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This study aim was to verify if Brazilian firms that adopt good corporate governance practices have a higher capital structure adjustment speed. To this end, an unbalanced panel sample of 165 non-financial firms listed on the B3 between 2010 and 2021 was adopted. The adjustment speed heterogeneity was verified by statistically comparing the estimates in two subsamples: i) of firms listed in some B3's governance special segment; and ii) firms in the basic segment. In each sample cut, a dynamic partial adjustment model was estimated with the same leverage target determinants through the dynamic panel fractional estimator of Elsas and Florysiak (2015). The results exposed that the average leverage and the speed of adjustment of Brazilian firms with special governance practices are significantly higher. Therefore, corroborating with the dynamic Trade-Off model with agency costs by Morellec et al. (2012). [ABSTRACT FROM AUTHOR]

In the national environment a factor to be considered as possible influential in the form of financing companies are the tax installments. Usually, these have lower costs than the resources obtained in the private market, in addition to promoting an extension of payment deadlines with the forgiveness of interest and fines. The objective was to verify the relationship of the tax installment in the capital structure of public companies in Brazil. The final sample consisted of 37 entities, classified as adherents to Pecking Order Theory, and who disclosed the value of tax installments in explanatory notes during the period from 2009 to 2018, totaling 339 observations. The results confirm the negative relationship between tax installments and debt (especially long-term debts), suggesting that companies are using tax installments as a form of financing. Thus, the current conjuncture of fiscal policies changes the hierarchy of sources originally proposed and causes advantages of tax installments over debt issuance, in relation to agency costs. The result also corroborates with previous research that there is a need to review the tax policy of tax installments, since the purpose of these is not to finance the activities of taxpayers, but the reduction of debt stock and judicial and administrative litigation of tax proceedings. Thus, this research helps both taxpayers and the state in the use of tax installments to maximize utility. [ABSTRACT FROM AUTHOR]

The general objective of this paper is to analyze how an ownership structure influences agency costs in financial institutions listed in B3. The methodological procedures are descriptive with a quantitative approach, and the sample is composed of 26 companies, analyzed in the period from 2014 to 2018. The data collection took place through a reference form for ownership structure metrics, while the metrics of the agency where given through the return on assets (TRA) and through the selling expense ratio (RDV) extracted from the financial statements. The results found indicate a positive relationship of 0.196 between the TRA variables and equity participation with a confidence level of 99%; and a positive relationship between the TRA and RDV variables of 0.380 was also identified, with a confidence level of 95%. The Wilcoxon-Mann-Whitney test of averages showed that companies with shareholding greater than 51% show averages equal to institutions with a shareholding lower than 51%, with regard to agency costs related to the TRA variable. Thus, institutions with greater ownership structure demonstrate better applicability of assets and, thus, lower agency costs; joint ventures have higher agency costs when compared to companies with individual control; and, finally, companies with a voting capital greater than 51% also have higher agency costs when compared to those with a share less than 51%. [ABSTRACT FROM AUTHOR]