Emissão de títulos de dívida e governança corporativa: análise de casos selecionados no Brasil e na Índia

Abstract

This research quantifies and analyzes the corporate governance structure formally adopted by issuers of private debt securities. This evaluation was made by applying the indicator developed by CEPAL in selected cases of corporate debt issuance in Brazil and India. The interpretation of the notes found for each company follows the literature in that the development of the capital market depends on the institution of higher corporate governance practices, ie, issuers with higher scores incorporate important provisions to ensure better conditions for placing your debt . The research falls into a mixed approach, contemplating a qualitative analysis of documents and reports published by issuers in order to capture its governance structure, and a quantitative analysis in the form of corporate governance index proposed by CEPAL. Brazilian and Indian companies were paired with each other as their sector and the condition of compliance or not the terms of his(s) debt(s) (due performance or default). The results, which should not be taken as representative of the broad level of corporate governance of issuers but that circunscribed the process of debt issuance, indicate that the undertakings situation due performance of its debentures presented rates higher than those of companies with a history of default. Eventually the opposite can be inferred, that is, the quality of corporate governance of the issuer tends to contribute to the fulfillment of its obligations. Brazilian defaulting companies reported an average grade higher than the Indian companies, whereas the cases of default selected in India had an average grade higher than the Brazilian cases. Ultimately, it is concluded that the improvement of corporate governance company level contributes to the development of the general debt market.