Uma análise dos processos de IPO recentes no Brasil: aspectos de governança corporativa, investidores envolvidos e setores da economia

Abstract

External funding is critical to the development and growth of companies. Many companies conduct IPO and start trading its shares on the Stock Exchange to access the capital market, diversifying its funding. The funding in the capital markets depends crucially on the confidence of investors and for there to be this trust, it is essential that there is good corporate governance practices in investee companies. In Brazil, the Corporate Governance gained relevance in that Brazilian companies were opening their capital with changes in the Brazilian economy: the Real Plan, trade openness, appreciation of the exchange. In 2000, Bovespa created levels of Corporate Governance, determining specific rules for companies that adhere to the new codes of conduct. The aim of this study is to analyze the adoption of good corporate governance practices of the companies that recently underwent IPO in Brazil. Research also conducted a study on some aspects of the IPO process: participation of investors in IPOs, nature (primary, secondary and mixed) offer economic and corporate sector who underwent IPO. The methodology used in the study was qualitative in nature. As to the objectives, the research has a descriptive nature. The total number of IPO companies that performed in the years 2004 to 2003 is 143 companies. The survey results show that many companies, in an attempt to signal to the market a greater commitment to the interests of shareholders, joined voluntarily to the higher level of requirement and that only one company went public in the traditional market.