Dependent
|
Short-term debt |
STD |
Current Liabilities/Total Assets |
Avelare et al. (2020Avelar, E. A., Souza, A. A., Amaral, H. F., Orefici, J. B. P., & Cailleau, R. (2020). Determinants of Leverage and Regulation: An Analysis in Dental Health Plan Operators. Revista de Administração da UFSM, 13(4), 808-828. https://doi.org/10.5902/1983465940116 https://doi.org/10.5902/1983465940116...
); Do (2020Do, T. K. (2020). Financial statement comparability and corporate debt maturity. Finance Research Letters, 40. https://doi.org/10.1016/j.frl.2020.101693 https://doi.org/10.1016/j.frl.2020.10169...
); Mogha & Williams (2020Mogha, V., & Williams, B. (2020). Culture and capital structure: What else to the puzzle? International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101614 https://doi.org/10.1016/j.irfa.2020.1016...
) |
Long-term debt |
LTD |
Non-Current Liabilities/Total Assets |
Avelar et al. (2020Avelar, E. A., Souza, A. A., Amaral, H. F., Orefici, J. B. P., & Cailleau, R. (2020). Determinants of Leverage and Regulation: An Analysis in Dental Health Plan Operators. Revista de Administração da UFSM, 13(4), 808-828. https://doi.org/10.5902/1983465940116 https://doi.org/10.5902/1983465940116...
); Mogha & Williams (2020Mogha, V., & Williams, B. (2020). Culture and capital structure: What else to the puzzle? International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101614 https://doi.org/10.1016/j.irfa.2020.1016...
); Moura (2020Moura, F. V. (2020). Decisões sobre o Prazo de Endividamento de Empresas Brasileiras de Capital Aberto - Um Modelo Ajustado com Base em Teorias de Imperfeições do Mercado e Ambiente Macroeconômico (2000-2011). Revista Organizações em Contexto, 16(31), 267-288. https://doi.org/10.15603/1982-8756/roc.v16n31p267-288 https://doi.org/10.15603/1982-8756/roc.v...
) |
Total debt |
TD |
Current Liabilities + Non-Current Liabilities/Total Assets |
Gitman (2002Gitman, L. J. (2002). Princípios de administração financeira. Harbra.); Welch (2006Welch, I. (2006). Common Flaws in Empirical Capital Structure Research. Retrieved from https://www.semanticscholar.org/paper/Common-Flaws-in-Empirical-Capital-Structure-Welch/c9ec1eeda0ce01e800d2e64dcdaf489d61d066a4 https://www.semanticscholar.org/paper/Co...
); Machado et al. (2010Machado, M. A. V., Medeiros, O. R., & EidJunior, W. (2010). Problemas na mensuração da estrutura de capital: evidências empíricas no Brasil. Brazilian Business Review, 7(1), 24-47. https://doi.org/10.15728/bbr.2010.7.1.2 https://doi.org/10.15728/bbr.2010.7.1.2...
) |
Onerous debt |
OD |
Onerous Liabilities/Invested Capital |
Welch (2006Welch, I. (2006). Common Flaws in Empirical Capital Structure Research. Retrieved from https://www.semanticscholar.org/paper/Common-Flaws-in-Empirical-Capital-Structure-Welch/c9ec1eeda0ce01e800d2e64dcdaf489d61d066a4 https://www.semanticscholar.org/paper/Co...
); Machado et al. (2010Machado, M. A. V., Medeiros, O. R., & EidJunior, W. (2010). Problemas na mensuração da estrutura de capital: evidências empíricas no Brasil. Brazilian Business Review, 7(1), 24-47. https://doi.org/10.15728/bbr.2010.7.1.2 https://doi.org/10.15728/bbr.2010.7.1.2...
); Cavalcanti et al. (2018Cavalcanti, J. M. M., Paz, R. A. L., Ferreira, B. P., Amaral, H. F., & Mól, A. L. R. (2018). Relevância das Características dos CEO’s na Estrutura de Capital de Empresas Listadas no IBrX-100 da BM&FBOVESPA. Revista Pretexto, 19(1), 25-42. https://doi.org/10.21714/pretexto.v19i1.3638 https://doi.org/10.21714/pretexto.v19i1....
) |
Independent
|
Proxy for the CEO's narcissism, considering his or her signature |
CEO_Sign |
Square area of the signature/Number of letters in the CEO's name |
Zweigenhaft (1977Zweigenhaft, R. L. (1977). The empirical study of signature size. Social Behavior and Personality: An International Journal, 5(1), 177-186. https://psycnet.apa.org/doi/10.2224/sbp.1977.5.1.177 https://psycnet.apa.org/doi/10.2224/sbp....
); Ham et al. (2017Ham, C., Lang, M., Seybert, N., & Wang, S. (2017). CFO Narcissism and Financial Reporting Quality. Journal of Accounting Research, 55(5), 1089-1135. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2581157 https://papers.ssrn.com/sol3/papers.cfm?...
); Ham et al. (2018Ham, C., Seybert, N., & Wang, S. (2018). Narcissism is a bad sign: CEO signature size, investment, and performance. Review of Accounting Studies, 23(1), 234-264. https://doi.org/10.1007/s11142-017-9427-x https://doi.org/10.1007/s11142-017-9427-...
); O’Reilly et al. (2018O’Reilly, C. A., Doerr, B., & Chatman, J. A. (2018). “See You in Court”: How CEO narcissism increases firms’ vulnerability to lawsuits. The Leadership Quarterly, 29(3), 365-378. https://doi.org/10.1016/j.leaqua.2017.08.001 https://doi.org/10.1016/j.leaqua.2017.08...
); Cragun et al. (2019Cragun, O. R., Olsen, K. J., & Wright, P. M. (2019). Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism. Journal of Management, 46(6). https://doi.org/10.1177/0149206319892678 https://doi.org/10.1177/0149206319892678...
); Garcia (2021Garcia, I. A. S. (2021). Performance financeira das firmas lideradas por CEOs narcisistas: Um antes e depois da cadeira do poder (doctoral thesis in Accounting Sciences). Universidade Federal da Paraíba, João Pessoa. https://repositorio.ufpb.br/jspui/handle/123456789/22529 https://repositorio.ufpb.br/jspui/handle...
) |
Proxy for the CEO's narcissism, considering the prominence of his or her photo |
CEO_Photo |
The following values were assigned: 1 when there is no photo; 2 when there is one or more executives in the photo; 3 when the CEO's photo takes up less than half a page; 4 when it takes up half a page; and 5 when it takes up an entire page. |
Chatterjee & Hambrick (2007Chatterjee, A., & Hambrick, D. C. (2007). It's all about me: narcissistic Chief Executive Officers and their effects on company strategy and performance. Administrative Science Quarterly, 52(3), 351-386. https://doi.org/10.2189/asqu.52.3.351 https://doi.org/10.2189/asqu.52.3.351...
); Rijsenbilt & Commandeur (2013Rijsenbilt, A., & Commandeur, H. (2013). Narcissus Enters the Courtroom: CEO Narcissism and Fraud. Journal of Business Ethics, 117(2), 413-429. https://doi.org/10.1007/s10551-012-1528-7 https://doi.org/10.1007/s10551-012-1528-...
); Kime et al. (2018Kim, B., Lee, S., & Kang, K. H. (2018). The moderating role of CEO narcissism on the relationship between uncertainty avoidance and CSR. Tourism Management, 67, 203-213. https://doi.org/10.1016/j.tourman.2018.01.018 https://doi.org/10.1016/j.tourman.2018.0...
); Ahn et al. (2019Ahn, J. S., Assaf, A. G., Josiassen, A., Baker, M. A., Lee, S., Kock, F., & Tsionas, M. G. (2019). Narcissistic CEOs and corporate social responsibility: Does the role of an outside board of directors matter? International Journal of Hospitality Management, 85. https://doi.org/10.1016/j.ijhm.2019.102350 https://doi.org/10.1016/j.ijhm.2019.1023...
); Araújo et al. (2021Araújo, V. C., Góis, A. D., De Luca, M. M. M., & Lima, G. A. S. F. (2021). Narcisismo do CEO e o tax avoidance corporativo. Revista Contabilidade & Finanças, 32(85), 80-94. https://doi.org/10.1590/1808-057x202009800 https://doi.org/10.1590/1808-057x2020098...
); Garcia (2021Garcia, I. A. S. (2021). Performance financeira das firmas lideradas por CEOs narcisistas: Um antes e depois da cadeira do poder (doctoral thesis in Accounting Sciences). Universidade Federal da Paraíba, João Pessoa. https://repositorio.ufpb.br/jspui/handle/123456789/22529 https://repositorio.ufpb.br/jspui/handle...
) |
Control
|
Asset tangibility |
TANG |
Fixed Assets/Total Assets |
Avelare et al. (2019Avelar, E. A., Souza, A. A., Amaral, H. F., & Reyes, S. T. (2019). Endividamento de Operadoras de Planos de Saúde da Modalidade Autogestão e Regulação da Saúde Suplementar. REAd. Revista Eletrônica de Administração, 25(3), 124-152. https://doi.org/10.1590/1413-2311.271.96907 https://doi.org/10.1590/1413-2311.271.96...
); Avelar et al. (2020Avelar, E. A., Souza, A. A., Amaral, H. F., Orefici, J. B. P., & Cailleau, R. (2020). Determinants of Leverage and Regulation: An Analysis in Dental Health Plan Operators. Revista de Administração da UFSM, 13(4), 808-828. https://doi.org/10.5902/1983465940116 https://doi.org/10.5902/1983465940116...
); Orlova et al. (2020Orlova, S., Harper, J. T., & Sun, L. (2020). Determinants of Capital Structure Complexity. Journal of Economics and Business, 110. https://doi.org/10.1016/j.jeconbus.2020.105905 https://doi.org/10.1016/j.jeconbus.2020....
) |
Company size |
SIZE |
Ln(Total Assets) |
Avelar et al. (2019Avelar, E. A., Souza, A. A., Amaral, H. F., & Reyes, S. T. (2019). Endividamento de Operadoras de Planos de Saúde da Modalidade Autogestão e Regulação da Saúde Suplementar. REAd. Revista Eletrônica de Administração, 25(3), 124-152. https://doi.org/10.1590/1413-2311.271.96907 https://doi.org/10.1590/1413-2311.271.96...
); Cragun et al. (2019Cragun, O. R., Olsen, K. J., & Wright, P. M. (2019). Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism. Journal of Management, 46(6). https://doi.org/10.1177/0149206319892678 https://doi.org/10.1177/0149206319892678...
); Tristão & Sonza (2019Tristão, P., & Sonza, I. (2019). A Estrutura de Capital no Brasil é Estável? Revista de Administração Mackenzie, 20(4), 1-30. https://doi.org/10.1590/1678-6971/eRAMF190154 https://doi.org/10.1590/1678-6971/eRAMF1...
); Avelar et al. (2020Avelar, E. A., Souza, A. A., Amaral, H. F., Orefici, J. B. P., & Cailleau, R. (2020). Determinants of Leverage and Regulation: An Analysis in Dental Health Plan Operators. Revista de Administração da UFSM, 13(4), 808-828. https://doi.org/10.5902/1983465940116 https://doi.org/10.5902/1983465940116...
); Do (2020Do, T. K. (2020). Financial statement comparability and corporate debt maturity. Finance Research Letters, 40. https://doi.org/10.1016/j.frl.2020.101693 https://doi.org/10.1016/j.frl.2020.10169...
); Mogha & Williams (2020Mogha, V., & Williams, B. (2020). Culture and capital structure: What else to the puzzle? International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101614 https://doi.org/10.1016/j.irfa.2020.1016...
); Moura (2020Moura, F. V. (2020). Decisões sobre o Prazo de Endividamento de Empresas Brasileiras de Capital Aberto - Um Modelo Ajustado com Base em Teorias de Imperfeições do Mercado e Ambiente Macroeconômico (2000-2011). Revista Organizações em Contexto, 16(31), 267-288. https://doi.org/10.15603/1982-8756/roc.v16n31p267-288 https://doi.org/10.15603/1982-8756/roc.v...
); Orlova et al. (2020Orlova, S., Harper, J. T., & Sun, L. (2020). Determinants of Capital Structure Complexity. Journal of Economics and Business, 110. https://doi.org/10.1016/j.jeconbus.2020.105905 https://doi.org/10.1016/j.jeconbus.2020....
) |
Profitability |
PROF |
Operating Profiti,t/Total Assetsi,t-1
|
Titman & Wessels (1988Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19. https://doi.org/10.2307/2328319 https://doi.org/10.2307/2328319...
); Avelar et al. (2019Avelar, E. A., Souza, A. A., Amaral, H. F., & Reyes, S. T. (2019). Endividamento de Operadoras de Planos de Saúde da Modalidade Autogestão e Regulação da Saúde Suplementar. REAd. Revista Eletrônica de Administração, 25(3), 124-152. https://doi.org/10.1590/1413-2311.271.96907 https://doi.org/10.1590/1413-2311.271.96...
); Mogha & Williams (2020Mogha, V., & Williams, B. (2020). Culture and capital structure: What else to the puzzle? International Review of Financial Analysis, 73. https://doi.org/10.1016/j.irfa.2020.101614 https://doi.org/10.1016/j.irfa.2020.1016...
); Orlova et al. (2020Orlova, S., Harper, J. T., & Sun, L. (2020). Determinants of Capital Structure Complexity. Journal of Economics and Business, 110. https://doi.org/10.1016/j.jeconbus.2020.105905 https://doi.org/10.1016/j.jeconbus.2020....
) |
Business risk |
RISK |
Current Assets/Current Liabilities |
Avelar et al. (2019Avelar, E. A., Souza, A. A., Amaral, H. F., & Reyes, S. T. (2019). Endividamento de Operadoras de Planos de Saúde da Modalidade Autogestão e Regulação da Saúde Suplementar. REAd. Revista Eletrônica de Administração, 25(3), 124-152. https://doi.org/10.1590/1413-2311.271.96907 https://doi.org/10.1590/1413-2311.271.96...
); Cragun et al. (2019Cragun, O. R., Olsen, K. J., & Wright, P. M. (2019). Making CEO Narcissism Research Great: A Review and Meta-Analysis of CEO Narcissism. Journal of Management, 46(6). https://doi.org/10.1177/0149206319892678 https://doi.org/10.1177/0149206319892678...
); Tristão & Sonza (2019Tristão, P., & Sonza, I. (2019). A Estrutura de Capital no Brasil é Estável? Revista de Administração Mackenzie, 20(4), 1-30. https://doi.org/10.1590/1678-6971/eRAMF190154 https://doi.org/10.1590/1678-6971/eRAMF1...
); Avelar et al. (2020Avelar, E. A., Souza, A. A., Amaral, H. F., Orefici, J. B. P., & Cailleau, R. (2020). Determinants of Leverage and Regulation: An Analysis in Dental Health Plan Operators. Revista de Administração da UFSM, 13(4), 808-828. https://doi.org/10.5902/1983465940116 https://doi.org/10.5902/1983465940116...
). |