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Abstract(s)
As questões relacionadas com a corporate governance e o papel que pode desempenhar nas decisões sobre a estrutura de capitais têm sido debatidas desde o final do século passado sendo que, atualmente, são ainda alvo de investigação, especialmente os modelos de corporate governance, as práticas utilizadas e o modo como os conselhos de administração são estruturados.
Este estudo tem como principal objetivo analisar a relação existente entre as práticas de corporate governance e o nível de endividamento das sociedades cotadas na Euronext Lisbon. Especificamente, foram analisados dois conflitos relevantes: propriedade da gestão e propriedade dos acionistas maioritários.
Para a realização deste estudo foi criada uma base de dados em painel de 29 empresas portuguesas não-financeiras cotadas na Euronext Lisbon, para um período entre 2016 e 2022. Após a formulação das hipóteses de investigação, procedeu-se à formulação de vários modelos econométricos, até se obter o modelo mais apropriado, o de Efeitos Aleatórios.
Os resultados obtidos indicam que as variáveis explicativas de corporate governance têm influência no nível de endividamento, havendo uma relação não linear entre a propriedade da gestão e o nível de endividamento e uma relação linear positiva entre a propriedade dos acionistas maioritários e o nível de endividamento. Os resultados também sugerem que as características do conselho de administração, concretamente a independência e a diversidade de género, têm um efeito significativo no nível de endividamento. Por um lado, a independência tem uma influência positiva, por outro lado, a diversidade de género dispõe de uma relação negativa.
Este estudo contribui para enriquecer o debate e a discussão sobre as características de corporate governance e o endividamento, sendo, por isso, relevante para acionistas, administradores, credores e outros investidores e também académicos.
The issues related to corporate governance and the role it can play in capital structure decisions have been debated since the end of the last century and are currently still subject of research, especially corporate governance models, the practices used and the way boards of directors are structured. The main purpose of this study is to analyse the relationship between corporate governance practices and the level of indebtedness of companies listed on Euronext Lisbon. Specifically, two relevant conflicts have been analysed: managerial ownership and controlling shareholders ownership. For that purpose, a balanced data set of 29 Portuguese non-financial companies listed on Euronext Lisbon was created for a period of seven years from 2016 to 2022. After formulating the research hypotheses, various econometric models were formulated until the most appropriate model, Random Effects, was obtained. The results indicate that the corporate governance explanatory variables have an influence on the level of debt, with a non-linear relationship between managerial ownership and the level of indebtedness and a positive linear relationship between controlling shareholders ownership and the level of indebtedness. The results also suggest that the characteristics of the board of directors, specifically independence and gender diversity, have a significant effect on the level of indebtedness. On the one hand, board independence has a positive influence, while on the other hand, gender diversity of the board has a negative relationship. This study contributes to enrich the debate and discussion on the characteristics of corporate governance and indebtedness, and it’s, therefore, relevant to shareholders, administrators, lenders and other investors, as well as academics.
The issues related to corporate governance and the role it can play in capital structure decisions have been debated since the end of the last century and are currently still subject of research, especially corporate governance models, the practices used and the way boards of directors are structured. The main purpose of this study is to analyse the relationship between corporate governance practices and the level of indebtedness of companies listed on Euronext Lisbon. Specifically, two relevant conflicts have been analysed: managerial ownership and controlling shareholders ownership. For that purpose, a balanced data set of 29 Portuguese non-financial companies listed on Euronext Lisbon was created for a period of seven years from 2016 to 2022. After formulating the research hypotheses, various econometric models were formulated until the most appropriate model, Random Effects, was obtained. The results indicate that the corporate governance explanatory variables have an influence on the level of debt, with a non-linear relationship between managerial ownership and the level of indebtedness and a positive linear relationship between controlling shareholders ownership and the level of indebtedness. The results also suggest that the characteristics of the board of directors, specifically independence and gender diversity, have a significant effect on the level of indebtedness. On the one hand, board independence has a positive influence, while on the other hand, gender diversity of the board has a negative relationship. This study contributes to enrich the debate and discussion on the characteristics of corporate governance and indebtedness, and it’s, therefore, relevant to shareholders, administrators, lenders and other investors, as well as academics.
Description
Keywords
Corporate Governance Dados em painel Endividamento Euronext Lisbon Panel data Indebtedness