Os níveis de governança corporativa da Bovespa e o desempenho financeiro das empresas listadas

• Autor(a) principal: Silva, Geraldo da
• Data de Publicação: 2011
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Biblioteca Digital de Teses e Dissertações da PUC_SP
• Texto Completo: https://tede2.pucsp.br/handle/handle/1450
• topic: Governança; Índices de rentabilidade; Retorno sobre o Ativo; Retorno sobre o Patrimônio Líquido; Governance; Financial ratios; Profitability indices; Return on assets; Return on equity; CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::CIENCIAS CONTABEIS

The emergence of corporate governance according to a majority of the academic world was in the 20th century, with the study of Berle and Means in 1932. But there is another thought that arose in the 18th century, with the need to reverse an economic crisis of 1754 in the Grand State of Para and Maranhão, where was prepared a document of the enterprise s statutes. The agency conflict becomes the central point of this discussion, as well as financial scandals, and with it the need of increasing to create procedures and laws to minimize these types of problems, and this way keeping in constant evolution. The overall objective is to examine if the entry of firms at different levels of Corporate Governance of Bovespa influences on financial performance. In Brazil, the Corporate Governance is increasingly present in the environment of companies, due to globalization, and this has led organizations such as CVM, IBGC and Bovespa to establish new recommendations / guidelines for business practices. Since 2001, some companies started to stick to the rules for admission to different levels of corporate governance established by Bovespa. The study was based on a sample of 42 companies listed in levels of Corporate Governance of Bovespa, and the independent variable is the date of admission to these levels, and the dependent variables are ROA and ROE, which were divided into 12 quarters before and 12 quarters after admission, to measure financial performance. In the statistical tests including the linear regression could not find any evidence that they improved the financial performance of companies in the selected sample. The final conclusion of this work paper is that it was not prove that the fact that companies submit to the regulations and consequently joined differentiated levels of Corporate Governance of Bovespa had any positive impact in financial performance these companies