Browsing by Author "Torres, Catarina Filipa Oliveira"
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- Impacto das práticas de corporate governance na estrutura de capital das empresas cotadas na Euronext Lisbon: o efeito moderador da diversidade de géneroPublication . Torres, Catarina Filipa Oliveira; Machado, Ricardo André Cabral de Carvalho BahiaThe intrinsic role that corporate governance practices may play in the constitution of decisions related with the capital structure of companies is a relevant factor for the success of an organization. As such, the main objective of this work is to investigate the direct relationship between corporate governance practices and debt decisions of Portuguese companies listed on Euronext Lisbon, as well as to investigate whether the previous relationship is affected by the existence of a moderating effect of gender diversity. To carry out this study, a panel database of 36 Portuguese companies listed on Euronext Lisbon was collected, for a period between 2015 and 2020. In order to analyze the purpose of this study, several econometric models were formulated, until the most adequate model, the Fixed Effects model, was obtained. The results show that all the explanatory variables of the study, such as board size, independence of administracion board and CEO duality, have a significant influence on the debt decisions of Portuguese listed firms. Moreover, the results indicate that the impact that board independence has on firms' debt level changes from positive to negative under conditions of a high level of gender diversity. This paper contributes to help companies introduce and contextualize new practices that lead to better governance and help them attract better resources to achieve an optimal capital structure. It’s also, to our knowledge, the first study to analyze the effect of the moderating role of gender diversity on the relationship between corporate governance and capital structure for Portuguese listed companies.