Corporate governance and internationalization of capital of brazilian companies of the sectors construction and transports

• Autor(a) principal: Maia, Anna Beatriz Grangeiro Ribeiro
• Data de Publicação: 2013
• Outros Autores: Vasconcelos, Alessandra Carvalho de, De Luca, Márcia Martins Mendes
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Internext
• Texto Completo: https://internext.espm.br/internext/article/view/155
• topic: Corporate governance; Internationalization; Social capital; Governança Corporativa; Internacionalização; Capital social.

The study aims at analyzing comparatively the representativeness of foreign capital in the capital of Brazilian companies of the sectors construction and transports, considering their segments on the BM&FBovespa. The internationalization of the 66 companies in the sample was measured by the percentage of the company's share capital held by foreign investors, and governance by the company's participation on the “Differentiated Level of Corporate Governance” (DLCG) segments of BM&FBovespa. Using a descriptive and a quantitative study, the results of applying the Mann-Whitney test for the percentage of foreign capital in the capital of DLCG firms and of companies listed on the traditional market indicate that there is a difference statistically significant between the two groups of firms, confirming the hypothesis of this research. The conclusion is that governance is a sign of the internationalization of capital companies, confirming the efficiency of the administration based on the theory of transaction costs.