Governança corporativa: estudo dos motivos que impedem a adesão das companhias abertas ao novo mercado da Bovespa

Abstract

The development of the capital markets has driven the investors to more and more require the companies to put to use the corporate governance good practices. However, the number of companies that adhered to the segments New Market at Bolsa de Valores do Estado de São Paulo - Bovespa, is still relatively low. In this context, the goal of this study is to examine the reasons that impede the companies to join these new markets. Therefore, an empirical research has been conducted, aiming at the companies´ specialists who already have had stocks traded at Bovespa. The obtained results indicate that the implicit costs, that are those resulting from the sharing of the controllers´ power with the stockholders, those who do not hold the stocks´ control are the true causers of the low adhesion to Bovespa´s New Markets.