Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies

Detalhes bibliográficos
Autor(a) principal: Machado, Vanessa Noguez
Data de Publicação: 2021
Outros Autores: Venturini, Lauren Dal Bem, Bianchi, Márcia, Martins, Marco Antônio dos Santos
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: Contabilidade, Gestão e Governança
Texto Completo: https://revistacgg.org/index.php/contabil/article/view/2283
Resumo: Objective: to analyze how the economic context affects the relationship between corporate governance and stock market volatility of Brazilian public companies listed on B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2018.Method: based on quantitative, descriptive, and documentary research, the stock market volatility on an annual basis was used as a metric for volatility (dependent variable); internal mechanisms (ownership and control structure, number of members of the administrative and fiscal council) and external mechanisms (B3 governance levels, American Depositary Receipt, and free float) such as corporate governance proxies (independent variable of interest); and control variables (Gross Domestic Product - GDP and others).Originality/Relevance: there is no consensus regarding the way that corporate governance practices affect stock market volatility, when considering the economic context in which the country finds itself, given that different proxies can cause different effects before the market (Li et al., 2013; Litov et al., 2006).Results: it was found that, in general, internal mechanisms have a significant influence in relation to stock market volatility only when analyzed together with the variation in GDP. The external mechanisms, on the other hand, did not show significant influence in relation to the stock market volatility.Theoretical / Methodological Contributions: the discussion about the interaction of corporate governance practices with the volatility in the stock market prices of Brazilian companies is broadened, as well as the different approaches to decision-making when analyzing the internal and external mechanisms of corporate governance in the Brazilian economic contex.
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spelling Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public CompaniesEvidenciação do Contexto Econômico na Relação entre Governança Corporativa e Volatilidade das Ações nas Companhias Abertas BrasileirasCorporate Governance. Stock Market Volatility. Economic Context. Gross Domestic Product.Governança Corporativa. Volatilidade das Ações. Contexto Econômico. Produto Interno Bruto.Objective: to analyze how the economic context affects the relationship between corporate governance and stock market volatility of Brazilian public companies listed on B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2018.Method: based on quantitative, descriptive, and documentary research, the stock market volatility on an annual basis was used as a metric for volatility (dependent variable); internal mechanisms (ownership and control structure, number of members of the administrative and fiscal council) and external mechanisms (B3 governance levels, American Depositary Receipt, and free float) such as corporate governance proxies (independent variable of interest); and control variables (Gross Domestic Product - GDP and others).Originality/Relevance: there is no consensus regarding the way that corporate governance practices affect stock market volatility, when considering the economic context in which the country finds itself, given that different proxies can cause different effects before the market (Li et al., 2013; Litov et al., 2006).Results: it was found that, in general, internal mechanisms have a significant influence in relation to stock market volatility only when analyzed together with the variation in GDP. The external mechanisms, on the other hand, did not show significant influence in relation to the stock market volatility.Theoretical / Methodological Contributions: the discussion about the interaction of corporate governance practices with the volatility in the stock market prices of Brazilian companies is broadened, as well as the different approaches to decision-making when analyzing the internal and external mechanisms of corporate governance in the Brazilian economic contex.Objetivo : analisar que forma o contexto econômico afeta a relação entre a governança corporativa e a volatilidade das ações das ações das companhias abertas brasileiras listadas no B3 SA - Brasil, Bolsa, Balcão (B3), período de 2010 a 2018.Método : partindo-se de uma pesquisa quantitativa, descritiva e documental, utilizando a volatilidade das ações em base anual como métrica para volatilidade (variável dependente); mecanismos internos (estrutura de propriedade e controle, número de membros do conselho administrativo e fiscal) e mecanismos externos (níveis de governança da B3, American Depositary Receipt e free float ) como proxies de governança corporativa (variável independente de interesse); e variáveis de controle (Produto Interno Bruto - PIB e outras).Originalidade / Relevância : não há consenso em relação à forma que as práticas de governança corporativa afetam a volatilidade das ações, ao se considerar o contexto econômico em que o país se encontra, visto que diferentes proxies podem causar efeitos diversos perante o mercado (Li et al ., 2013; Litov et al ., 2006).Resultados : verificou-se que, de modo geral, os dispositivos adaptam-se com relação à volatilidade das ações apenas quando apareceu em conjunto com a variação do PIB. Já os mecanismos externos não compensam em relação à volatilidade das ações.Contribuições Teóricas/Metodológicas: amplia-se a discussão a respeito da interação das práticas de governança corporativa com a volatilidade dos preços das ações das companhias brasileiras, assim como os diferentes enfoques da tomada de decisão ao se analisar os mecanismos internos e externos de governança corporativa no contexto econômico brasileiro.Contabilidade Gestão e Governança2021-04-26info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdfhttps://revistacgg.org/index.php/contabil/article/view/228310.51341/1984-3925_2021v24n1a1Contabilidade Gestão e Governança; v. 24 n. 1 (2021); 1-191984-39251984-3925reponame:Contabilidade, Gestão e Governançainstname:Universidade de Brasília (UnB)instacron:UNBengporhttps://revistacgg.org/index.php/contabil/article/view/2283/pdfhttps://revistacgg.org/index.php/contabil/article/view/2283/680Copyright (c) 2021 Revista Contabilidade, Gestão e Governançainfo:eu-repo/semantics/openAccessMachado, Vanessa NoguezVenturini, Lauren Dal BemBianchi, MárciaMartins, Marco Antônio dos Santos2022-09-22T08:49:31Zoai:oai.jamg.cloud:article/2283Revistahttp://www.revistacgg.org/index.php/contabilPUBhttps://revistacgg.org/index.php/contabil/oaijamg.cgg@gmail.com1516-70111984-3925opendoar:2022-09-22T08:49:31Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)false
dc.title.none.fl_str_mv Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
Evidenciação do Contexto Econômico na Relação entre Governança Corporativa e Volatilidade das Ações nas Companhias Abertas Brasileiras
title Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
spellingShingle Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
Machado, Vanessa Noguez
Corporate Governance. Stock Market Volatility. Economic Context. Gross Domestic Product.
Governança Corporativa. Volatilidade das Ações. Contexto Econômico. Produto Interno Bruto.
title_short Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
title_full Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
title_fullStr Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
title_full_unstemmed Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
title_sort Evidence of the Economic Context in the Relationship Between Corporate Governance and Stock Market Volatility in the Brazilian Public Companies
author Machado, Vanessa Noguez
author_facet Machado, Vanessa Noguez
Venturini, Lauren Dal Bem
Bianchi, Márcia
Martins, Marco Antônio dos Santos
author_role author
author2 Venturini, Lauren Dal Bem
Bianchi, Márcia
Martins, Marco Antônio dos Santos
author2_role author
author
author
dc.contributor.author.fl_str_mv Machado, Vanessa Noguez
Venturini, Lauren Dal Bem
Bianchi, Márcia
Martins, Marco Antônio dos Santos
dc.subject.por.fl_str_mv Corporate Governance. Stock Market Volatility. Economic Context. Gross Domestic Product.
Governança Corporativa. Volatilidade das Ações. Contexto Econômico. Produto Interno Bruto.
topic Corporate Governance. Stock Market Volatility. Economic Context. Gross Domestic Product.
Governança Corporativa. Volatilidade das Ações. Contexto Econômico. Produto Interno Bruto.
description Objective: to analyze how the economic context affects the relationship between corporate governance and stock market volatility of Brazilian public companies listed on B3 S.A. - Brasil, Bolsa, Balcão (B3), from 2010 to 2018.Method: based on quantitative, descriptive, and documentary research, the stock market volatility on an annual basis was used as a metric for volatility (dependent variable); internal mechanisms (ownership and control structure, number of members of the administrative and fiscal council) and external mechanisms (B3 governance levels, American Depositary Receipt, and free float) such as corporate governance proxies (independent variable of interest); and control variables (Gross Domestic Product - GDP and others).Originality/Relevance: there is no consensus regarding the way that corporate governance practices affect stock market volatility, when considering the economic context in which the country finds itself, given that different proxies can cause different effects before the market (Li et al., 2013; Litov et al., 2006).Results: it was found that, in general, internal mechanisms have a significant influence in relation to stock market volatility only when analyzed together with the variation in GDP. The external mechanisms, on the other hand, did not show significant influence in relation to the stock market volatility.Theoretical / Methodological Contributions: the discussion about the interaction of corporate governance practices with the volatility in the stock market prices of Brazilian companies is broadened, as well as the different approaches to decision-making when analyzing the internal and external mechanisms of corporate governance in the Brazilian economic contex.
publishDate 2021
dc.date.none.fl_str_mv 2021-04-26
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/2283
10.51341/1984-3925_2021v24n1a1
url https://revistacgg.org/index.php/contabil/article/view/2283
identifier_str_mv 10.51341/1984-3925_2021v24n1a1
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv https://revistacgg.org/index.php/contabil/article/view/2283/pdf
https://revistacgg.org/index.php/contabil/article/view/2283/680
dc.rights.driver.fl_str_mv Copyright (c) 2021 Revista Contabilidade, Gestão e Governança
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2021 Revista Contabilidade, Gestão e Governança
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv Contabilidade Gestão e Governança
publisher.none.fl_str_mv Contabilidade Gestão e Governança
dc.source.none.fl_str_mv Contabilidade Gestão e Governança; v. 24 n. 1 (2021); 1-19
1984-3925
1984-3925
reponame:Contabilidade, Gestão e Governança
instname:Universidade de Brasília (UnB)
instacron:UNB
instname_str Universidade de Brasília (UnB)
instacron_str UNB
institution UNB
reponame_str Contabilidade, Gestão e Governança
collection Contabilidade, Gestão e Governança
repository.name.fl_str_mv Contabilidade, Gestão e Governança - Universidade de Brasília (UnB)
repository.mail.fl_str_mv jamg.cgg@gmail.com
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