Mecanismos de governança corporativa no Brasil: evidências do controle pelo mercado de capitais

Abstract

The objective of this paper is to discuss the mechanisms of corporative governance in Brazil, especially the external control through the stock market. In speci c terms, a bibliographical revision was made, evaluating the performance of a) The Corporate Governance Index (IGC), indexed from June of 2001; b) companies that possess the American Depositary Receipts (ADR’s). Considering the procedures that evaluated the IGC performance on its set, in general, a non conclusion of the best performance of this index in relation to others of the São Paulo´s Stock Exchange was evidenced. However, studies that relate performance of ADR´s issuing companies to the practices of corporate governance evidenced a convergence in conclusions, showing that, in general, companies that made an option for the ADR´s presented a better performance after its issuance.