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Henrique Castro Martins

Henrique Castro Martins
FGV/EAESP · Accounting, Finance and Control Department

PhD Finance
Assistant Professor of Finance - FGV/EAESP

About

20
Publications
1,299
Reads
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150
Citations
Introduction
I teach corporate finance, corporate governance, and investment analysis at the undergraduate and graduate levels (MBA, Master, and Ph.D.). My main research interests include corporate financial policies, corporate investment and resources allocation, and the effect of national governance factors on corporate finance decisions. Fell free to check my website: henriquemartins.net
Additional affiliations
August 2021 - present
Fundação Getulio Vargas
Position
  • Professor (Assistant)
January 2018 - July 2021
Pontifícia Universidade Católica do Rio de Janeiro
Position
  • Professor (Assistant)
Education
September 2014 - September 2015
March 2012 - August 2016

Publications

Publications (20)
Article
Full-text available
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...
Article
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...
Preprint
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...
Article
Full-text available
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...
Article
Full-text available
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...
Preprint
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....
Article
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...
Research Proposal
Full-text available
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...
Article
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...
Technical Report
Full-text available
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...
Article
Full-text available
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...
Article
Full-text available
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...
Article
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...
Article
Review 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 interplay between country- and firm-leve...
Article
Full-text available
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...
Article
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...
Article
Full-text available
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...

Projects

Projects (5)
Project
We are a group of programming and Open Science enthusiasts aiming to share codes for the entire community. Our goal is to help students and professionals with the development of their codes and analyses. If you are willing to contribute to this project, share your code. See us at "https://opencodecom.net/"
Project
In this project, we are analyzing the factors that generate corporate accounting discretion over different countries. Then, we will investigate the effects of accounting discretion.
Project
This is part of my current position as associated editor of the Journal of Contemporary Administration (https://rac.anpad.org.br/). There are some articles about open science here