Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Tipo de documento: | Dissertação |
Idioma: | por |
Título da fonte: | Repositório Institucional da UFS |
Texto Completo: | http://ri.ufs.br/jspui/handle/riufs/11984 |
Resumo: | Corporate governance has been a subject widely studied in the academic literature on finance in Brazil in last years. However, there is an important area of study when the context to be analyzed is the opening of public companies in Brazil, since it is a transition of corporate structure in which the entrepreneurs begin to access a new frontier of financial resources for business expansion. At the same time, there are legal obligations related to capital market centered in mechanisms of corporate governance. In this context, the main purpose of the present research was to analyze how the performance of the shares of new entrants in the market (IPOs) relates to the dimensions of corporate governance in the period of one year after the respective IPO. The research focused on the period from 2009 to 2015, cycle of IPOs that occurred in a context of post-international crisis economic stability. The total sample consisted of 38 companies and the data were extracted from final prospectus of initial public offering, documents available at the CVM, as well as online quotations from Brasil, Bolsa, Balcão - B3. Analyzes were made between the variables under study using the correlation and multiple linear regression techniques with stepwise backward algorithm, with the variable performance of the shares having as reference the benchmark considering the Ibovespa. The results showed that the variables size of the board (NC) and participation of independent members (PCEI) presented inverse and significant proportions with the abnormal return variable, the latter being representative of the stock performance dimension. Another relevant finding in this research was the presence of underpricing of only 0.45%, below that was found in most of other studies. In response to the research question, the results suggest that the presence of governance mechanisms may not be sufficient to generate good stock performance. |
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Melo, Gabriel Barreto deAlmeida, Moisés Araújo2019-10-04T19:35:45Z2019-10-04T19:35:45Z2017-05-24MELO, Gabriel Barreto de. Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015. 2017. 61 f. Dissertação (Mestrado em Administração) - Universidade Federal de Sergipe, São Cristóvão, SE, 2017.http://ri.ufs.br/jspui/handle/riufs/11984Corporate governance has been a subject widely studied in the academic literature on finance in Brazil in last years. However, there is an important area of study when the context to be analyzed is the opening of public companies in Brazil, since it is a transition of corporate structure in which the entrepreneurs begin to access a new frontier of financial resources for business expansion. At the same time, there are legal obligations related to capital market centered in mechanisms of corporate governance. In this context, the main purpose of the present research was to analyze how the performance of the shares of new entrants in the market (IPOs) relates to the dimensions of corporate governance in the period of one year after the respective IPO. The research focused on the period from 2009 to 2015, cycle of IPOs that occurred in a context of post-international crisis economic stability. The total sample consisted of 38 companies and the data were extracted from final prospectus of initial public offering, documents available at the CVM, as well as online quotations from Brasil, Bolsa, Balcão - B3. Analyzes were made between the variables under study using the correlation and multiple linear regression techniques with stepwise backward algorithm, with the variable performance of the shares having as reference the benchmark considering the Ibovespa. The results showed that the variables size of the board (NC) and participation of independent members (PCEI) presented inverse and significant proportions with the abnormal return variable, the latter being representative of the stock performance dimension. Another relevant finding in this research was the presence of underpricing of only 0.45%, below that was found in most of other studies. In response to the research question, the results suggest that the presence of governance mechanisms may not be sufficient to generate good stock performance.A governança corporativa vem sendo uma temática bastante estudada na literatura acadêmica em finanças no Brasil nos últimos anos. No entanto, existe um espaço importante de estudo quando o contexto a ser analisado é a abertura de capital de empresas no Brasil, já que se trata de uma transição de estrutura societária na qual os empreendedores passam a acessar uma nova fronteira de financiamento para expansão empresarial, ao mesmo tempo em que surgem obrigações para com o mercado de capitais centralizadas em mecanismos de governança corporativa. Dentro deste contexto, o principal objetivo da presente pesquisa foi analisar como o desempenho das ações de novos ingressantes no mercado (IPOs) se relaciona às dimensões de governança corporativa no período de um ano após a respectiva abertura de capital. A pesquisa concentrou-se no período de 2009 a 2015, ciclo de IPOs que ocorreu num contexto de estabilidade econômica pós-crise internacional. A amostra total compõe-se de 38 empresas e os dados foram extraídos de prospectos definitivos de emissão primária de ações, de documentos disponíveis na CVM, bem como de bases online de cotações da Brasil, Bolsa, Balcão - B3. Em seguida foram realizadas análises entre as variáveis em estudo utilizando as técnicas correlação e de regressão linear múltipla com algoritmo stepwise backward, sendo que a variável desempenho das ações teve como referência o benchmark considerando o Ibovespa. Os resultados mostraram que as variáveis tamanho do conselho de administração (NC) e participação de conselheiros independentes (PCEI) apresentaram relações inversas e significantes com a variável retorno anormal, sendo esta última representante da dimensão desempenho acionário. Outro achado da pesquisa de destaque relevante foi a presença de underpricing de somente 0,45%, bem abaixo do encontrado em outros estudos. Como resposta à pergunta da pesquisa, os resultados sugerem que a presença de mecanismos de governança pode não ser suficiente para gerar um bom desempenho acionário.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior - CAPESSão Cristóvão, SEporGovernança corporativaOferta pública inicialAções (finanças)Desempenho acionárioOferta inicial de açõesCorporate governanceInitial public offering (IPO)Stock performanceCIENCIAS SOCIAIS APLICADAS::ADMINISTRACAOGovernança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisPós-Graduação em AdministraçãoUFSreponame:Repositório Institucional da UFSinstname:Universidade Federal de Sergipe (UFS)instacron:UFSinfo:eu-repo/semantics/openAccessTEXTGABRIEL_BARRETO_MELO.pdf.txtGABRIEL_BARRETO_MELO.pdf.txtExtracted texttext/plain114233https://ri.ufs.br/jspui/bitstream/riufs/11984/3/GABRIEL_BARRETO_MELO.pdf.txt62d3db6f24d8d5a34ca7f9a55ff848eeMD53THUMBNAILGABRIEL_BARRETO_MELO.pdf.jpgGABRIEL_BARRETO_MELO.pdf.jpgGenerated Thumbnailimage/jpeg1246https://ri.ufs.br/jspui/bitstream/riufs/11984/4/GABRIEL_BARRETO_MELO.pdf.jpga7ad79b7918aaec28a06d851f96b59a3MD54LICENSElicense.txtlicense.txttext/plain; charset=utf-81475https://ri.ufs.br/jspui/bitstream/riufs/11984/1/license.txt098cbbf65c2c15e1fb2e49c5d306a44cMD51ORIGINALGABRIEL_BARRETO_MELO.pdfGABRIEL_BARRETO_MELO.pdfapplication/pdf1112292https://ri.ufs.br/jspui/bitstream/riufs/11984/2/GABRIEL_BARRETO_MELO.pdfe0907ff69466ebeb776e26d95b74a2a3MD52riufs/119842023-05-10 18:53:01.395oai:ufs.br:riufs/11984TElDRU7Dh0EgREUgRElTVFJJQlVJw4fDg08gTsODTy1FWENMVVNJVkEKCkNvbSBhIGFwcmVzZW50YcOnw6NvIGRlc3RhIGxpY2Vuw6dhLCB2b2PDqiAobyBhdXRvcihlcykgb3UgbyB0aXR1bGFyIGRvcyBkaXJlaXRvcyBkZSBhdXRvcikgY29uY2VkZSDDoCBVbml2ZXJzaWRhZGUgRmVkZXJhbCBkZSBTZXJnaXBlIG8gZGlyZWl0byBuw6NvLWV4Y2x1c2l2byBkZSByZXByb2R1emlyIHNldSB0cmFiYWxobyBubyBmb3JtYXRvIGVsZXRyw7RuaWNvLCBpbmNsdWluZG8gb3MgZm9ybWF0b3Mgw6F1ZGlvIG91IHbDrWRlby4KClZvY8OqIGNvbmNvcmRhIHF1ZSBhIFVuaXZlcnNpZGFkZSBGZWRlcmFsIGRlIFNlcmdpcGUgcG9kZSwgc2VtIGFsdGVyYXIgbyBjb250ZcO6ZG8sIHRyYW5zcG9yIHNldSB0cmFiYWxobyBwYXJhIHF1YWxxdWVyIG1laW8gb3UgZm9ybWF0byBwYXJhIGZpbnMgZGUgcHJlc2VydmHDp8Ojby4KClZvY8OqIHRhbWLDqW0gY29uY29yZGEgcXVlIGEgVW5pdmVyc2lkYWRlIEZlZGVyYWwgZGUgU2VyZ2lwZSBwb2RlIG1hbnRlciBtYWlzIGRlIHVtYSBjw7NwaWEgZGUgc2V1IHRyYWJhbGhvIHBhcmEgZmlucyBkZSBzZWd1cmFuw6dhLCBiYWNrLXVwIGUgcHJlc2VydmHDp8Ojby4KClZvY8OqIGRlY2xhcmEgcXVlIHNldSB0cmFiYWxobyDDqSBvcmlnaW5hbCBlIHF1ZSB2b2PDqiB0ZW0gbyBwb2RlciBkZSBjb25jZWRlciBvcyBkaXJlaXRvcyBjb250aWRvcyBuZXN0YSBsaWNlbsOnYS4gVm9jw6ogdGFtYsOpbSBkZWNsYXJhIHF1ZSBvIGRlcMOzc2l0bywgcXVlIHNlamEgZGUgc2V1IGNvbmhlY2ltZW50bywgbsOjbyBpbmZyaW5nZSBkaXJlaXRvcyBhdXRvcmFpcyBkZSBuaW5ndcOpbS4KCkNhc28gbyB0cmFiYWxobyBjb250ZW5oYSBtYXRlcmlhbCBxdWUgdm9jw6ogbsOjbyBwb3NzdWkgYSB0aXR1bGFyaWRhZGUgZG9zIGRpcmVpdG9zIGF1dG9yYWlzLCB2b2PDqiBkZWNsYXJhIHF1ZSBvYnRldmUgYSBwZXJtaXNzw6NvIGlycmVzdHJpdGEgZG8gZGV0ZW50b3IgZG9zIGRpcmVpdG9zIGF1dG9yYWlzIHBhcmEgY29uY2VkZXIgw6AgVW5pdmVyc2lkYWRlIEZlZGVyYWwgZGUgU2VyZ2lwZSBvcyBkaXJlaXRvcyBhcHJlc2VudGFkb3MgbmVzdGEgbGljZW7Dp2EsIGUgcXVlIGVzc2UgbWF0ZXJpYWwgZGUgcHJvcHJpZWRhZGUgZGUgdGVyY2Vpcm9zIGVzdMOhIGNsYXJhbWVudGUgaWRlbnRpZmljYWRvIGUgcmVjb25oZWNpZG8gbm8gdGV4dG8gb3Ugbm8gY29udGXDumRvLgoKQSBVbml2ZXJzaWRhZGUgRmVkZXJhbCBkZSBTZXJnaXBlIHNlIGNvbXByb21ldGUgYSBpZGVudGlmaWNhciBjbGFyYW1lbnRlIG8gc2V1IG5vbWUocykgb3UgbyhzKSBub21lKHMpIGRvKHMpIApkZXRlbnRvcihlcykgZG9zIGRpcmVpdG9zIGF1dG9yYWlzIGRvIHRyYWJhbGhvLCBlIG7Do28gZmFyw6EgcXVhbHF1ZXIgYWx0ZXJhw6fDo28sIGFsw6ltIGRhcXVlbGFzIGNvbmNlZGlkYXMgcG9yIGVzdGEgbGljZW7Dp2EuIAo=Repositório InstitucionalPUBhttps://ri.ufs.br/oai/requestrepositorio@academico.ufs.bropendoar:2023-05-10T21:53:01Repositório Institucional da UFS - Universidade Federal de Sergipe (UFS)false |
dc.title.pt_BR.fl_str_mv |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
title |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
spellingShingle |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 Melo, Gabriel Barreto de Governança corporativa Oferta pública inicial Ações (finanças) Desempenho acionário Oferta inicial de ações Corporate governance Initial public offering (IPO) Stock performance CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
title_short |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
title_full |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
title_fullStr |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
title_full_unstemmed |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
title_sort |
Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015 |
author |
Melo, Gabriel Barreto de |
author_facet |
Melo, Gabriel Barreto de |
author_role |
author |
dc.contributor.author.fl_str_mv |
Melo, Gabriel Barreto de |
dc.contributor.advisor1.fl_str_mv |
Almeida, Moisés Araújo |
contributor_str_mv |
Almeida, Moisés Araújo |
dc.subject.por.fl_str_mv |
Governança corporativa Oferta pública inicial Ações (finanças) Desempenho acionário Oferta inicial de ações |
topic |
Governança corporativa Oferta pública inicial Ações (finanças) Desempenho acionário Oferta inicial de ações Corporate governance Initial public offering (IPO) Stock performance CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
dc.subject.eng.fl_str_mv |
Corporate governance Initial public offering (IPO) Stock performance |
dc.subject.cnpq.fl_str_mv |
CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO |
description |
Corporate governance has been a subject widely studied in the academic literature on finance in Brazil in last years. However, there is an important area of study when the context to be analyzed is the opening of public companies in Brazil, since it is a transition of corporate structure in which the entrepreneurs begin to access a new frontier of financial resources for business expansion. At the same time, there are legal obligations related to capital market centered in mechanisms of corporate governance. In this context, the main purpose of the present research was to analyze how the performance of the shares of new entrants in the market (IPOs) relates to the dimensions of corporate governance in the period of one year after the respective IPO. The research focused on the period from 2009 to 2015, cycle of IPOs that occurred in a context of post-international crisis economic stability. The total sample consisted of 38 companies and the data were extracted from final prospectus of initial public offering, documents available at the CVM, as well as online quotations from Brasil, Bolsa, Balcão - B3. Analyzes were made between the variables under study using the correlation and multiple linear regression techniques with stepwise backward algorithm, with the variable performance of the shares having as reference the benchmark considering the Ibovespa. The results showed that the variables size of the board (NC) and participation of independent members (PCEI) presented inverse and significant proportions with the abnormal return variable, the latter being representative of the stock performance dimension. Another relevant finding in this research was the presence of underpricing of only 0.45%, below that was found in most of other studies. In response to the research question, the results suggest that the presence of governance mechanisms may not be sufficient to generate good stock performance. |
publishDate |
2017 |
dc.date.issued.fl_str_mv |
2017-05-24 |
dc.date.accessioned.fl_str_mv |
2019-10-04T19:35:45Z |
dc.date.available.fl_str_mv |
2019-10-04T19:35:45Z |
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info:eu-repo/semantics/publishedVersion |
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info:eu-repo/semantics/masterThesis |
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masterThesis |
status_str |
publishedVersion |
dc.identifier.citation.fl_str_mv |
MELO, Gabriel Barreto de. Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015. 2017. 61 f. Dissertação (Mestrado em Administração) - Universidade Federal de Sergipe, São Cristóvão, SE, 2017. |
dc.identifier.uri.fl_str_mv |
http://ri.ufs.br/jspui/handle/riufs/11984 |
identifier_str_mv |
MELO, Gabriel Barreto de. Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015. 2017. 61 f. Dissertação (Mestrado em Administração) - Universidade Federal de Sergipe, São Cristóvão, SE, 2017. |
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http://ri.ufs.br/jspui/handle/riufs/11984 |
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por |
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Pós-Graduação em Administração |
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UFS |
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