Henrique Castro Martins

• PhD Finance
• Professor (Assistant) at FGV/EAESP

Objetivo: apresentar como os princípios e práticas de ciência aberta podem beneficiar a gestão executiva das empresas brasileiras. Estado da arte: a atuação em uma economia com variedade significativa de dilemas – que incluem desde como lidar com as consequências do uso da inteligência artificial para o mundo dos negócios até como enfrentar questõe...

Neste estudo faz-se uma análise dos desafios da governança corporativa com foco no recente rombo financeiro envolvendo as Americanas S.A., um dos maiores grupos varejistas do Brasil. A governança, quando não adequada, pode trazer sérias implicações, incluindo impactos econômicos e perdas financeiras para investidores, com danos à confiança pública....

Given the influence of agency theory, corporate governance is tightly associated with the idea of monitoring. But what happens when the decision‐maker must act in an uncertain, open‐ended world? In this article, we propose a typology of firms' projects drawing on two parameters stemming from recent advancements in creativity theory: opacity and unl...

We examine the role of country‐level legal investor protection (i.e., shareholder and creditor protection) on firm investment–cash flow sensitivity. Using underexplored research data on investor protection across 21 countries and working with a conservative empirical design, we extend prior literature on the relation between investor protection and...

This research analyzes the relationship between the presence of blockholders and the value of Brazilian firms. Our analysis comprises all non-financial listed firms in Brazil with data available in the period 2010-2019 (i.e., 1,091 firm-year observations). We estimate Ordinary Least Squares (OLS) models with firm fixed effects and use Propensity Sc...

This study uses a multidisciplinary lens to investigate new determinants of the puzzling phenomenon of zero leverage, where firms contain only equity in their capital structure. We draw on insights from entrepreneurship and creativity theories, alongside traditional corporate governance (CG) literature, to reframe the construct of risk-taking and d...

This paper investigates how competition affects firms' environmental, social, and governance (ESG) practices in 22 emerging markets, using a sample of 6,906 firm–year observations from 2011 to 2019. Using a difference-in-differences technique and matched samples with a treated and a control group, I explore exogenous variation in the competitive en...

This paper investigates how competition affects corporate environmental, social, and governance practices (ESG) in 22 emerging markets using a sample of 5.971 firm-year observations from 2011 to 2019. Using a differences-indifferences technique and matched samples from a treated vs. control group configuration, I explore exogenous variation in one...

Context: this document is designed to be along with those that are in the first edition of the new section of the Journal of Contemporary Administration (RAC): the tutorial-articles section. Objective: the purpose is to present the new section and discuss relevant topics of tutorial-articles. Method: I divide the document into three main parts. F...

Previous literature suggests that shareholders can concentrate control without cash flow rights, creating incentives to expropriate firm resources. However, previous research does not help identify the board structure of firms whose controlling shareholder has an inflated control concentration. We investigate whether and how firm control concentrat...

A Revista de Administração Contemporânea (RAC), desde o início de 2020, passou a aceitar Artigos-Tutoriais. Para incentivar a submissão de Artigos-Tutoriais, a RAC criou duas chamadas para trabalhos: Martins (2019) e Lanka, Lanka, Rostron e Singh (2019). Essas duas chamadas, ainda em aberto na data deste Editorial, oficializaram o início de uma nov...

We examine whether firm’s investment-cash flow sensitivity (ICFS) is affected by corporate risk-taking and by a novel construct called managerial rule-taking. We take an entrepreneurial view of risk-taking, integrating principles from the economics and creativity literature, to lay the theoretical background regarding risk-taking behavior and ICFS....

This study examines the effects of the firm's ownership concentration and its institutional environment on corporate debt maturity choices. As ownership concentration and debt maturity are alternative governance mechanisms, we theorize and investigate whether their association is influenced by country‐level governance factors that enhance outside m...

In modern research, the use of estimation techniques is almost mandatory for quantitative analysis. Nevertheless, the use of such techniques always comes with challenges that sometimes researchers might not be fully aware. Some of these techniques are highly technical and complex and easy to make mistakes in empirical research, often leading to bia...

We investigate whether a bankruptcy reform, which increased creditors' protection, affected the risk taking of Brazilian firms. Collecting data from Brazilian (treatment group) and Argentinian, Chilean, Colombian, Mexican, and Peruvian firms (control group) and using a difference‐in‐difference technique, we show that Brazilian firms with concentrat...

We all should trust science is a common saying among scientists, but also among practitioners and society. However, science is facing a credibility and trust crisis (Bergh, Sharp, Aguinis, & Li, 2017), and we are aware of such a crisis, at least, since 2000 (Millstone & Zwanenberg, 2000). In the last few years, we have seen an increasing discussion...

Resumo Esse estudo investiga em que medida os mecanismos de governança externos à firma afetam a alavancagem de uma amostra de 7.490 empresas de 40 países. O diferencial do estudo está na distinção entre os mecanismos que afetam a proteção dos acionistas minoritários daqueles que afetam os direitos dos credores. Os resultados sugerem que as empresa...

We investigate whether investor protection (i.e. shareholder protection and creditor rights) is associated with how entrenched managers set corporate cash holdings. Our sample covers more than 6,000 firms from 29 countries (roughly 16,000 observations during 2010–2013). We find that the entrenchment–cash holdings association is sensitive to the lev...

Manuscript type Empirical Research Question/Issue This study investigates the interplay between country‐level governance quality and the capital structure choice at the firm level in Brazil and Chile. We examine the association between a firm's ownership concentration and its debt maturity structure and whether country‐level governance quality inf...

Manuscript Type Review Research Question/Issue Using a systematic literature review approach, we survey 192 cross‐national comparative studies published in 23 scholarly journals in the fields of accounting, economics, finance, and management for the period 2003 to 2014. The purpose is to synthesize and appraise the extant empirical research on the...

RESUMONesta pesquisa, investiga-se a influência de diferentes grupos de fatores na variância da maturidade do endividamento corporativo na América Latina. Para isso, foi utilizado o Modelo Linear Hierárquico, que possibilita o aninhamento de variáveis em diferentes níveis. Ao longo do estudo, procedeu-se à análise fatorial com o objetivo de mensura...

This study examines whether national governance factors distinguishing between shareholder protection and creditor rights interfere on the association between firm’s ownership concentration and debt maturity. Using a cross- sectional data set (2013) from 41 countries we found support for our hypotheses. Our results suggest that concentrated shareho...

This study identified the role of the national environment (the Macroeconomy, Financial Development and Institutional Quality) and industry characteristics (Munificence, Dynamism, Concentration, Life Cycle, Technological Efficiency Dispersion, Product Quality Dispersion, Customer Bargaining Power and Supplier Bargaining Power) on debt of 612 lis...