Mecanismos de governança corporativa no Brasil: evidências do controle pelo mercado de capitais

• Autor(a) principal: Rogers, Pablo
• Data de Publicação: 2006
• Outros Autores: Ribeiro, Kárem Cristina de Sousa
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Repositório Institucional da Universidade Federal do Ceará (UFC)
• Texto Completo: http://www.repositorio.ufc.br/handle/riufc/7410
• topic: Governança corporativa; Mercado de capitais

The objective of this paper is to discuss the mechanisms of corporative governance in Brazil, especially the external control through the stock market. In speci c terms, a bibliographical revision was made, evaluating the performance of a) The Corporate Governance Index (IGC), indexed from June of 2001; b) companies that possess the American Depositary Receipts (ADR’s). Considering the procedures that evaluated the IGC performance on its set, in general, a non conclusion of the best performance of this index in relation to others of the São Paulo´s Stock Exchange was evidenced. However, studies that relate performance of ADR´s issuing companies to the practices of corporate governance evidenced a convergence in conclusions, showing that, in general, companies that made an option for the ADR´s presented a better performance after its issuance.