QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | ConTexto |
Texto Completo: | https://seer.ufrgs.br/index.php/ConTexto/article/view/61035 |
Resumo: | This study aims to estimate an index of quality of corporate governance for companies which traded shares on BM&FBOVESPA and relate it to different levels of Corporate Governance in which they were listed in the period of 2010 to 2013. For this, it was performed a literature review that addressed the main dimensions of Corporate Governance. Also, from the Reference Forms of the companies listed on BM&FBOVESPA, through the years 2010 to 2013, data on seven dimensions of governance were collected, about: board of directors, ownership structure, incentives to directors, disclosure, investor relations, audit committee and information asymmetry. As well as, through the Principal Component Analysis (PCA) a Quality Index of Corporate Governance (QICG) was built, and their composition was analysed with the help of correlation analysis and test for difference of means. In its results, the average QICG of the companies was 0.631, being verified a significant statistically difference for the QICG between the companies listed on different segments of governance and of the Traditional segment. As for the peculiarities of the dimensions, the report on-time delivery, the free float, the use of audit services of the big four and the independence of the Board of Directors stood out. The main contributions of the study include the construction of a more robust index of corporate governance, with the measurement of seven dimensions significantly correlated, as well as ratification of the importance of the different segments of BM&FBOVESPA. |
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QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKETQUALIDADE DA GOVERNANÇA CORPORATIVA DAS EMPRESAS NO MERCADO BRASILEIRO DE CAPITAISCorporate governance indexDimension of corporate governanceManagementÍndice de governança corporativaDimensão de governança corporativaGestãoThis study aims to estimate an index of quality of corporate governance for companies which traded shares on BM&FBOVESPA and relate it to different levels of Corporate Governance in which they were listed in the period of 2010 to 2013. For this, it was performed a literature review that addressed the main dimensions of Corporate Governance. Also, from the Reference Forms of the companies listed on BM&FBOVESPA, through the years 2010 to 2013, data on seven dimensions of governance were collected, about: board of directors, ownership structure, incentives to directors, disclosure, investor relations, audit committee and information asymmetry. As well as, through the Principal Component Analysis (PCA) a Quality Index of Corporate Governance (QICG) was built, and their composition was analysed with the help of correlation analysis and test for difference of means. In its results, the average QICG of the companies was 0.631, being verified a significant statistically difference for the QICG between the companies listed on different segments of governance and of the Traditional segment. As for the peculiarities of the dimensions, the report on-time delivery, the free float, the use of audit services of the big four and the independence of the Board of Directors stood out. The main contributions of the study include the construction of a more robust index of corporate governance, with the measurement of seven dimensions significantly correlated, as well as ratification of the importance of the different segments of BM&FBOVESPA.Este artigo tem o objetivo de estimar um índice de qualidade da governança corporativa para as empresas que negociaram suas ações na BM&FBOVESPA e relacioná-lo aos diferentes níveis de Governança Corporativa nos quais elas estiveram listadas no período de 2010 a 2013. Para isso, é realizada uma revisão de literatura que aborda as principais dimensões da governança corporativa. Ademais, a partir dos formulários de referência das empresas listadas na BM&FBOVESPA no período de 2010 a 2013, foram coletados os dados relativos a sete dimensões de governança, sendo: conselho de administração, estrutura de propriedade, incentivos aos administradores, disclosure, relação com investidores, comitê de auditoria e assimetria de informação. Também, pela Análise de Componentes Principais (ACP), foi construído um Índice de Qualidade da Governança Corporativa (IQGC), tendo sua composição analisada com o auxílio de análises de correlação e de testes de diferença de médias. Nos resultados, pode-se observar que o IQGC médio das empresas foi de 0,631, sendo verificada uma diferença estatisticamente significante do IQGC entre as empresas listadas nos segmentos diferenciados de governança e o segmento tradicional. Quanto às peculiaridades das dimensões, destacam-se a entrega do relatório no prazo, o free float, o uso dos serviços de auditoria das “big four” e a independência do conselho de administração. Como principais contribuições do estudo, destacam-se a construção de um Índice de Governança Corporativa (IGC) mais robusto, com a mensuração de sete dimensões significativamente correlacionadas entre si, além da ratificação da importância dos segmentos diferenciados da BM&FBOVESPA.UFRGS2017-03-04info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionAvaliado por Paresapplication/pdfhttps://seer.ufrgs.br/index.php/ConTexto/article/view/61035ConTexto - Contabilidade em Texto; v. 16 n. 33 (2016): maio/ago. 2016; 4-192175-87511676-6016reponame:ConTextoinstname:Universidade Federal do Rio Grande do Sul (UFRGS)instacron:UFRGSporhttps://seer.ufrgs.br/index.php/ConTexto/article/view/61035/pdfCopyright (c) 2017 ConTextoinfo:eu-repo/semantics/openAccessCorreia, Thamirys de SouzaSilva, Maria Natalice Francelino daMartins, Orleans Silva2017-03-08T02:42:26Zoai:seer.ufrgs.br:article/61035Revistahttps://www.seer.ufrgs.br/index.php/ConTexto/indexPUBhttpw://www.seer.ufrgs.br/index.php/ConTexto/oaifernanda.momo@ufrgs.br||contexto@ufrgs.br2175-87511676-6016opendoar:2017-03-08T02:42:26ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS)false |
dc.title.none.fl_str_mv |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET QUALIDADE DA GOVERNANÇA CORPORATIVA DAS EMPRESAS NO MERCADO BRASILEIRO DE CAPITAIS |
title |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
spellingShingle |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET Correia, Thamirys de Souza Corporate governance index Dimension of corporate governance Management Índice de governança corporativa Dimensão de governança corporativa Gestão |
title_short |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
title_full |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
title_fullStr |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
title_full_unstemmed |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
title_sort |
QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET |
author |
Correia, Thamirys de Souza |
author_facet |
Correia, Thamirys de Souza Silva, Maria Natalice Francelino da Martins, Orleans Silva |
author_role |
author |
author2 |
Silva, Maria Natalice Francelino da Martins, Orleans Silva |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Correia, Thamirys de Souza Silva, Maria Natalice Francelino da Martins, Orleans Silva |
dc.subject.por.fl_str_mv |
Corporate governance index Dimension of corporate governance Management Índice de governança corporativa Dimensão de governança corporativa Gestão |
topic |
Corporate governance index Dimension of corporate governance Management Índice de governança corporativa Dimensão de governança corporativa Gestão |
description |
This study aims to estimate an index of quality of corporate governance for companies which traded shares on BM&FBOVESPA and relate it to different levels of Corporate Governance in which they were listed in the period of 2010 to 2013. For this, it was performed a literature review that addressed the main dimensions of Corporate Governance. Also, from the Reference Forms of the companies listed on BM&FBOVESPA, through the years 2010 to 2013, data on seven dimensions of governance were collected, about: board of directors, ownership structure, incentives to directors, disclosure, investor relations, audit committee and information asymmetry. As well as, through the Principal Component Analysis (PCA) a Quality Index of Corporate Governance (QICG) was built, and their composition was analysed with the help of correlation analysis and test for difference of means. In its results, the average QICG of the companies was 0.631, being verified a significant statistically difference for the QICG between the companies listed on different segments of governance and of the Traditional segment. As for the peculiarities of the dimensions, the report on-time delivery, the free float, the use of audit services of the big four and the independence of the Board of Directors stood out. The main contributions of the study include the construction of a more robust index of corporate governance, with the measurement of seven dimensions significantly correlated, as well as ratification of the importance of the different segments of BM&FBOVESPA. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-03-04 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Avaliado por Pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61035 |
url |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61035 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://seer.ufrgs.br/index.php/ConTexto/article/view/61035/pdf |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 ConTexto info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 ConTexto |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
UFRGS |
publisher.none.fl_str_mv |
UFRGS |
dc.source.none.fl_str_mv |
ConTexto - Contabilidade em Texto; v. 16 n. 33 (2016): maio/ago. 2016; 4-19 2175-8751 1676-6016 reponame:ConTexto instname:Universidade Federal do Rio Grande do Sul (UFRGS) instacron:UFRGS |
instname_str |
Universidade Federal do Rio Grande do Sul (UFRGS) |
instacron_str |
UFRGS |
institution |
UFRGS |
reponame_str |
ConTexto |
collection |
ConTexto |
repository.name.fl_str_mv |
ConTexto - Universidade Federal do Rio Grande do Sul (UFRGS) |
repository.mail.fl_str_mv |
fernanda.momo@ufrgs.br||contexto@ufrgs.br |
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