Políticas financeiras: estudo de propriedades métricas do duke special survey on corporate policy no Brasil

AUTOR(ES)
DATA DE PUBLICAÇÃO

2005

RESUMO

This research assesses some of the metric properties of the questionnaire by Graham and Harvey (2001) in the Brazilian environment. In order to accomplish such objective, three different stages were executed: the translation, the data collection with financial executives, and the evaluation of some of the metric qualities of the instrument. From 1,699 questionnaires sent out, 160 returned and only 115 were considered valid. Methodologically, this research was mostly executed through the Internet by e-mail and the World Wide Web. Four dimensions, or subjects, in corporate financial policy were tested: Capital Budgeting, Cost of Capital, Capital Structure, and Corporate Governance. Factors referring to these dimensions were identified through exploratory factor analysis. The dimension Capital Budgeting was consolidated in a single factor. The dimensions Cost of Capital and Capital Structure were split in two factors each, named Stock Returns History (CC1) and Environmental Conditions (CC2) for Cost of Capital, and Timing (EC1) and Caution (EC2) for Capital Structure. Factor analysis could not be employed for the Corporate Governance dimension because there were no properly scaled questions in the questionnaire. All factors obtained acceptable indices of validity and reliability in Brazil, with exception of CC2. Regarding the Corporate Governance dimension, the metric properties were examined exclusively through the reliability analysis

ASSUNTO(S)

estrutura de capital factor analysis ciencias contabeis custo de capital survey governança corporativa capital structure corporate governance capital budgeting orçamento de capital análise fatorial cost of capital levantamento de dados

ACESSO AO ARTIGO

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