A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa
Ano de defesa: | 2014 |
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Autor(a) principal: | |
Orientador(a): | |
Banca de defesa: | , |
Tipo de documento: | Dissertação |
Tipo de acesso: | Acesso aberto |
Idioma: | por |
Instituição de defesa: |
Universidade Federal de Santa Maria
|
Programa de Pós-Graduação: |
Programa de Pós-Graduação em Administração
|
Departamento: |
Administração
|
País: |
BR
|
Palavras-chave em Português: | |
Palavras-chave em Inglês: | |
Área do conhecimento CNPq: | |
Link de acesso: | http://repositorio.ufsm.br/handle/1/4728 |
Resumo: | The study about the way companies structure their policy of financing has been the object of study of several researches, which have originated theories that consider different attributes as determinants of capital structure. However, due to the diversity of factors that can influence the companies decision-making process, none of them could demonstrate precisely the financing mix that companies should use in order to achieve their optimal value. One of these approaches, the Pecking Order theory, which focuses on the informational asymmetry as an important determinant of the capital structure of companies. The aim of this study is to analyze the influence of this informational component in the capital structure of the companies that comprise the special segments of São Paulo Stock Exchage (Bovespa), which were created in 2001 with the aim of distinguishing the companies by the compliance with corporate rules such as the increasing dissemination of information as well as companies that comprise the Traditional Group. To achieve the aim, the methodology of panel data analysis has been used, which has allowed the analysis of the influence of control variables (tangibility, size, profitability, risk and market value) and proxies and dummies related to informational asymmetry in the indebtedness of companies which comprise the special segments: New Market, Levels 2 and 1 of Corporate Governance, and also companies which belong to the Traditional Group. Therefore, the analysis was carried out in two periods: P2, from 2001 to 2013, and P1, from 2007 to 2013. The results demonstrated that in companies, which have adhered the segments of Bovespa, the indebtedness has been used in a lesser extent, furthermore, the proxies related to informational asymmetry have shown negative signals and statistically significance in the segments in which the diffusion of information is more rigid, New Market and Level 2 of Corporate Governance. |
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2017-04-202017-04-202014-11-17TRISTÃO, Pâmela Amado. The influence of informational asymmetry in the capital structure of brazilian companies: an analysis of BOVESPA s special segments. 2014. 139 f. Dissertação (Mestrado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2014.http://repositorio.ufsm.br/handle/1/4728The study about the way companies structure their policy of financing has been the object of study of several researches, which have originated theories that consider different attributes as determinants of capital structure. However, due to the diversity of factors that can influence the companies decision-making process, none of them could demonstrate precisely the financing mix that companies should use in order to achieve their optimal value. One of these approaches, the Pecking Order theory, which focuses on the informational asymmetry as an important determinant of the capital structure of companies. The aim of this study is to analyze the influence of this informational component in the capital structure of the companies that comprise the special segments of São Paulo Stock Exchage (Bovespa), which were created in 2001 with the aim of distinguishing the companies by the compliance with corporate rules such as the increasing dissemination of information as well as companies that comprise the Traditional Group. To achieve the aim, the methodology of panel data analysis has been used, which has allowed the analysis of the influence of control variables (tangibility, size, profitability, risk and market value) and proxies and dummies related to informational asymmetry in the indebtedness of companies which comprise the special segments: New Market, Levels 2 and 1 of Corporate Governance, and also companies which belong to the Traditional Group. Therefore, the analysis was carried out in two periods: P2, from 2001 to 2013, and P1, from 2007 to 2013. The results demonstrated that in companies, which have adhered the segments of Bovespa, the indebtedness has been used in a lesser extent, furthermore, the proxies related to informational asymmetry have shown negative signals and statistically significance in the segments in which the diffusion of information is more rigid, New Market and Level 2 of Corporate Governance.O estudo sobre a forma com que a empresa estrutura sua política de financiamento tem sido objeto de estudo de várias pesquisas, as quais deram origem às teorias que levam em consideração diferentes atributos como determinantes da estrutura de capital. Entretanto, devido à diversidade dos fatores que podem influenciar o processo decisório das empresas, nenhuma delas conseguiu com exatidão explicar o mix de financiamento que as empresas devem utilizar para alcançar o valor ótimo. Uma dessas abordagens, a teoria do Pecking Order, a qual foca na assimetria informacional como um importante determinante da estrutura de capital das empresas. No presente estudo, busca-se analisar a influência desse componente informacional na estrutura de capital das empresas que compõem os segmentos especiais da Bovespa, os quais foram criados em 2001 com o objetivo de diferenciar as empresas por meio do cumprimento de regras societárias, como a maior divulgação de informação, bem como das empresas que compõem o Grupo Tradicional. Para o alcance do objetivo foi utilizada a metodologia de análise de dados em painel, a qual permitiu a análise da influência de variáveis de controle (tangibilidade, tamanho, rentabilidade, risco e valor de mercado) e proxies e dummies relacionadas à assimetria informacional no endividamento das empresas que compõem os segmentos especiais: Novo Mercado e Níveis 2 e 1 de Governança Corporativa, e das empresas pertencentes ao grupo Tradicional. Para tanto, a análise foi realizada em dois períodos: P2 correspondente aos anos de 2001 a 2013 e, P1 referente ao período 2007 a 2013. Os resultados demonstraram que nas empresas que aderiram aos segmentos da Bovespa, o endividamento foi utilizado em menor escala, além disso, as proxies relacionadas à assimetria informacional apresentaram sinais negativos e estatisticamente significativos nos segmentos em que a divulgação de informações é mais rígida, Novo Mercado e Nível 2 de Governança Corporativa.application/pdfporUniversidade Federal de Santa MariaPrograma de Pós-Graduação em AdministraçãoUFSMBRAdministraçãoEstrutura de capitalAssimetria informacionalNovos segmentos da BovespaCapital structureInformational asymmetryBovespa s special market segmentsCNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOA influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da BovespaThe influence of informational asymmetry in the capital structure of brazilian companies: an analysis of Bovespa s special segmentsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisBender Filho, Reisolihttp://lattes.cnpq.br/9794436610539367Kirch, Guilhermehttp://lattes.cnpq.br/4483880021177489Coronel, Daniel Arrudahttp://lattes.cnpq.br/9265604274170933http://lattes.cnpq.br/3408380760450581Tristão, Pâmela Amado6002000000064003003005005005137aea9-6b9d-4338-b68c-0cb00c87948b66049c1e-f0a1-48ce-9f68-7549e370e83304150de5-3ac1-4ae9-9074-ca83b5851a9febd22f76-a2c8-4a1a-bb46-041e582e6917info:eu-repo/semantics/openAccessreponame:Manancial - Repositório Digital da UFSMinstname:Universidade Federal de Santa Maria (UFSM)instacron:UFSMORIGINALTRISTAO, PAMELA AMADO.pdfapplication/pdf1006018http://repositorio.ufsm.br/bitstream/1/4728/1/TRISTAO%2c%20PAMELA%20AMADO.pdf4a693142ef39cd2f4856844d4e885dbfMD51TEXTTRISTAO, PAMELA AMADO.pdf.txtTRISTAO, PAMELA AMADO.pdf.txtExtracted texttext/plain259267http://repositorio.ufsm.br/bitstream/1/4728/2/TRISTAO%2c%20PAMELA%20AMADO.pdf.txt53fad6a6532cf4c8fb48a4d4cd1714d6MD52THUMBNAILTRISTAO, PAMELA AMADO.pdf.jpgTRISTAO, PAMELA AMADO.pdf.jpgIM Thumbnailimage/jpeg2830http://repositorio.ufsm.br/bitstream/1/4728/3/TRISTAO%2c%20PAMELA%20AMADO.pdf.jpg72408d6e3aaf75fd56164db977603d7aMD531/47282021-11-22 15:40:36.453oai:repositorio.ufsm.br:1/4728Repositório Institucionalhttp://repositorio.ufsm.br/PUBhttp://repositorio.ufsm.br/oai/requestopendoar:39132021-11-22T18:40:36Manancial - Repositório Digital da UFSM - Universidade Federal de Santa Maria (UFSM)false |
dc.title.por.fl_str_mv |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
dc.title.alternative.eng.fl_str_mv |
The influence of informational asymmetry in the capital structure of brazilian companies: an analysis of Bovespa s special segments |
title |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
spellingShingle |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa Tristão, Pâmela Amado Estrutura de capital Assimetria informacional Novos segmentos da Bovespa Capital structure Informational asymmetry Bovespa s special market segments CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
title_full |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
title_fullStr |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
title_full_unstemmed |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
title_sort |
A influência da assimetria informacional na estrutura de capital das empresas brasileiras: análise dos segmentos especiais da Bovespa |
author |
Tristão, Pâmela Amado |
author_facet |
Tristão, Pâmela Amado |
author_role |
author |
dc.contributor.advisor1.fl_str_mv |
Bender Filho, Reisoli |
dc.contributor.advisor1Lattes.fl_str_mv |
http://lattes.cnpq.br/9794436610539367 |
dc.contributor.referee1.fl_str_mv |
Kirch, Guilherme |
dc.contributor.referee1Lattes.fl_str_mv |
http://lattes.cnpq.br/4483880021177489 |
dc.contributor.referee2.fl_str_mv |
Coronel, Daniel Arruda |
dc.contributor.referee2Lattes.fl_str_mv |
http://lattes.cnpq.br/9265604274170933 |
dc.contributor.authorLattes.fl_str_mv |
http://lattes.cnpq.br/3408380760450581 |
dc.contributor.author.fl_str_mv |
Tristão, Pâmela Amado |
contributor_str_mv |
Bender Filho, Reisoli Kirch, Guilherme Coronel, Daniel Arruda |
dc.subject.por.fl_str_mv |
Estrutura de capital Assimetria informacional Novos segmentos da Bovespa |
topic |
Estrutura de capital Assimetria informacional Novos segmentos da Bovespa Capital structure Informational asymmetry Bovespa s special market segments CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
Capital structure Informational asymmetry Bovespa s special market segments |
dc.subject.cnpq.fl_str_mv |
CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
The study about the way companies structure their policy of financing has been the object of study of several researches, which have originated theories that consider different attributes as determinants of capital structure. However, due to the diversity of factors that can influence the companies decision-making process, none of them could demonstrate precisely the financing mix that companies should use in order to achieve their optimal value. One of these approaches, the Pecking Order theory, which focuses on the informational asymmetry as an important determinant of the capital structure of companies. The aim of this study is to analyze the influence of this informational component in the capital structure of the companies that comprise the special segments of São Paulo Stock Exchage (Bovespa), which were created in 2001 with the aim of distinguishing the companies by the compliance with corporate rules such as the increasing dissemination of information as well as companies that comprise the Traditional Group. To achieve the aim, the methodology of panel data analysis has been used, which has allowed the analysis of the influence of control variables (tangibility, size, profitability, risk and market value) and proxies and dummies related to informational asymmetry in the indebtedness of companies which comprise the special segments: New Market, Levels 2 and 1 of Corporate Governance, and also companies which belong to the Traditional Group. Therefore, the analysis was carried out in two periods: P2, from 2001 to 2013, and P1, from 2007 to 2013. The results demonstrated that in companies, which have adhered the segments of Bovespa, the indebtedness has been used in a lesser extent, furthermore, the proxies related to informational asymmetry have shown negative signals and statistically significance in the segments in which the diffusion of information is more rigid, New Market and Level 2 of Corporate Governance. |
publishDate |
2014 |
dc.date.issued.fl_str_mv |
2014-11-17 |
dc.date.accessioned.fl_str_mv |
2017-04-20 |
dc.date.available.fl_str_mv |
2017-04-20 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
TRISTÃO, Pâmela Amado. The influence of informational asymmetry in the capital structure of brazilian companies: an analysis of BOVESPA s special segments. 2014. 139 f. Dissertação (Mestrado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2014. |
dc.identifier.uri.fl_str_mv |
http://repositorio.ufsm.br/handle/1/4728 |
identifier_str_mv |
TRISTÃO, Pâmela Amado. The influence of informational asymmetry in the capital structure of brazilian companies: an analysis of BOVESPA s special segments. 2014. 139 f. Dissertação (Mestrado em Administração) - Universidade Federal de Santa Maria, Santa Maria, 2014. |
url |
http://repositorio.ufsm.br/handle/1/4728 |
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por |
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openAccess |
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Universidade Federal de Santa Maria |
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Programa de Pós-Graduação em Administração |
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UFSM |
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