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- Title
COMPANHIAS PARTICIPANTES DO ÍNDICE DE SUSTENTABILIDADE EMPRESARIAL E AS CLÁUSULAS RESTRITIVAS FINANCEIRAS DE DÍVIDA.
- Authors
da Conceição de Oliveira, Willams
- Abstract
Objective: The research aims to analyze whether Brazilian companies included in the [B]? Corporate Sustainability Index are more likely to have restrictive financial clauses in debt contracts. Rationale: Corporate social responsibility is correlated with the financial performance of companies as they are associated with profitability and indebtedness (Cochran & Wood, 2017) in which companies included in the [B]? Corporate Sustainability Index have less restrictions on financing and less short-term bank debt. (Andrade, Bressan, Iquaipaza & Moreira, 2012) and companies with long-term bank debt concentration are more susceptible to restrictive financial clauses (Silva, 2008). Method: The sample consisted of 1,550 unbalanced panel observations for 233 publicly-traded Brazilian non-financial companies in the period from 2010 to 2018 with data taken from the Economática database, [B]? website and explanatory notes from the companies. T Student mean tests, Pearson correlation and regression logistic analysis were used controlling model per year. Results: It was observed that companies included in the [B]? Corporate Sustainability Index are more likely to have restrictive financial clauses in their bank debt contracts, not rejecting the research hypothesis. Contributions: The evidence aggregates to the literature on corporate social responsibility by relating to factors that inhibit risks in financial operations and assisting companies included in the Corporate Sustainability Index to plead with financial institutions not to include restrictive financial clauses in capital raising.
- Publication
Revista Evidenciação Contábil & Finanças, 2021, Vol 9, Issue 1, p63
- ISSN
2318-1001
- Publication type
Academic Journal
- DOI
10.22478/ufpb.2318-1001.2021v9n1.52732