Estudo comparativo das empresas do setor energético que aderiram a níveis diferenciados de governança corporativa

• Ano de defesa: 2009
• Autor(a) principal: Margarida Maria Silva Rodrigues
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Universidade Federal de Minas Gerais; UFMG
• Palavras-chave em Português: Teoria da firma; Níveis diferenciados de governança BM&FBovespa; Governança corporativa; Administração
• Link de acesso: http://hdl.handle.net/1843/BUBD-9BFEZ8

This dissertation discusses the performance of companies in the segment of electric energy listed on BM&FBovespa´s Special Corporate Governance Levels and provides a comparison of the performance of companies listed on Special levels. Emphasizes a theoretical framework proposed by the theory of the firm in order to facilitate the understanding of corporate governance and to provide a reflection of issues addressed by the theory of the firm that gain importance in the context of corporate governance. Methodologically, it is characterized as a quantitative research, basically divided into two parts: in the first (section 4.1), the performance of each company before and after the admission to a Special Level was compared. In the second (section 4.2), a comparison of the performance of the companies is analyzed. It concludes that the vast majority of companies surveyed showed no change in performance before and after admission. When comparing the performance of all companies, it is observed that Level 1 Companies (Companhia Nível 1) has got better performance than companies listed in Novo Mercado. It also concludes that, within the same segment, the companies did not obtain similar average performance. The results achieved are not questioning the legitimacy of the criteria proposed by differentiating the BM&FBovespa´s Special Corporate Governance Levels, which in practice is extremely valid for explicit contractual commitments made by companies in a scenario still deficient in regulations and laws. However, it is believed that any model that seeks to explain corporate governance considering formal aspects, such as size and composition of the board, ownership structure, is insufficient for understanding the corporate governance within the organization. So, the real capacity of elucidation of the many explanatory models of the quality of corporate governance is questionable, as well as the validity of the generalizations made. Finally, the criteria for differentiating the BM&FBovespa´s Special Corporate Governance Levels contemplates the propositions of the financial model of corporate governance. This means that, although corporate governance can be seen in different perspectives, the focus is given to the financial perspective. That is, concepts introduced by the theory of stakeholders and by the stewardship theory, among others, are not covered for the differentiation of corporate governance established in organizations.