Estrutura de Capital no Brasil: Ações, Dívidas e Substituição Outros Idiomas

ID:
43206
Resumo:
Objetivo: Examinar os mercados de ações e de dívidas no Brasil, por meio do teste da teoria de desenvolvimento do mercado de ações de Demirgüc-Kunt e Maksimovic (1996). Originalidade/lacuna/relevância/implicações: Teste da hipótese de substituição do mercado de dívidas pelo de ações no Brasil, com melhor governança corporativa e cointegração. Os resultados indicam a rejeição da hipótese de substituição, com associação positiva entre ações e dívidas em situação em segmento de melhor governança corporativa. É aprimorada a teoria de desenvolvimento do mercado de ações em desenvolvimento com técnicas de cointegração com variáveis em nível e a prática é a de que o estímulo aos mecanismos de governança corporativa pode ampliar simultaneamente os mercados de ações e de dívidas. Principais aspectos metodológicos: Pesquisa positivista com metodologia quantitativa e análise de dados de 171 empresas brasileiras de capital aberto durante 20 anos por meio de cointegração. A hipótese nula foi a de associação negativa entre os mercados de ações e de dívidas. Síntese dos principais resultados: Rejeição da hipótese nula, de forma inconsistente ao referencial teórico. Principais considerações/conclusões: Um melhor nível de governança corporativa pode fazer com que capital próprio e de terceiros sejam fontes complementares e não substituto de recursos, sugerindo que as reformas de governança corporativa promovidas no País formam um ciclo virtuoso entre ações e dívidas.
Citação ABNT:
RIPAMONTI, A.; KAYO, E. K. Corporate Governance and Capital Structure in Brazil: Stock, Bonds and Substitution. Revista de Administração Mackenzie, v. 17, n. 5, p. 85-109, 2016.
Citação APA:
Ripamonti, A., & Kayo, E. K. (2016). Corporate Governance and Capital Structure in Brazil: Stock, Bonds and Substitution. Revista de Administração Mackenzie, 17(5), 85-109.
DOI:
http://dx.doi.org/10.1590/1678-69712016/administracao.v17n5p85-109
Link Permanente:
http://www.spell.org.br/documentos/ver/43206/governanca-corporativa-e-estrutura-de-capital-no-brasil--acoes--dividas-e-substituicao/i/pt-br
Tipo de documento:
Artigo
Idioma:
Inglês
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