THE EFFECTS OF CORPORATE GOVERNANCE IN CAPITAL STRUCTURE: AN ANALYSIS IN BRAZILIAN BELONGING TO INDEX BM&FBOVESPA CONSUMPTION (ICON)
DOI:
https://doi.org/10.21680/2176-9036.2017v9n1ID8571Abstract
Corporate governance plays an important role in organizations, since their practices may be crucial to the capital structure of companies and target of interest to entrepreneurs. This study aimed to investigate the attributes of Corporate Governance affect the capital structure of Brazilian companies belonging to the BM&FBovespa consumption (ICON). We conducted a descriptive, quantitative and documentary research. The study population comprised 41 companies belonging to the BM&FBovespa consumption (ICON) and the sample was composed of 22 organizations. Data are from the 2010 to 2013 period for the data analysis used the descriptive analysis, Pearson correlation and regression Data Dashboard. The main results of the study indicated that some mechanisms of Corporate Governance do not have significant influences on capital structure levels of Brazilian companies to open ICON capital. On the other hand, the shareholding and remuneration of directors is shown as the variables that impact significantly on the capital structure of companies. In addition, the size and the degree of liquidity also impacted the capital structure. It follows from the empirical results, the attributes of Corporate Governance, in part, explain the business financing behavior of the BM&FBovespa consumption (ICON).
Keywords: Corporate Governance; Capital Structure; BM&FBovespa Consumption (ICON).
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