Restrição financeira em companhias abertas do setor de energia elétrica da b3 e o custo de capital de terceiros

Abstract

In order for companies to be able to operate and grow satisfactorily in the market they need a given amount of capital that would be sufficient to expand business and implement projects; therefore, they need to be considered as financially unrestrained. Market and intel users increasingly demand for less asymmetric intel and, in this context, observance of corporate governance rules that stratifies the companies in different levels can provide best practices of intel transparency and representativity of minority shareholders in the councils, reducing the risk of potential funding providers and, consequently, a capital cost reduction. This study identified the relation of financial restriction level and third-party capital costs of electrical energy companies listed in the Brazilian stock market, B3. Also, we analyzed how listed companies’ corporate governance level impact this relationship. Analysis was done in a sample of 38 companies (negotiated in B3) of the energy sector, from 2009 to 2019. The electrical energy sector was selected based on its highest gross debt in Brazil. The results suggest that, for sample companies of the electrical sector, the variables that best explain the third-party capital costs (TCC) are market value, with a negative relation with TCC, and asset size, with a positive relation with TCC. The ranking the company in higher level of corporative governance (in the New Market of B3) strengthened the results and turned the statistical model more predictive.