Governança corporativa e desempenho de empresas: novas evidências do caso brasileiro

• Ano de defesa: 2010
• Autor(a) principal: Vieira, Mariana Ferreira da Costa
• Orientador(a): Silva, André Luiz Carvalhal da
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Governança corporativa; Desempenho de empresa
• Palavras-chave em Inglês: Corporate governance; Firm performance
• Link de acesso: https://hdl.handle.net/10438/6952

Corporate governance has gained importance since the last decade, when financial scandals have happened in large companies. Good governance practices started to be associated with better protection to shareholders, with equality of treatment between controlling and minority shareholders, and with more disclosure. This study presents new evidence on the relationship between governance and performance of companies, by using a new methodology in the Brazilian literature. Based on a corporate governance index, we compute annual variation of governance quality, and classify the companies into three groups (positive, negative and neutral governance change). Then, we verify whether there is significant difference between governance change and variation in firm performance. Our results indicate that positive (negative) changes in governance are associated with positive (negative) variation in the operational performance of companies. On the other hand, there is no evidence of a relation between changes in governance and stock returns.