Corporate governance and debt structure

Introduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Object...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autores principales:	António Pedro Pinto, Carla Manuela Henriques, José Manuel Rodrigues
Formato:	article
Lenguaje:	EN PT
Publicado:	Instituto Politécnico de Viseu 2020
Materias:	property corporate governance debt structure SMEs Special aspects of education LC8-6691 Public aspects of medicine RA1-1270
Acceso en línea:	https://doaj.org/article/468d4f5a3b614e578592d305ce70446c
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:468d4f5a3b614e578592d305ce70446c
record_format	dspace
spelling	oai:doaj.org-article:468d4f5a3b614e578592d305ce70446c2021-12-02T16:52:23ZCorporate governance and debt structure10.29352/mill0205e.36.002340873-30151647-662Xhttps://doaj.org/article/468d4f5a3b614e578592d305ce70446c2020-06-01T00:00:00Zhttps://revistas.rcaap.pt/millenium/article/view/17519https://doaj.org/toc/0873-3015https://doaj.org/toc/1647-662X Introduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Objectives: The study aims to analyze whether government influences corporate financing decisions, bearing in mind the nature of ownership (family vs. non-familiar). Methods: Multiple linear regression models to explain debt variables were estimated using least squares method with robust standard errors. Results: Family businesses have higher total indebtedness with managerial ownership playing a relevant role. Regardless of the property nature, higher return is associated with lower debt, while size has a positive impact on total debt. On the other hand, the nature of property is a differentiating factor in the way in which concentration of ownership is related to debt: In family-owned companies the concentration of ownership establishes a nonlinear (U-shaped) relationship with total indebtedness, but in non-family-owned companies the relationship between the two was not significant. Conclusions: Managerial ownership and concentration of ownership determine the debt structure differently in family and non-family businesses. António Pedro PintoCarla Manuela HenriquesJosé Manuel RodriguesInstituto Politécnico de Viseuarticlepropertycorporate governancedebt structureSMEsSpecial aspects of educationLC8-6691Public aspects of medicineRA1-1270ENPTMillenium, Vol 2, Iss 5e (2020)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	property corporate governance debt structure SMEs Special aspects of education LC8-6691 Public aspects of medicine RA1-1270
spellingShingle	property corporate governance debt structure SMEs Special aspects of education LC8-6691 Public aspects of medicine RA1-1270 António Pedro Pinto Carla Manuela Henriques José Manuel Rodrigues Corporate governance and debt structure
description	Introduction: The study of corporate governance in financial decisions has gained relevance, particularly in debt structure, while remaining open how its characteristics influence such decisions. In this study, three forms of debt were considered (total, short term and medium/long term). Objectives: The study aims to analyze whether government influences corporate financing decisions, bearing in mind the nature of ownership (family vs. non-familiar). Methods: Multiple linear regression models to explain debt variables were estimated using least squares method with robust standard errors. Results: Family businesses have higher total indebtedness with managerial ownership playing a relevant role. Regardless of the property nature, higher return is associated with lower debt, while size has a positive impact on total debt. On the other hand, the nature of property is a differentiating factor in the way in which concentration of ownership is related to debt: In family-owned companies the concentration of ownership establishes a nonlinear (U-shaped) relationship with total indebtedness, but in non-family-owned companies the relationship between the two was not significant. Conclusions: Managerial ownership and concentration of ownership determine the debt structure differently in family and non-family businesses.
format	article
author	António Pedro Pinto Carla Manuela Henriques José Manuel Rodrigues
author_facet	António Pedro Pinto Carla Manuela Henriques José Manuel Rodrigues
author_sort	António Pedro Pinto
title	Corporate governance and debt structure
title_short	Corporate governance and debt structure
title_full	Corporate governance and debt structure
title_fullStr	Corporate governance and debt structure
title_full_unstemmed	Corporate governance and debt structure
title_sort	corporate governance and debt structure
publisher	Instituto Politécnico de Viseu
publishDate	2020
url	https://doaj.org/article/468d4f5a3b614e578592d305ce70446c
work_keys_str_mv	AT antoniopedropinto corporategovernanceanddebtstructure AT carlamanuelahenriques corporategovernanceanddebtstructure AT josemanuelrodrigues corporategovernanceanddebtstructure
_version_	1718382912408125440

Corporate governance and debt structure

Ejemplares similares