Há influência de características do Top Management Team na estrutura de capital das empresas financeiras?
DOI:
https://doi.org/10.5585/riae.v19i2.16132Palavras-chave:
Equipe de gestão de topo, Estrutura de capital, Custo do capital, Capital de terceiros.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.
Downloads
Referências
Acar, F. P. (2016) The effects of top management team composition on SME export performance: an upper echelons perspective. Central European Journal of Operations Research, 24, 833–852.
Ahmad, R., ArifF, M., & Skully, M. (2008) The determinants of bank capital ratios in a developing economy. Asia-Pacific Financial Markets, 15(3), 255-272.
Alderson, S. (1993) Reframing management competence: focusing on the Top Management Team. Personnel Review, 22(6), 53-62.
Bantel, K. A., & Jackson, S. E. (1989) Top management and innovations in banking: does the composition of the top management team make a difference? Strategic Management Journal, 10, 107-124.
Bany-Ariffin, A. N., McGowan, C. B., Júnior Tunde, M. B., & Shahnaz, A. S. (2014) Top management characteristics and firm’s international diversification activities: evidence from a Developing Nation. Pertanika Journal of Social Sciences & Humanities, 22, 39–54.
Barker, V., & Mueller, G. (2002) CEO characteristics and firm R&D spending. Management Science, v. 48(6), 782–801.
Bennouna, K., Meredith, G. G., & Marchant, T. (2010) Improved capital budgeting decision making: evidence from Canada. Management Decision, v. 48(2), 225-247.
Bell, S. T.; Villado, A. J.; Lukasik, M. A.; Belau, L.; Briggs, A. L. (2011) Getting specific about demographic diversity variable and team performance relationships: a meta-analysis. Journal of Management, 37(3), 709–743.
Bertrand, M., & Schoar, A. (2003) Managing with style: The effect of managers on firm policies. The Quarterly Journal of Economics,118(4), 1169–1208.
Bortoluzzi, D. A., Zakaria, J., Santos, E. A., & Lunkes, R. J. (2016) A influência das características dos executivos de alto escalão sobre a estrutura de capital: Um estudo em empresas listadas na BM&FBOVESPA. Espacios, 37(37), 28.
Cabrera-Suárez, M. K., & Martín-Santana, J. D. (2013) Top management teams and performance in non-listed family firms. Journal of Management & Organization, v. 19, p. 405–423, 2013.
Camelo, C., Fernández-Alles, M., & Hernández, A. B. (2010) Strategic consensus, top management teams, and innovation performance. International Journal of Manpower,31(6), 678-695.
Carpenter, M. A., Geletkanycz, M. A., & Sanders, G. W. (2004) Upper echelons research revisited: antecedents, elements, and consequences of top management team composition. Journal of Management, 30(6), 749–778.
Chen, H-.L., Hsu, W.-T., & Huang, Y.-S. (2010) Top management team characteristics, R&D investment and capital structure in the IT industry. Small Business Economics, 35, 319–333.
Chenhall, R. H. (2003) Management control systems design within its organizational context: Findings from contingency-based research and directions for the future. Accounting, Organizations and Society, 28(2–3), 127–168.
Chevalier, J. (1995) Capital structure and product market competition: Empirical evidence from the supermarket industry. American Economic Review, 85, 415-435.
Chuang, T. T., Nakatani, K., & Zhou, D. An exploratory study of the extent of information technology adoption in SMEs: an application of upper echelon theory. Journal of Enterprise Information Management, v. 22, n. 1/2, p. 183–196, 2009.
Chuang, T. T., Nakatani, K., & Zhou, D. (2007) The impact of managerial characteristics of top management team on the extent of information technology adoption: An exploratory study with the upper echelon theory. Anais do Americas Conference on Information Systems, Praga, 13.
Cyert, R. M., & March, J. G. (1963) A behavioral theory of the firm. New Jersey: Prentice-Hall.
Damodaran, A. (2002) Investment evaluation: tools and techniques for determining the value of any asset. 3. ed. New York: John Wiley & Sons, 2002.
Díaz-Fernández, M. C., González-Rodríguez, M. R., & Pawlak, M. (2014) Top management demographic characteristics and company performance. Industrial Management and Data Systems, 114(3), 365- 386.
Díaz-Fernández, M. C., González-Rodríguez, M. R., & Simonetti, B. (2015) Top Management Teams’ demographic characteristics and their influence on strategic change, Quality & Quantity, 49, 1305–1322.
Elron, E. (1997) Top Management Teams within Multinational Companies: Effects of Cultural Heterogeneity . Journal of International Business Studies, 8(4), 393-412.
Gitman, L. J. (2010) Principles of managerial finance (12a ed.). New Jersey: Prentice Hall.
Goll, I., Johnson, N. B., & Rasheed, A. (2008) Top management team demographic characteristics, business strategy, and firm performance in the US airline industry - The role of managerial discretion. Management Decision, 46(2), 201–222.
Gropp, R., & Heider, F. (2010) The determinants of bank capital structure. Review of Finance, 14(4), 587-622.
Gu, J. (2008) An empirical study on the relation between characteristics of enterprise Top Management Team and strategic decision in industry cluster of China. International Journal of Human Resources Development and Management, 8(1/2), 96-110.
Hambrick, D. C. (2007) Upper echelons theory: an update. The Academy of Management Review, 32(2), 334-343.
Hambrick, D. C; & Mason, P. A. (1984) Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9, 193-206.
Hanousek, J., & Shamshur, A.( 2011) A stubborn persistent: is the stability of leverage ratios determined by the stability of the economy. Journal of Corporate Finance, 17(5), 1360-1376.
Hao, Y., & Yue, C. T. (2012) The influence of strategic orientation on innovation performance: A research framework from TMT perspective. In: INTERNATIONAL SYMPOSIUM ON MANAGEMENT OF TECHNOLOGY, Hangzhou. Anais… Hangzhou.
Herrmann, P., & Datta, D. K. (2005) CEO experiences: Effects on the choice of FDI entry mode. Journal of Management Studies, 43(4), 755-778.
Hiebl, M. R. W. (2014) Upper echelons theory in management accounting and control research. Journal of Management Control, 24(3), 223-240.
Hoffman, J. J.; Williams, R. J.; Lamont, B. T.; & Geiger, S. W. (2000) Managerial tenure and recovery following M-form reorganization in diversified firms. Journal of Business Research, 50, 287–296.
Kayo, E. K. (2002) A estrutura de capital e o risco das empresas tangível e intangível-intensiva: uma contribuição ao estudo da valoração de empresas. 110 f. Tese (Doutorado em Administração) - Faculdade de Economia, Administração e Contabilidade. Universidade de São Paulo. São Paulo.
Koufopoulos, D., Zoumbos, V., Argyropoulou, M., & Motwani, J. (2008) Top management team and corporate performance: a study of Greek firms. Team Performance Management, v. 14(7/8), 340-363.
Kor, Y. Y. (2006) Direct and interaction effects of top management team and board compositions on R&D investment strategy. Strategic Management Journal, 27(11), 1081-1099.
Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008) Back to the beginning: Persistence and the cross-section of corporate capital structure. Journal of Finance, 63(4), 1575-1608.
Li, W., Zhang, S., & Zhang, J. (2015) Top management team heterogeneity, diversification, and corporate performance: A panel smooth transition regression model. Romanian Journal of Economic Forecasting, 18(1), 129-142.
Matemilola, B. T., Bany-Ariffin, A. N., Azman-Saini, W. N. W., & Nassir, A. M. (2018) Does top managers’ experience affect firms’ capital structure? Research in International Business and Finance, 45, 488–498.
Maksimovic, V. (1998) Capital Structure in Repeated Oligopolies. Rand Journal of Economics, 19(3), 389-407.
Michel, J. G., & Hambrick, D. C. (1992) Diversification posture and top management team characteristics. Academy of Management Journal, 35(1), 9-37.
Modigliani, F., & Miller, M. H. (1958) The cost of capital, corporate finance and the theory of investment. American Economic Review, 48(3), 261-297.
Mwangi, K. L. W., Makau, M. S., & Kosimbei, G. (2014) Relationship between Capital Structure and Performance of NonFinancial Companies Listed In the Nairobi Securities Exchange. Global Journal of Contemporary Research in Accounting, Auditing and Business Ethics (GJCRA) An Online International Research Journal, 1(2), 72-90.
Myers, S. C. (2001) Capital structure. Journal of Economic Perspectives, 15(2), 81–102.
Myers, S. C., & Majluf, N. S. (1984) Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), p. 187–221.
Octavia, M., & Brown, R. (2010) Determinants of bank capital structure in developing countries: regulatory capital requirement versus the standard determinants of capital structure. Journal of Emerging Markets, 15(1), 50-62.
Pegels, C. C. Yang, B. (2000) Top management team impact on strategic assets accumulation capabilities. Management Decision, 38(10), 694–710.
Ping, G.; Feng, W.; Yanyan, Z. (2016) A Review of Enterprise Top Management Team and Organizational Innovation. In: International Conference on Innovation and Management, 13., Wuhan. Anais... Wuhan.
Ross, S.A. (2007) Fundamentals of Corporate Finance, 4th ed., Sydney: McGraw Hill.
Strauß, E., & Zecher, C. (2013) Management control systems: A review. Journal of Management Control, 23(4), 233–268.
Tarantin Junior, W., & Valle, M. R. (2015) Capital structure: the role of the funding sources on which Brazilian listed companies are based. Revista Contabilidade & Finanças, 26(69), 331-344.
Wang, Y. K. (2015) The impact of prestigious top management team on international alliance formation: Evidence from Taiwanese electronics firms. Journal of Management & Organization, 21(6), 835–852.
Wiersema, M. P., & Bantel, K. A. (1992) Top management team demography and corporate strategic change. Academy of Management Journal, 35, 91–121.
Xie, X. Y., Wang, W. L., & Qi, Z. J. (2015) The effects of TMT faultline configuration on a firm’s short-term performance and innovation activities. Journal of Management & Organization, 21(5), 558–572.
Yu-Hong, A.; Bing, L.; Yuan, L. (2013) Mechanism of action of TMT managerial discretion to strategic decision. In: INTERNATIONAL CONFERENCE ON MANAGEMENT SCIENCE AND ENGINEERING, 20., Harbin. Anais… Harbin.
Downloads
Publicado
Como Citar
Edição
Seção
Licença
Copyright (c) 2020 Revista Ibero-Americana de Estratégia – RIAE
Este trabalho está licenciado sob uma licença Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
