1. Governança Corporativa e Velocidade de Ajuste da Estrutura de Capital.
- Author
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Alvim Sabino, Pedro Augusto and Coaguila, Robert Aldo Iquiapaza
- Subjects
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CAPITAL structure , *AGENCY costs , *CORPORATE governance , *DYNAMIC models , *SPEED - Abstract
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]
- Published
- 2022
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