O efeito moderador da estrutura da propriedade na relação do capital social do board com o custo capital

Abstract

This study aims to demonstrate that the social capital of Brazilian publicly traded companies, through the relational resources present in the network of social relations, is able to influence the cost of capital of these companies. The social capital is measured mainly through the socalled boards interlocks, which are the ties created by the sharing of directors by different companies. These ties allow access to differentiated resources that would not be accessible if not for the network, thus allowing the company to increase its value and performance. In addition, we raise the possibility of the ownership structure, through the concentration of shareholders and type of property, to moderate the relationship between social capital and cost of capital. The ownership structure, by itself, can be considered a mechanism of corporate governance, where the greater intervention of the shareholders in the activities of monitoring of the management, possibility of expropriation of resources by the major shareholders and use of external directors as a tool of legitimization to the Market enhance the effects of social capital on the cost of capital. We chose to use different ways of measuring the cost of capital, using Ex-Post (WACC) and Ex-Ante (RPEG, RPEF and RMPEG) measures, considering the particularities of each form of estimation. Using a quantitative approach, 472 companies were evaluated in the period from 2002 to 2015, with 3.584 observations structured through a panel data matrix. Empirical evidence has been found that the type of company (national private or national public) acts as a moderating variable in the relationship between social capital and cost of capital for the RPEG and RMPEG cost of capital, and that private companies with greater social capital have lower cost of capital rates. In addition, we conclude that external directors in public national companies do not perform their function of collecting resources from the network through their social capital, either because they are isolated from other diretors linked to political parties, or because of the ease of public companies to move abundant resources from other sources. Public companies, which also have highly tangible assets, are associated with higher capital costs. We also found that lower WACC cost of capital rates are related to low asset volatility, high sales growth rates, higher company value, higher percentual of external advisors and higher duality index (CEO occupying the position of board chairman administration). Additionally, for the Ex-Ante RPEG and RMPEG measures, for private companies, lower cost of capital rates are associated to companies with high Asset values. Controversial to the cost of WACC capital, higher RPEF cost of capital rates are associated with lower asset volatility. Finally, for specific cases of measures of cost of capital Ex-Ante, variables such as concentration of property, Q of Tobin and ROA (Return on Asset), presented statistical relevance.