The relationship between corporate governance and capital structure of Brazilian companies during 2000-2013 period

Authors

  • Camila Veneo Campos Fonseca Instituto de Economia, Universidade Estadual de Campinas (Unicamp) Author
  • Rodrigo Lanna Franco da Silveira Instituto de Economia, Universidade Estadual de Campinas (Unicamp) Author
  • Célio Hiratuka Instituto de Economia, Universidade Estadual de Campinas (Unicamp) Author

DOI:

https://doi.org/10.4025/enfoque.v35i2.29673

Keywords:

estrutura de capital, governança corporativa, dados em painel, GMM Sistêmico.

Abstract

The purpose of this study is to explore the impact of corporate governance practices on capital structure of 252 Brazilian non-financial public listed companies between 2000 and 2013. Panel data econometric techniques were used, with the adoption of a System Generalized Methods of Moments estimator in order to control the potential sources of endogeneity between ownership structure and governance practices. Results show evidence that high corporate governance levels improved the access to debt capital and increased the debt maturity.

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Published

2016-08-19

Issue

Vol. 35 No. 2 (2016)

Section

Original Articles

License

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How to Cite

Fonseca, C. V. C., Silveira, R. L. F. da, & Hiratuka, C. (2016). The relationship between corporate governance and capital structure of Brazilian companies during 2000-2013 period. Enfoque: Reflexão Contábil, 35(2), 35-52. https://doi.org/10.4025/enfoque.v35i2.29673