Financial distress e governança corporativa: um estudo no mercado de capitais brasileiro

Autores

DOI:

https://doi.org/10.7769/gesec.v14i11.3172

Palavras-chave:

Financial Distress, Governança Corporativa, Concentração Acionária, Conselho de Administração, Auditoria

Resumo

A governança corporativa é uma área crescente dos estudos em gestão, especialmente para economias em desenvolvimento onde suas práticas têm se tornado um ponto focal para os pesquisadores. O objetivo do estudo é investigar o impacto de mecanismos de GC sobre a probabilidade de financial distress de empresas brasileiras não financeiras listadas na B3 no período de 2010 a 2022. A pesquisa analisa a relação entre concentração acionária, composição do conselho de administração e propriedade estatal com financial distress, e também foram analisadas variáveis de auditoria, COVID19 e regionalidade. O método adotado foi a regressão logística e a proxy para financial distress foi baseada na pontuação Z-Score de Altman (1968). Como principais resultados, constatou-se que quando a empresa tem propriedade estatal, alta concentração acionaria e dualidade do CEO, ela tem maior probabilidade de apresentar financial distress. Já as variáveis de auditoria, Covid19, retorno sobre o patrimônio líquido, e retorno sobre o lucro líquido são negativamente relacionados ao FD. Por fim o estudo contribuiu com a literatura no monitoramento sobre o risco de falência, prosperidade dos negócios e prevenção de restrições financeiras, trazendo implicações importantes para a estabilidade financeira das firmas brasileiras.

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2023-11-17

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dos Santos, R. R., & Peixoto, F. M. (2023). Financial distress e governança corporativa: um estudo no mercado de capitais brasileiro. Revista De Gestão E Secretariado, 14(11), 20158–20201. https://doi.org/10.7769/gesec.v14i11.3172