Governança corporativa e restrição financeira das empresas brasileiras

• Ano de defesa: 2021
• Autor(a) principal: Gomes, Maria Layane Silva
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Investimentos; Financiamento; Governança corporativa; Teoria Pecking order
• Link de acesso: http://www.repositorio.ufc.br/handle/riufc/65249

Difficulty in accessing external financing is characterized as a situation of financial constraint and can lead companies to become dependent on internally generated resources to finance investment projects. Attributes of companies and institutional factors can contribute to the difficulty of raising external financing for the company. Corporate governance has been suggested as a mechanism capable of reducing agency conflicts and improving communication between the company and the financial market, reducing information asymmetry. Thus, it is expected that corporate governance can ease the financial constraint faced by the company by facilitating its access to external financing. The objective of this research is to examine the influence of corporate governance quality about financial constraint faced by Brazilian companies. The sample is a panel data composed of 1.142 annual observations of 124 Brazilian companies listed on B3 S.A. Brasil, Bolsa, Balcão from 2010 to 2019. The investment was obtained by the relative variation of fixed assets. The identification of financial constraint was observed by the positive sensitivity of investment to cash flow and by the negative relationship between the level of investment and indebtedness. Corporate governance was measured using a corporate governance quality index (IQGC). The results point to the presence of financial constraint, given the positive sensitivity of investment to cash flow. In addition, an adverse effect of indebtedness on Brazilian company's investment was found. On the other hand, when evaluating the moderating effect of corporate governance on the relationship between investment and indebtedness, it is observed that governance can reverse this effect. This result indicates that, in fact, the best quality of corporate governance can intensify the use of debt to finance Brazilian company investment. Thus, the results suggest that corporate governance seems to have, in fact, a contribution to alleviate the difficulty of accessing external financing for Brazilian companies.