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Abstract(s)
Sabendo que as empresas utilizam variados mecanismos para controlar os denominados conflitos de agência entre gestores e acionistas e assim proteger estes últimos (Majeed, Zhang & Umar, 2017), a literatura sugere que a adoção de qualquer mecanismo que minimize os custos supervenientes destes conflitos, pode reduzir o custo de capital e promover melhores decisões de gestão tanto em termos operacionais, como em relação à política de investimento (Chen, Chen & Wei, 2009; Chen, Hope, Li, & Wang, 2011; Huang, Wang & Zhang, 2009; Lambert, Leuz & Verrecchia, 2007).
Com este estudo, procurou-se, assim, interligar a eficiência dos investimentos, medida com base em Biddle, Hilary e Verdi (2009), ao custo do capital próprio. Esta investigação baseou-se na análise de todas as empresas portuguesas não financeiras cotadas na Euronext Lisbon durante um período de 11 anos (2005-2015) para testar a hipótese de que a eficiência do investimento promove um custo do capital próprio mais baixo. Para o efeito, seguiu-se a metodologia utilizada no estudo de Majeed, Zhang e Umar (2017) que procurou perceber se esta hipótese se aplica a todas as empresas não financeiras chinesas com ranking de A, cotadas nas bolsas de valores de Xangai e Shenzhen presentes na base de dados RESSET.
Assim contatou-se que se encontram evidências de que a eficiência do investimento está negativamente relacionada com o custo de capital, sendo um fator relevante para controlar os problemas de agência e de que existe uma relação entre os anos da crise em Portugal e o custo do capital próprio.
Knowing that companies use various mechanisms to control so-called agency conflicts between managers and shareholders and thus protect the latter (Majeed, Zhang & Umar, 2017), the literature suggests that the adoption of any mechanism that minimizes the cost of these conflicts, can reduce the cost of capital and drive better management decisions both operationally and in terms of investment policy (Chen, Chen & Wei, 2009; Chen, Hope, Li, & Wang, 2011; Huang, Wang & Zhang, Lambert, Leuz & Verrecchia, 2007). This study sought to link the efficiency of investments, as measured by Biddle, Hilary and Verdi (2009), to the cost of equity. This investigation was based on the analysis of all non-financial Portuguese companies listed on Euronext Lisbon over a period of 11 years (2005-2015) to test the hypothesis that investment efficiency promotes a lower cost of equity. To this end, we followed the methodology used in the study by Majeed, Zhang e Umar (2017) which sought to understand whether this hypothesis applies to all A-rated Chinese non-financial companies listed on the Shanghai and Shenzhen stock exchanges present. in the RESSET database. Thus it was found that there is evidence that investment efficiency is negatively related to the cost of capital, being a relevant factor to control agency problems and that there is a relationship between the years of the crisis in Portugal and the cost of equity.
Knowing that companies use various mechanisms to control so-called agency conflicts between managers and shareholders and thus protect the latter (Majeed, Zhang & Umar, 2017), the literature suggests that the adoption of any mechanism that minimizes the cost of these conflicts, can reduce the cost of capital and drive better management decisions both operationally and in terms of investment policy (Chen, Chen & Wei, 2009; Chen, Hope, Li, & Wang, 2011; Huang, Wang & Zhang, Lambert, Leuz & Verrecchia, 2007). This study sought to link the efficiency of investments, as measured by Biddle, Hilary and Verdi (2009), to the cost of equity. This investigation was based on the analysis of all non-financial Portuguese companies listed on Euronext Lisbon over a period of 11 years (2005-2015) to test the hypothesis that investment efficiency promotes a lower cost of equity. To this end, we followed the methodology used in the study by Majeed, Zhang e Umar (2017) which sought to understand whether this hypothesis applies to all A-rated Chinese non-financial companies listed on the Shanghai and Shenzhen stock exchanges present. in the RESSET database. Thus it was found that there is evidence that investment efficiency is negatively related to the cost of capital, being a relevant factor to control agency problems and that there is a relationship between the years of the crisis in Portugal and the cost of equity.
Description
Keywords
Conflitos de agência custo do capital próprio Eficiência do investimento Empresas cotadas portuguesas Cost of equity Portuguese listed companies Agency risk Investment efficiency