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

doi:10.5585/exactaep.2021.14174

Authors

Paula de Souza Michelon Instituto Federal de Santa Catarina http://orcid.org/0000-0002-8174-8859
Rogério João Lunkes Universidade Federal de Santa Catarina http://orcid.org/0000-0003-4232-5746
Antonio Cezar Bornia Universidade Federal de Santa Catarina http://orcid.org/0000-0003-3468-7536

DOI:

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

Keywords:

Top management team, Capital structure, Cost of capital, Third-party capital.

Abstract

The Upper Echelons Theory (UET) considers that the values, experiences and personalities of the top management team interfere with the organization's strategic choices. Thus, different managers are expected to choose capital structures that best meet the needs of different strategies. Based on the UET, the present research aims to study the relationship between the characteristics of the high-ranking team and the capital structure of energy companies. The intention is to explore the effect of the characteristics of managers on the level of indebtedness of the company, that is, third-party capital. The linear regression of three models showed that among the variables of the team considered, mean time in the position was that which presented a statistically significant relationship with the level of third-party capital of the company.

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Author Biographies

Paula de Souza Michelon, Instituto Federal de Santa Catarina

Doutora em Engenharia de Produção pela Universidade Federal de Santa Catarina. Mestre e Bacharel em Contabilidade da Universidade Federal de Santa Catarina.

Rogério João Lunkes, Universidade Federal de Santa Catarina

Pós-doutor em Contabilidade pela Universitat de València. Doutor em Engenharia de Produção pela Universidade Federal de Santa Catarina.

Antonio Cezar Bornia, Universidade Federal de Santa Catarina

Doutor em Engenharia de Produção pela Universidade Federal de Santa Catarina.

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