A relação entre as características da equipe do alto escalão e a estrutura de capital das empresas de energia
DOI:
https://doi.org/10.5585/exactaep.2021.14174Palavras-chave:
Equipe do alto escalão, Estrutura de capital, Custo do capital, Capital de terceiros.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.
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