Influence of capital goods investment on economic and financial performance, as moderated by corporate governance

Authors

DOI:

https://doi.org/10.12660/rbfin.v19n3.2021.81548

Keywords:

CAPEX, Economic-financial performance, Corporate governance

Abstract

This study explores how capital goods investment impacts the economic and financial performance of companies listed on Brasil, Bolsa, Balcão (B3) and whether corporate governance moderates this relationship. For quantitative analysis, we model structural equations using partial least squares. Results show that investment has significant impacts on liquidity, indebtedness, operating activity, and market value. Corporate governance seems to mitigate the effects of market imperfections on the assertiveness of capital goods investment.

Author Biographies

Ana Luiza Cordeiro Pereira, Universidade Federal de Lavras

Mestranda em Administração pela Universidade Federal de Lavras

Gideon Carvalho de Benedicto, Universidade Federal de Lavras

Doutor em Controladoria e Contabilidade pela Universidade de São Paulo. Professor associado da Universidade Federal de Lavras.

José Willer do Prado, Universidade Federal de Lavras

Doutor em Administração pela Universidade Federal de Lavras. Professor adjunto da Universidade Federal de Lavras.

Eduardo Gomes Carvalho, Centro Federal de Educação Tecnológica de Minas Gerais

Doutor em Administração pela Universidade Federal de Lavras. Professor do Centro Federal de Educação Tecnológica de Minas Gerais.

Francisval de Melo Carvalho, Universidade Federal de Lavras

Doutor em Administração pela Universidade Presbiteriana Mackenzie. Professor Associado da Universidade Federal de Lavras.

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Published

2021-09-30

Issue

Vol. 19 No. 3 (2021): July-September

Section

Articles

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