Os efeitos da concentração de propriedade e da estrutura do conselho de administração nos covenants de debêntures emitidas pelas empresas listadas na bolsa brasileira
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2018-04-16
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Universidade Federal de Goiás
Resumo
Using a database of 110 issues of debentures, conducted between 2011 and 2017 by companies
listed on the Brazilian stock exchange, it was sought to identify factors of corporate governance of
borrowers that affect the amount of financial covenants present in the debenture agreement and the
restriction arising from the financial covenant "Net Financial Debt / EBITDA". For the model
referring to the number of financial covenants, a regression was estimated by the Ordinary Least
Squares method. The results indicate that the companies with greater concentration of ownership
by the controlling shareholder, with a larger board of directors, companies belonging to sectors of
economic activity of metallic minerals and information technology issued debentures with fewer
financial covenants. On the other hand, debentures issued by larger companies, belonging to the
leasing of vehicles and equipment and telecommunications and which issued debentures in 2011,
presented a greater number of financial covenants. The second model was estimated through
logistic regression and the results suggest that companies with greater concentration of ownership,
greater size of the board of directors, greater independence of the board of directors, largercompanies, more leveraged and belonging to the public utility sector, were more likely to have a
covenant that allows a higher level of indebtedness. The longer maturity of the debt seems to lead
companies to issue debentures with a covenant "Net financial debt / EBITDA" that tolerates a
lower level of indebtedness. The research provides support to the literature that internal governance
mechanisms such as concentration of ownership, size and independence of the board of directors
affect the amount of financial covenants and the constraint imposed by the covenant of
indebtedness on contracts of debentures of companies that deal in the stock exchange Brazilian As
a practical contribution, this study shows that companies issuing debentures may seek substitute
mechanisms for the use and restriction of financial covenants and thus avoid the restrictions arising
from these contractual clauses.
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Citação
PALHARES, C. M. G. Os efeitos da concentração de propriedade e da estrutura do conselho de administração nos covenants de debêntures emitidas pelas empresas listadas na bolsa brasileira. 2018. 92 f. Dissertação (Mestrado em Ciências Contábeis) - Universidade Federal de Goiás, Goiânia, 2018.