Acceso al sitio web del Consejo de Políticas de Infraestructura

   
Redirigiendo al acceso original de articulo en 23 segundos...
ARTÍCULO
TITULO

Corporate governance and investment-cash flow sensitivity in Brazil

Breno Augusto de Oliveira Silva    
Daniel Ferreira Caixe    
Elizabeth Krauter    

Resumen

This study aimed to investigate the investment-cash flow sensitivity for Brazilian companies with different levels of corporate governance. Investment models were estimated through System Generalized Method of Moments (GMM-Sys) for longitudinal data of 248 Brazilian publicly traded companies from 2006 to 2015. The firms were a priori classified in two groups of governance quality according to the Corporate Governance Practices Index (IPGC). The results showed that the quality of corporate governance influenced the investment-cash flow sensitivity, and this relationship was negative and significant only for firms with poor governance. This result can be interpreted as a sign that these firms seek to increase their cash flow reserves and reduce investments for reasons related to financial constraints and/or agency problems.

PÁGINAS
pp. 72 - 86
MATERIAS
ECONOMÍA

 Artículos similares

       
 
Carla Oliveira Henriques, Maria Elisabete Neves and João Jorge Couceiro    
This paper examines the efficiency of alternative energy equity Exchange-Traded Funds (ETFs) and conventional energy equity ETFs from 2018 to 2020, utilizing a combination of an output-oriented Slack-Based Data Envelopment Analysis (DEA) model and cluste... ver más

 
Okechukwu Enyeribe Njoku and Younghwan Lee    
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korea... ver más

 
Abdullah A. Aljughaiman, Abdulateif A. Almulhim and Abdulaziz S. Al Naim    
This paper investigates the association between board of director (BOD) structures and CEO equity-based compensation (long-term incentive) for commercial banks (conventional and Islamic banks) in MENA countries. Specifically, we take board size and board... ver más

 
Ayman Shehadeh, Mahmoud Daoud Daoud Nassar, Husam Shrouf and Mohammad Haroun Sharairi    
The primary objective of this research was to investigate the potential moderating role of audit fees in the relationship between audit committee characteristics and earnings management. Specifically, this study aimed to establish connections between aud... ver más

 
Shailesh Rastogi, Geetanjali Pinto, Amit Kumar Pathak, Satyendra Pratap Singh, Arpita Sharma, Souvik Banerjee, Jagjeevan Kanoujiya and Pracheta Tejasmayee    
The purpose of this study is to determine if the impact of transparency and disclosure (TD) levels on shareholders? current income (dividends) is moderated by technical efficiency (te) and profitability. The study employs econometrics on panel data from ... ver más