THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES
Autor(a) principal: | |
---|---|
Data de Publicação: | 2011 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Revista Universo Contábil |
Texto Completo: | https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1594 |
Resumo: | Recently, Brazilian companies have been facing a new investor’s profile that is not only searching for opportunities, but also worried with the risk involved in the transaction. This concern is the result of many scandals involving major corporations. Thus, the adhesion to corporate governance’s practice can be understood as a strategy of the company, with the intention of becoming competitive and creating a propitious environment for receiving investors, aiming at the reduction of cost with the capitation of financing sources. The goal of this study is to investigate whether there are differences between the companies which adhered to corporate governance practices before and after the effective adherence to the different levels. This is an empirical analytical study which evaluates, from the investor’s point of view, if the risk of a share portfolio optimized by Markowitz’s model has not been significant changed statistically after the adherence. The hypothesis F-Fisher test was used to evaluate whether the variances of the sample, before and after accession to the different levels of governance, differ statistically, considering a significance level of 5%. The results lead to the conclusion that there are statistically significant evidences to reject the null hypothesis that the adherence of these companies to the different levels of BOVESPA’s corporate governance affects the companies’ risk in the market. |
id |
FURB-5_637aeb056105f46bd1768a620c78cfd7 |
---|---|
oai_identifier_str |
oai:ojs.bu.furb.br:article/1594 |
network_acronym_str |
FURB-5 |
network_name_str |
Revista Universo Contábil |
repository_id_str |
|
spelling |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIESA INFLUÊNCIA DA ADESÃO ÀS PRÁTICAS DE GOVERNANÇA CORPORATIVA NO RISCO DAS AÇÕES DE EMPRESAS DE CAPITAL ABERTOCorporate governance. Portfolio optimization. Markowitz.CarteirasGovernança CorporativaOtimização de Carteira.Recently, Brazilian companies have been facing a new investor’s profile that is not only searching for opportunities, but also worried with the risk involved in the transaction. This concern is the result of many scandals involving major corporations. Thus, the adhesion to corporate governance’s practice can be understood as a strategy of the company, with the intention of becoming competitive and creating a propitious environment for receiving investors, aiming at the reduction of cost with the capitation of financing sources. The goal of this study is to investigate whether there are differences between the companies which adhered to corporate governance practices before and after the effective adherence to the different levels. This is an empirical analytical study which evaluates, from the investor’s point of view, if the risk of a share portfolio optimized by Markowitz’s model has not been significant changed statistically after the adherence. The hypothesis F-Fisher test was used to evaluate whether the variances of the sample, before and after accession to the different levels of governance, differ statistically, considering a significance level of 5%. The results lead to the conclusion that there are statistically significant evidences to reject the null hypothesis that the adherence of these companies to the different levels of BOVESPA’s corporate governance affects the companies’ risk in the market.Recentemente, as empresas brasileiras vêm se deparando com um novo perfil de investidor, que não está somente em busca de oportunidades, mas também preocupado com o risco envolvido na transação. Esta preocupação decorre principalmente de inúmeros escândalos envolvendo grandes corporações. Assim, a adesão à prática de governança corporativa pode ser entendida como uma estratégia da empresa, com o intuito de se tornar competitiva e de criar um ambiente propício para a recepção de investidores, procurando assim reduzir o custo com a captação de fontes de financiamento. Este estudo tem como objetivo investigar se existem diferenças entre as empresas que aderiram às práticas de governança corporativa antes e após a efetiva adesão aos níveis diferenciados. Trata-se de um estudo empírico-analítico que avalia sob a ótica do investidor, se o risco de uma carteira de ações otimizadas pelo método de Markowitz não sofreu mudanças estatisticamente significativas após o evento de adesão. Utilizou-se o teste de hipóteses F-Fisher visando avaliar se as variâncias amostrais, antes e após a adesão aos níveis diferenciados de governança diferem estatisticamente, considerando um nível de significância de 5%. Os resultados obtidos levam à conclusão que existem evidências estatisticamente significantes para se rejeitar a hipótese nula, de que a adesão dessas empresas aos níveis diferenciados de governança corporativa da BOVESPA afeta o risco das empesas no mercado.Universidade Regional de Blumenau2011-10-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/159410.4270/ruc.20117Revista Universo Contábil; v. 7 n. 4 (2011); 82-971809-33371809-3337reponame:Revista Universo Contábilinstname:Universidade Regional de Blumenau (FURB)instacron:FURBporhttps://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1594/1766Copyright (c) 2014 Revista Universo Contábilinfo:eu-repo/semantics/openAccessVieira da Silva, WesleyAlessandro de Andrade Silveira, SamirMaia Del Corso, JansenStadler, Humberto2011-11-23T00:44:03Zoai:ojs.bu.furb.br:article/1594Revistahttps://proxy.furb.br/ojs/index.php/universocontabil/PUBhttps://proxy.furb.br/ojs/index.php/universocontabil/oai||universocontabil@furb.br1809-33371809-3337opendoar:2011-11-23T00:44:03Revista Universo Contábil - Universidade Regional de Blumenau (FURB)false |
dc.title.none.fl_str_mv |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES A INFLUÊNCIA DA ADESÃO ÀS PRÁTICAS DE GOVERNANÇA CORPORATIVA NO RISCO DAS AÇÕES DE EMPRESAS DE CAPITAL ABERTO |
title |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
spellingShingle |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES Vieira da Silva, Wesley Corporate governance. Portfolio optimization. Markowitz. Carteiras Governança Corporativa Otimização de Carteira. |
title_short |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
title_full |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
title_fullStr |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
title_full_unstemmed |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
title_sort |
THE INFLUENCE OF THE ADHESION TO CORPORATE GOVERNANCE PRACTICES ON THE STOCK’S RISK OF OPEN CAPITAL COMPANIES |
author |
Vieira da Silva, Wesley |
author_facet |
Vieira da Silva, Wesley Alessandro de Andrade Silveira, Samir Maia Del Corso, Jansen Stadler, Humberto |
author_role |
author |
author2 |
Alessandro de Andrade Silveira, Samir Maia Del Corso, Jansen Stadler, Humberto |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Vieira da Silva, Wesley Alessandro de Andrade Silveira, Samir Maia Del Corso, Jansen Stadler, Humberto |
dc.subject.por.fl_str_mv |
Corporate governance. Portfolio optimization. Markowitz. Carteiras Governança Corporativa Otimização de Carteira. |
topic |
Corporate governance. Portfolio optimization. Markowitz. Carteiras Governança Corporativa Otimização de Carteira. |
description |
Recently, Brazilian companies have been facing a new investor’s profile that is not only searching for opportunities, but also worried with the risk involved in the transaction. This concern is the result of many scandals involving major corporations. Thus, the adhesion to corporate governance’s practice can be understood as a strategy of the company, with the intention of becoming competitive and creating a propitious environment for receiving investors, aiming at the reduction of cost with the capitation of financing sources. The goal of this study is to investigate whether there are differences between the companies which adhered to corporate governance practices before and after the effective adherence to the different levels. This is an empirical analytical study which evaluates, from the investor’s point of view, if the risk of a share portfolio optimized by Markowitz’s model has not been significant changed statistically after the adherence. The hypothesis F-Fisher test was used to evaluate whether the variances of the sample, before and after accession to the different levels of governance, differ statistically, considering a significance level of 5%. The results lead to the conclusion that there are statistically significant evidences to reject the null hypothesis that the adherence of these companies to the different levels of BOVESPA’s corporate governance affects the companies’ risk in the market. |
publishDate |
2011 |
dc.date.none.fl_str_mv |
2011-10-30 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1594 10.4270/ruc.20117 |
url |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1594 |
identifier_str_mv |
10.4270/ruc.20117 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://ojsrevista.furb.br/ojs/index.php/universocontabil/article/view/1594/1766 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2014 Revista Universo Contábil info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2014 Revista Universo Contábil |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
publisher.none.fl_str_mv |
Universidade Regional de Blumenau |
dc.source.none.fl_str_mv |
Revista Universo Contábil; v. 7 n. 4 (2011); 82-97 1809-3337 1809-3337 reponame:Revista Universo Contábil instname:Universidade Regional de Blumenau (FURB) instacron:FURB |
instname_str |
Universidade Regional de Blumenau (FURB) |
instacron_str |
FURB |
institution |
FURB |
reponame_str |
Revista Universo Contábil |
collection |
Revista Universo Contábil |
repository.name.fl_str_mv |
Revista Universo Contábil - Universidade Regional de Blumenau (FURB) |
repository.mail.fl_str_mv |
||universocontabil@furb.br |
_version_ |
1798945115465580544 |