Governança Corporativa e os determinantes da estrutura de capital: evidências empíricas no Brasil

摘要: This study empirically investigates the influence of a firm's Corporate Governance practices [CG] over its capital structure. quality is measured by broad index proposed in previous research and constructed for sample Brazilian publicly traded companies. We explicitly model possible bidirectional causality between constructs interest, because, as suggested specialized literature, structure can adoption certain CG firm. The postulated systems equations also include various potential determinants both GC prior research. were estimated TOBIT, Ordinary Least Squares, Three-Stages Squares methods. Our results show significant positive financial leverage, particular those related to dimension ownership board directors, suggesting that be an important determinant are not conclusive, on other hand, regarding leverage full two sub-indices derived from it.