AS RELAÇÕES ENTRE GOVERNANÇA CORPORATIVA, RISCO E ENDIVIDAMENTO E SUAS INFLUÊNCIAS NO DESEMPENHO FINANCEIRO E NO VALOR DE MERCADO DE EMPRESAS BRASILEIRAS
Keywords:
Governança Corporativa, Valor de Mercado, Desempenho Financeiro, PLS-SEMAbstract
O presente estudo analisou as relações entre Governança Corporativa, Risco e Endividamento e seus impactos no Desempenho Financeiro e no Valor das firmas. Com uma amostra composta por 639 observações de firmas brasileiras listadas na BM&FBovespa, e tendo como recorte temporal o período de 2013 a 2015, utilizou-se a técnica PLS-SEM, em escalas formativas. A título de resultados, foi possível suportar as hipóteses de relacionamento entre Endividamento e Desempenho Financeiro, Endividamento e Risco, Desempenho Financeiro e Valor de Mercado e entre Endividamento e Governança nas análises compreendendo todas as observações e após a segmentação pelo porte das firmas. Através do controle do porte das firmas, foi possível corroborar ainda as relações entre Endividamento e Valor de Mercado, Risco e Desempenho Financeiro e entre Governança e Valor de Mercado apenas para empresas de maior tamanho. Complementarmente, os relacionamentos entre Risco e Valor de mercado, Governança e Desempenho Financeiro e entre Governança e Risco mostraram-se coerentes, especialmente, para empresas de menor tamanho, logo, o porte mostrou-se uma variável relevante para as teorizações analisadas. Por fim, após o controle do ano, notou-se que a instabilidade política e econômica, de forma significativa e sistemática, influenciou as relações teóricas, sendo, imprescindível, nesse aspecto, efetuar o controle do tempo quando o interesse for capturar as complexas relações simultâneas de dependência e independência entre Governança Corporativa, Risco, Estrutura de Capital, Desempenho e Valor da firma.Downloads
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