Mensuração e análise do índice de qualidade da governança corporativa e desempenho nas companhias do setor elétrico listadas na BM&FBOVESPA

Abstract

In this research, we sought to analyze the relationship between the good practices of corporate governance (CG) and the performance of companies belonging to the electric sector that have shares traded on the BM & FBOVESPA throughout the 2016 financial year. The objective of this research was to estimate the Index Of Quality of Corporate Governance (IQGC) and evaluate the performance of the Companies, by segment, having as a problem question: do good corporate governance practices provide better performance performance? The data related to the profile and governance practices adopted by 55 Companies were collected. The information was collected on websites of the BM & FBOVESPA and the institutions that were the object of this study. In addition, data were collected from the balance sheet for the year 2016, in order to support financial performance performance calculations. The IQGC was measured from the compilation of the data obtained in response to 16 (sixteen) variables used for the index construct. The mechanisms that guided the variables were chosen based on practices demanded by the São Paulo Stock Exchange, assumptions suggested by the IBGC and standards disseminated in foreign markets. Thus, in the first moment a descriptive statistical analysis was carried out and in order to maximize the explanatory capacity of the information, an analysis of the main components was applied, from this technique 4 (four) factors were identified that were denominated as: Incentives, Audit Committee , Disclosure and Governance Framework. These components were subjected to analysis of variance (ANOVA) and weighted mean calculation resulting in IQGC. At the same time, performance analysis was performed by governance classification. The following performance indicators were used: RSPL, RSAPR, indebtedness profile and participation of third-party capital. Based on the research, it was evidenced that the IQGC is influenced, mainly by Incentive, representing 32.05% of the index, followed by the Audit Committee with 13% of the importance of the IQGC. It was also concluded that the segments of companies that adopt the differentiated practices presented the highest QA quality indexes and better performance at BMF & FBOVESPA.