Há influência de características do Top Management Team na estrutura de capital das empresas financeiras?

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

Resumo


Objetivo: analisar a relação entre as características do Top Management Team e a estrutura de capital das empresas financeiras.

Originalidade: a Teoria dos Escalões Superiores (TES) preconiza que os valores, as experiências e as personalidades do Top Management Team influenciam nas escolhas estratégicas das empresas. Deste modo, espera-se que diferentes equipes de gestores escolham estruturas de capital que melhor atendam às necessidades de diferentes estratégias.

Método: Foram testadas hipóteses de modelos teóricos por meio de regressão linear e linear múltipla. A amostra foi composta por 95 companhias financeiras listadas na Brasil, Bolsa, Balcão em julho de 2019. Os fatores analisados foram: Idade média do TMT, Nível educacional médio do TMT, Tempo médio no cargo do TMT e Nível de capital de terceiros da empresa.

Resultados: A idade média do TMT foi aquela que apresentou relação significativa positiva com o nível de capital de terceiros da empresa. As variáveis tempo médio no cargo e nível médio educacional do TMT apresentaram relação negativa com o endividamento das empresas, mas sem forte significância estatística.

Contribuições: Esta pesquisa contribui para a estratégia das empresas na composição de suas equipes de gestão, uma vez que estão relacionadas com o desempenho das organizações. Do ponto de vista teórico, é capaz de ratificar os pressupostos da Teoria dos Escalões Superiores.


Palavras-chave


Equipe de gestão de topo; Estrutura de capital; Custo do capital; Capital de terceiros.

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DOI: https://doi.org/10.5585/riae.v19i2.16132

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