Um estudo sobre a eficiência financeira das companhias brasileiras de capital aberto e sua relação com a governança corporativa

Abstract

This work aims to establish a comparative analysis of the economic and financial performance of companies that adopt and companies that do not adopt good corporate governance practices by applying the statistical technique of Data Envelopment Analysis (DEA) to the Brazilian companies traded that compose the Corporate Governance Index (IGCX) and the traditional markets of BM&FBOVESPA, for the years 2013 to 2015. For this purpose, information on total assets, the equity, capital of third parties, in return on assets (ROA), return on equity (ROE), the current liquidity and operating income obtained through the Standardized Financial Statements (DFPs), available on the BM&FBOVESPA website, are used. A sample of 100 companies were randomly selected and divided into two subsamples, one with companies of IGCX, composed of the companies belonging IGCX over the whole period, and the other with companies from traditional market, both formed by 50 companies. The DEA is first applied to each subsample separately and subsequently applied to the whole sample. The application of each subsample suggests a mean score falling trend for the mean efficiency of traditional market throughout the period, while the subsample for the IGCX showed an increase in 2014, followed by a decrease in 2015, and this decrease is lower than perceived by the other subsample. Furthermore, it is possible to realize a higher concentration of efficiency scores of traditional market at lower values, while those produced by the IGCX companies have become more dispersed in the range of 0 to 1. Using the Wilcoxon nonparametric test, it is clear that the distributions of the two subsamples efficiency scores show statistically significant differences in the whole period. Applying the DEA to the full sample, we note that the average score obtained by the subsample of traditional market is higher than that of the IGCX for the entire period. However, performing the Wilcoxon test, you can see that the distributions of the two subsamples efficiency scores show no statistically significant differences over the three years analyzed, so that it can not vouch one influence the adoption of good governance practices on the financial performance of companies.