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

Autores

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

Palavras-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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Biografia do Autor

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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