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Corporate governance and capital structure : analysis for the portuguese and spanish stock indices
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Resumo(s)
Esta dissertação procura verificar se existe e qual o impacto do corporate governance nas decisões de estrutura de capital. Esta é uma abordagem para a Península Ibérica, usando dados das empresas Portuguesas e Espanholas cotadas nos principais índices de Portugal (PSI 20) e Espanha (IBEX 35). As empresas seleccionadas foram analisadas considerando um período de 5 anos, de 2009 a 2013.
Os resultados empíricos mostraram uma relação positiva estatisticamente significativa apenas entre a Intensidade da Dívida e o número das reuniões do conselho de administração por ano. No entanto, considerando o rácio Debt-to-Equity não se verificou uma relação estatisticamente significativa com nenhuma das variáveis independentes analisadas.
This dissertation aims to verify what is and if there is an impact of corporate governance on capital structure decisions. This is an approach for the Iberian Peninsula, using data of the Portuguese and Spanish companies listed on the Portuguese Stock Market (PSI 20) and Spanish Stock Market (IBEX 35). The selected firms were analyzed considering a 5-year period, from 2009 to 2013. The empirical results showed a statistically positive significant relationship only between the Debt Intensity and the number of board meetings held per year. However, when considering the Debt-to-Equity there was no statistically significant association with any independent variable analyzed.
This dissertation aims to verify what is and if there is an impact of corporate governance on capital structure decisions. This is an approach for the Iberian Peninsula, using data of the Portuguese and Spanish companies listed on the Portuguese Stock Market (PSI 20) and Spanish Stock Market (IBEX 35). The selected firms were analyzed considering a 5-year period, from 2009 to 2013. The empirical results showed a statistically positive significant relationship only between the Debt Intensity and the number of board meetings held per year. However, when considering the Debt-to-Equity there was no statistically significant association with any independent variable analyzed.
Descrição
Mestrado em Finanças
Palavras-chave
Corporate Governance Estrutura de Capital Características do Conselho de Administração PSI 20 IBEX 35 Capital Structure Board Characteristics
Contexto Educativo
Citação
Ribeiro, João Filipe da Cruz (2014). "Corporate governance and capital structure : analysis for the portuguese and spanish stock indices". Dissertação de Mestrado, Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Editora
Instituto Superior de Economia e Gestão