Estrutura de capital das corporações listadas nos níveis diferenciados de governança corporativa da B3

Abstract

The management of the capital structure of organizations involves management and fundraising processes from third parties and the disclosure of financial reports to investors. Corporate governance comes as a principle that seeks to align the interests of the shareholder with the company's managers, aiming to improve the confidence that the market has in the company's commitment to financial health. The objective of this research is to investigate the capital structure of companies listed in B3's different levels of corporate governance. To this end, data was collected from 149 companies listed in the differentiated corporate governance segments of B3 during the years 2015 to 2022, totaling 1192 observations. To carry out the analysis, quantitative techniques were used with descriptive statistics and comparison between means. The results point to a relationship in which companies present a more demanding governance segment as higher debt indicators, lower leverage indicators, lower size indicators and lower tangibility indicators are observed. A relationship was also observed in which as the independent variables of size and tangibility increase, debt indicators decrease and leverage indicators increase. Participation in differentiated levels of corporate governance is voluntary, but the adoption of rigorous governance standards signals to the market a reduction in the agency problem related to improper management of accounting information, which translates for the company into easier access to credit lines more advantageous.