A relação entre as características da equipe do alto escalão e a estrutura de capital das empresas de energia

Paula de Souza Michelon, Rogério João Lunkes, Antonio Cezar Bornia

Resumo


A Teoria dos Escalões Superiores (TES) pondera que os valores, experiências e personalidades da equipe de gestão do topo interferem nas escolhas estratégicas da organização. Assim, espera-se que diferentes gestores escolham estruturas de capital que melhor atendam às necessidades de diferentes estratégias. Com base na TES, a presente pesquisa objetiva estudar a relação entre as características da equipe do alto escalão e a estrutura de capital das empresas de energia. Pretende-se explorar o efeito das características dos gestores no nível de endividamento da empresa, ou seja, capital de terceiros. A regressão linear de três modelos permitiu constatar que, dentre as variáveis da equipe consideradas, tempo médio no cargo foi aquela que apresentou relação estatística significativa com o nível de capital de terceiros da empresa.


Palavras-chave


Equipe do alto escalão; Estrutura de capital; Custo do capital; Capital de terceiros.

Texto completo:

PDF

Referências


Acar, F. P. (2016) The effects of top management team composition on SME export performance: an upper echelons perspective. Central European Journal of Operations Research, 24, 833–852.

Auden, W. C., Shackman, J. D., & Onken, M. H. (2006) Top management team, international risk management factor and firm performance. Team Performance Management, 12(7/8), 209-224.

Bantel, K. A., & Jackson, S. E. (1989) Top management and innovations in banking: does the composition of the top management team make a difference? Strategic Management Journal, 10, 107-124.

Bany-Ariffin, A. N., McGowan, C. B., Júnior Tunde, M. B., & Shahnaz, A. S. (2014) Top management characteristics and firm’s international diversification activities: evidence from a Developing Nation. Pertanika Journal of Social Sciences & Humanities, 22, 39–54.

Barker, V., & Mueller, G. (2002) CEO characteristics and firm R&D spending. Management Science, v. 48(6), 782–801.

Bell, S. T., Villado, A. J., Lukasik, M. A., Belau, L., & Briggs, A. L. (2011) Getting specific about demographic diversity variable and team performance relationships: a meta-analysis. Journal of Management, 37(3), 709–743.

Bennouna, K., Meredith, G. G., & Marchant, T. (2010) Improved capital budgeting decision making: evidence from Canada. Management Decision, v. 48(2), 225-247.

Bertrand, M., & Schoar, A. (2003) Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics,118(4), 1169–1208.

Bhattacharyya, S. C. (2007) Energy sector management issues: an overview. International Journal of Energy Sector Management,1(1).

Bortoluzzi, D. A., Zakaria, J., Santos, E. A., & Lunkes, R. J. (2016) A influência das características dos executivos de alto escalão sobre a estrutura de capital: Um estudo em empresas listadas na BM&FBOVESPA. Espacios, 37(37), 28.

Cabrera-Suárez, M. K., & Martín-Santana, J. D. (2013) Top management teams and performance in non-listed family firms. Journal of Management & Organization, v. 19, p. 405–423, 2013.

Camelo, C., Fernández-Alles, M., & Hernández, A. B. (2010) Strategic consensus, top management teams, and innovation performance. International Journal of Manpower,31(6), 678-695.

Carpenter, M. A. (2002) The implications of strategy and social context for the relationship between top management team heterogeneity and firm performance. Strategic Management Journal, 23(3), 275-284.

Carpenter, M. A., & Fredrickson, J. W. (2001) Top management teams, global strategic posture and the moderating role of uncertainty. Academy of Management Journal, 23, 275–284.

Carpenter, M. A., Geletkanycz, M. A., & Sanders, G. W. (2004) Upper echelons research revisited: antecedents, elements, and consequences of top management team composition. Journal of Management, 30(6), 749–778.

Chandler, A. (1962) Strategy and Structure: Chapters in the History of the Industrial Enterprise. Cambridge: MIT Press.

Chen, H.L., Hsu, W.-T., & Huang, Y.-S. (2010) Top management team characteristics, R&D investment and capital structure in the IT industry. Small Business Economics, 35, 319–333.

Chevalier, J. (1995) Capital structure and product market competition: Empirical evidence from the supermarket industry. American Economic Review, 85, 415-435.

Chuang, T. T., Nakatani, K., & Zhou, D. An exploratory study of the extent of information technology adoption in SMEs: an application of upper echelon theory. Journal of Enterprise Information Management, v. 22, n. 1/2, p. 183–196, 2009.

Chuang, T. T., Nakatani, K., & Zhou, D. (2007) The impact of managerial characteristics of top management team on the extent of information technology adoption: An exploratory study with the upper echelon theory. Anais do Americas Conference on Information Systems, Praga, 13.

Cyert, R. M., & March, J. G. (1963) A behavioral theory of the firm. New Jersey: Prentice-Hall.

Damodaran, A. (2002) Investment evaluation: tools and techniques for determining the value of any asset. 3. ed. New York: John Wiley & Sons, 2002.

Díaz-Fernández, M. C., González-Rodríguez, M. R., & Pawlak, M. (2014) Top management demographic characteristics and company performance. Industrial Management and Data Systems, 114(3), 365- 386.

Díaz-Fernández, M. C., González-Rodríguez, M. R., & Simonetti, B. (2015) Top Management Teams’ demographic characteristics and their influence on strategic change, Quality & Quantity, 49, 1305–1322.

Gitman, L. J. (2010) Principles of managerial finance (12a ed.). New Jersey: Prentice Hall.

Goll, I., Johnson, N. B., & Rasheed, A. (2008) Top management team demographic characteristics, business strategy, and firm performance in the US airline industry - The role of managerial discretion. Management Decision, 46(2), 201–222.

Gu, J. (2008) An empirical study on the relation between characteristics of enterprise Top Management Team and strategic decision in industry cluster of China. International Journal of Human Resources Development and Management, 8(1/2), 96-110.

Guo, R. Liu, B.; Yang, & Z.-L. (2011) Research on decision-making effectiveness factors of top management team. Anais do International Conference on Management Science & Engineering, Roma, 18.

Hambrick, D. C. (2007) Upper echelons theory: an update. The Academy of Management Review, 32(2), 334-343.

Hambrick, D. C; & Mason, P. A. (1984) Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9, 193-206.

Herrmann, P., & Datta, D. K. (2005) CEO experiences: Effects on the choice of FDI entry mode. Journal of Management Studies, 43(4), 755-778.

Hoffman, J. J.; Williams, R. J.; Lamont, B. T.; & Geiger, S. W. (2000) Managerial tenure and recovery following M-form reorganization in diversified firms. Journal of Business Research, 50, 287–296.

Hutzschenreuter, T., & HorstkottE, J. (2013) Managerial services and complexity in a firm’s expansion process: An empirical study of the impact on the growth of the firm. European Management Journal, 31, 137–151.

Jehn, K., Northcraft, G. B., & Neale, M. A. (1999) Why differences make a difference: a field study of diversity, conflict and performance in workgroups. Administrative Science Quarterly, 44(4), 741-763.

Koufopoulos, D., Zoumbos, V., Argyropoulou, M., & Motwani, J. (2008) Top management team and corporate performance: a study of Greek firms. Team Performance Management, v. 14(7/8), 340-363.

Kor, Y. Y. (2006) Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1099.

Li, P. Y. (2016) The impact of the top management teams’ knowledge and experience on strategic decisions and performance. Journal of Management and Organization, 22, 1-20.

Li, W., Zhang, S., & Zhang, J. (2015) Top management team heterogeneity, diversification, and corporate performance: A panel smooth transition regression model. Romanian Journal of Economic Forecasting, 18(1), 129-142.

Maksimovic, V. (1998) Capital Structure in Repeated Oligopolies. Rand Journal of Economics, 19(3), 389-407.

Michel, J. G., & Hambrick, D. C. (1992) Diversification posture and top management team characteristics. Academy of Management Journal, 35(1), 9-37.

Modigliani, F., & Miller, M. H. (1958) The cost of capital, corporate finance and the theory of investment. American Economic Review, 48(3), 261-297.

Myers, S. C. (2001) Capital structure. Journal of Economic Perspectives, 15(2), 81–102.

Myers, S. C. (1984) The capital structure puzzle. Journal of Finance, 39(3), 575–92.

Myers, S. C., & Majluf, N. S. (1984) Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), p. 187–221.

Naranjo-Gil, D., Hartmann, F., Maas, V. S. (2008) Top management team heterogeneity, strategic change and operational performance. British Journal of Management, 19, 222–234.

O’Brien, J. P. (2003) The capital structure implications of pursuing a strategy of innovation. Strategic Management Journal, 24, 415–431.

Oppong, S. (2014) Upper Echelons Theory revisited: the need for a change from causal description to casual explanation. Management, 19(2), 169-183.

Pegels, C. C. Yang, B. (2000) Top management team impact on strategic assets accumulation capabilities. Management Decision, 38(10), 694–710.

Pereira, V. L., Santana, A. C., Mendes, F. A. T., Khan, A. S. (2008) Análise do setor de energia elétrica do estado do Pará: uma aplicação da matriz de insumo-produto. Amazônia: Cência e Desenvolvimento, v. 4, n. 7.

Ross, S.A. (2007) Fundamentals of Corporate Finance, 4th ed., Sydney: McGraw Hill.

Wang, Y. K. (2015) The impact of prestigious top management team on international alliance formation: Evidence from Taiwanese electronics firms. Journal of Management & Organization, 21(6), 835–852.

Wiersema, M. P., & Bantel, K. A. (1992) Top management team demography and corporate strategic change. Academy of Management Journal, 35, 91–121.

Williamson, O. (1988) Corporate finance and corporate governance. Journal of Finance, 43, 567–591.

Xie, X. Y., Wang, W. L., & Qi, Z. J. (2015) The effects of TMT faultline configuration on a firm’s short-term performance and innovation activities. Journal of Management & Organization, 21(5), 558–572.




DOI: https://doi.org/10.5585/exactaep.2021.14174

Direitos autorais 2021 Exacta

Licença Creative Commons
Esta obra está licenciada sob uma licença Creative Commons Atribuição - Não comercial - Compartilhar igual 4.0 Internacional.

Tempo médio entre a submissão e primeira resposta de avaliação: 120 dias

Exacta – Engenharia de Produção

e-ISSN: 1983-9308
ISSN: 1678-5428
www.revistaexacta.org.br

Exacta  ©2021 Todos os direitos reservados.

Este obra está licenciada com uma Licença 
Creative Commons Atribuição-NãoComercial-CompartilhaIgual 4.0 Internacional