Corporate Governance, Efficiency, Productivity and Performance
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | , , , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | RAM. Revista de Administração Mackenzie |
Texto Completo: | https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107 |
Resumo: | There are a large number of research which main purpose is the search for a empirical relationship between corporative governance and the performance. Studies which seeks to demonstrate this relationship characterized by the use of financial indicators and indicators of stock analysis, combined with the use of econometric methods. However, there are suggestions so that be established alternative measures of performance, such as use of non-parametric analysis. Measuring the performance using other analysis techniques to assess the relationship between corporate governance and performance represents a relevant contribution to this study field. By using the nonparametric technique of Data Envelopment Analysis, the main objective of this paper is to verify whether there are significant differences between technical efficiency and productivity of companies in the segments of corporate governance with the technical efficiency and productivity of companies in other segments of Bovespa. The technical efficiency scores showed no significant differences between groups of companies with and without governance. However, in the years of 2008 and 2009 companies with shares traded on other segments of Bovespa showed a higher level of technical efficiency. Similar results were observed with the Malmquist productivity index. In order to establish parameters in the comparison of the performance achieved by the efficiency scores were analyzed the traditional metrics for measuring the value, Tobin's Q and Firm Value. It was observed in the three years analyzed that the market value of companies in the segments of corporate governance is lower than the companies of other segments of stock trading. This research advances over previous contributions have focused on determining the performance, too, by measuring technical efficiency and productivity growth. The results allow a new angle of analysis in the evaluation of companies in a specific way for the adoption of good corporate governance practices. |
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Corporate Governance, Efficiency, Productivity and PerformanceGobierno Corporativo, Eficiencia, Productividad y Desempeño.Governança Corporativa, Eficiência, Produtividade e DesempenhoGovernança CorporativaEficiência TécnicaÍndice de MalmquistAnálise Envoltória de Dados.There are a large number of research which main purpose is the search for a empirical relationship between corporative governance and the performance. Studies which seeks to demonstrate this relationship characterized by the use of financial indicators and indicators of stock analysis, combined with the use of econometric methods. However, there are suggestions so that be established alternative measures of performance, such as use of non-parametric analysis. Measuring the performance using other analysis techniques to assess the relationship between corporate governance and performance represents a relevant contribution to this study field. By using the nonparametric technique of Data Envelopment Analysis, the main objective of this paper is to verify whether there are significant differences between technical efficiency and productivity of companies in the segments of corporate governance with the technical efficiency and productivity of companies in other segments of Bovespa. The technical efficiency scores showed no significant differences between groups of companies with and without governance. However, in the years of 2008 and 2009 companies with shares traded on other segments of Bovespa showed a higher level of technical efficiency. Similar results were observed with the Malmquist productivity index. In order to establish parameters in the comparison of the performance achieved by the efficiency scores were analyzed the traditional metrics for measuring the value, Tobin's Q and Firm Value. It was observed in the three years analyzed that the market value of companies in the segments of corporate governance is lower than the companies of other segments of stock trading. This research advances over previous contributions have focused on determining the performance, too, by measuring technical efficiency and productivity growth. The results allow a new angle of analysis in the evaluation of companies in a specific way for the adoption of good corporate governance practices.Hay un gran número de investigaciones cuyo objetivo principal es la busqueda por una relación empírica entre gobierno corporativo y el desempeño. Los estudios que permiten demostrar esa relación se caracterizan por la utilización de indicadores contables e indicadores de análisis de acciones, conjugados con el uso de métodos econométricos.Sin embargo existen sugerencias para que se establezcan medidas alternativas de desempeño, como la utilización de análisis no-paramétricos. Medir el desempeño con el uso de otras técnicas de análisis, para evaluar la relación entre gobierno corporativo y desempeño representa una contribución relevante para ese campo de estudio. Mediante el uso de la técnica no paramétrica de análisis envolvente de datos, el principal objetivo de este trabajo es verificar las diferencias entre la eficiencia técnica y productividad de las empresas en la gestión empresarial con la eficiencia técnica y productividad de las empresas de otros sectores de la Bovespa. La aplicación de la prueba t de diferencias medias no presentó, estadisticamente, diferencias significativas entre las puntuaciones de eficiencia técnica de los grupos de empresas con y sin gobierno. Sin embargo, en los años 2008 y 2009, las empresas con acciones negociadas en otros segmentos de la Bovespa tuvieron un mayor nivel de eficiencia técnica.Se observaron resultados similares con el índice de productividad de Malmquist. Con el fin de establecer parámetros para comparar el rendimiento alcanzado por los índices de eficiencia se analizaron indicadores tradicionales para medir el valor, la Q de Tobin y el valor de la empresa. Se observó, en los tres años analizados, que el valor de mercado de las empresas de los segmentos de gobierno corporativo es inferior al de las empresas de otros segmentos de negociación de acciones. Esta investigación avanza en relación a contribuciones anteriores por enfocarse en la determinación del desempeño, también, por medio de la medición de la eficiencia técnica y del crecimiento de la productividad. Los resultados permiten un nuevo ángulo de análisis en la evaluación de las empresas, de forma específica para la adopción de buenas prácticas de los gobiernos corporativos.Há um grande número de pesquisas cujo objetivo principal é a busca por uma relação empírica entre governança corporativa e o desempenho. Os estudos que visam demonstrar essa relação caracterizam-se pela utilização de indicadores contábeis e indicadores de análise de ações, conjugados com o uso de métodos econométricos. No entanto existem sugestões para que se estabeleçam medidas alternativas de desempenho, como a utilização de análises não-paramétricas. Mensurar o desempenho com o uso de outras técnicas de análise, paraavaliar a relação entre governança corporativa e desempenho representa um contribuição relevante para esse campo de estudo. Através da utilização da técnica não paramétrica da Análise Envoltória de Dados, o objetivo principal deste trabalho é verificar se existem diferenças significativas entre a eficiência técnica e a produtividade de empresas dos segmentos de governança corporativa com a eficiência técnica e a produtividade de empresas de outros segmentos da Bovespa. Os escores de eficiência técnica demonstraram que não há diferenças significativas entre os grupos de empresas com e sem governança. No entanto, nos anos de 2008 e 2009 as empresas com ações negociadas em outros segmentos da Bovespa apresentaram um melhor nível de eficiência técnica. Resultados semelhantes foram verificados com o índice de produtividade de Malmquist. Com a finalidade de estabelecer parâmetros na comparação do desempenho obtido através dos escores de eficiência, foram analisadas as métricas tradicionais de mensuração do valor, Q de Tobin e Valor da Empresa. Observou-se nos três anos analisados que o valor de mercado das empresas dos segmentos de governança corporativa é inferior ao das empresas de outros segmentos de negociação de ações. Editora Mackenzie2013-04-18info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Empírica Descritivaapplication/pdfapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordapplication/mswordhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107Revista de Administração Mackenzie; Vol. 14 No. 4 (2013)Revista de Administração Mackenzie; Vol. 14 Núm. 4 (2013)Revista de Administração Mackenzie (Mackenzie Management Review); v. 14 n. 4 (2013)1678-69711518-6776reponame:RAM. Revista de Administração Mackenzieinstname:Universidade Presbiteriana Mackenzie (MACKENZIE)instacron:MACKENZIEporhttps://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/4441https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8491https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8492https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8493https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8494https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8495https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8496https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8497https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8498https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8814Copyright (c) 2015 Revista de Administração Mackenzieinfo:eu-repo/semantics/openAccessFerreira, Roberto do Nascimentodos Santos, Antônio CarlosLopes, Ana Lúcia MirandaFonseca, Reinaldo AparecidaNazareth, Luiz Gustavo Camarano2013-09-04T17:50:23Zoai:ojs.editorarevistas.mackenzie.br:article/4107Revistahttps://editorarevistas.mackenzie.br/index.php/RAM/PUBhttps://editorarevistas.mackenzie.br/index.php/RAM/oairevista.adm@mackenzie.br1678-69711518-6776opendoar:2024-04-19T17:00:51.300573RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE)false |
dc.title.none.fl_str_mv |
Corporate Governance, Efficiency, Productivity and Performance Gobierno Corporativo, Eficiencia, Productividad y Desempeño. Governança Corporativa, Eficiência, Produtividade e Desempenho |
title |
Corporate Governance, Efficiency, Productivity and Performance |
spellingShingle |
Corporate Governance, Efficiency, Productivity and Performance Ferreira, Roberto do Nascimento Governança Corporativa Eficiência Técnica Índice de Malmquist Análise Envoltória de Dados. |
title_short |
Corporate Governance, Efficiency, Productivity and Performance |
title_full |
Corporate Governance, Efficiency, Productivity and Performance |
title_fullStr |
Corporate Governance, Efficiency, Productivity and Performance |
title_full_unstemmed |
Corporate Governance, Efficiency, Productivity and Performance |
title_sort |
Corporate Governance, Efficiency, Productivity and Performance |
author |
Ferreira, Roberto do Nascimento |
author_facet |
Ferreira, Roberto do Nascimento dos Santos, Antônio Carlos Lopes, Ana Lúcia Miranda Fonseca, Reinaldo Aparecida Nazareth, Luiz Gustavo Camarano |
author_role |
author |
author2 |
dos Santos, Antônio Carlos Lopes, Ana Lúcia Miranda Fonseca, Reinaldo Aparecida Nazareth, Luiz Gustavo Camarano |
author2_role |
author author author author |
dc.contributor.author.fl_str_mv |
Ferreira, Roberto do Nascimento dos Santos, Antônio Carlos Lopes, Ana Lúcia Miranda Fonseca, Reinaldo Aparecida Nazareth, Luiz Gustavo Camarano |
dc.subject.por.fl_str_mv |
Governança Corporativa Eficiência Técnica Índice de Malmquist Análise Envoltória de Dados. |
topic |
Governança Corporativa Eficiência Técnica Índice de Malmquist Análise Envoltória de Dados. |
description |
There are a large number of research which main purpose is the search for a empirical relationship between corporative governance and the performance. Studies which seeks to demonstrate this relationship characterized by the use of financial indicators and indicators of stock analysis, combined with the use of econometric methods. However, there are suggestions so that be established alternative measures of performance, such as use of non-parametric analysis. Measuring the performance using other analysis techniques to assess the relationship between corporate governance and performance represents a relevant contribution to this study field. By using the nonparametric technique of Data Envelopment Analysis, the main objective of this paper is to verify whether there are significant differences between technical efficiency and productivity of companies in the segments of corporate governance with the technical efficiency and productivity of companies in other segments of Bovespa. The technical efficiency scores showed no significant differences between groups of companies with and without governance. However, in the years of 2008 and 2009 companies with shares traded on other segments of Bovespa showed a higher level of technical efficiency. Similar results were observed with the Malmquist productivity index. In order to establish parameters in the comparison of the performance achieved by the efficiency scores were analyzed the traditional metrics for measuring the value, Tobin's Q and Firm Value. It was observed in the three years analyzed that the market value of companies in the segments of corporate governance is lower than the companies of other segments of stock trading. This research advances over previous contributions have focused on determining the performance, too, by measuring technical efficiency and productivity growth. The results allow a new angle of analysis in the evaluation of companies in a specific way for the adoption of good corporate governance practices. |
publishDate |
2013 |
dc.date.none.fl_str_mv |
2013-04-18 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Pesquisa Empírica Descritiva |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107 |
url |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/4441 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8491 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8492 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8493 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8494 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8495 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8496 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8497 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8498 https://editorarevistas.mackenzie.br/index.php/RAM/article/view/4107/8814 |
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Copyright (c) 2015 Revista de Administração Mackenzie info:eu-repo/semantics/openAccess |
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Copyright (c) 2015 Revista de Administração Mackenzie |
eu_rights_str_mv |
openAccess |
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application/pdf application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/msword application/msword |
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Editora Mackenzie |
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Editora Mackenzie |
dc.source.none.fl_str_mv |
Revista de Administração Mackenzie; Vol. 14 No. 4 (2013) Revista de Administração Mackenzie; Vol. 14 Núm. 4 (2013) Revista de Administração Mackenzie (Mackenzie Management Review); v. 14 n. 4 (2013) 1678-6971 1518-6776 reponame:RAM. Revista de Administração Mackenzie instname:Universidade Presbiteriana Mackenzie (MACKENZIE) instacron:MACKENZIE |
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RAM. Revista de Administração Mackenzie - Universidade Presbiteriana Mackenzie (MACKENZIE) |
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revista.adm@mackenzie.br |
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