As restrições financeiras de firmas brasileiras têm relação com a governança corporativa?
DOI:
https://doi.org/10.7769/gesec.v14i3.1748Keywords:
Financial Distress, Governança Corporativa, Concentração Acionária, Conselho de Administração, Propriedade EstatalAbstract
Sabe-se que quando uma empresa possui boas práticas de governança corporativa (GC), em geral, ela consegue obter melhor performance, maior proteção aos seus investidores e melhor gestão financeira de curto e longo prazos. Este artigo amplia a discussão sobre o papel da governança corporativa em reduzir a probabilidade de financial distress (FD) das firmas. O objetivo do estudo é investigar o impacto de mecanismos de GC sobre a probabilidade de financial distress de empresas brasileiras. A pesquisa analisa a relação entre concentração acionária, composição do conselho de administração e propriedade estatal com financial distress para firmas brasileiras no período de 2017 a 2020. O método adotado foi a regressão logística e a proxy para financial distress foi baseada na pontuação ZmScore de Zmijewski (1984). Como principais resultados, constatou-se que quando a empresa tem propriedade estatal ela tem menor probabilidade de apresentar financial distress. Percebeu-se também que os lucros retidos e a tangibilidade dos ativos são negativamente relacionados ao FD. O estudo contribui com a literatura na medida em que auxilia no monitoramento, prosperidade dos negócios e prevenção de restrições financeiras, trazendo implicações importantes para a estabilidade financeira das firmas.
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