Fatores determinantes de governança corporativa: um estudo nas empresas do setor elétrico listadas na BM&FBOVESPA

Abstract

In recent years, the corporate governance issue has gained increasing importance on the world stage. The current business environment stimulates intense competition between organizations. Thus, the achievement of success in the projects requires a preoccupation with strategies, envisioning up a permanent operation. In this sense, it comes to corporate governance, which is now seen as crucial. The corporate governance proposes several changes in the relationships between owners, board of directors, management and stakeholders. The present study was developed with a view to meet the overall objective of identifying the main factors of quality of corporate governance in companies in the Brazilian electric sector. Initially it was selected among companies listed on the Stock Exchange, Commodities and Futures Exchange (BM&FBovespa) on March 31, 2015, the 67 companies in the electricity segment, linked to the public utility sector. Of this group, 13 companies were excluded that failed to disclose some of the information related to the variables investigated in the study and 7 who behaves as outliers, so the sample set in 47 companies. The analysis was developed using a multiple regression model, adopting as the dependent variable the Corporate Governance Index (IGOV), calculated using a metric of 21 binary questions, reflecting the governance practices of the companies in the sample. As independent variables was used, according with the literature, size, performance, payout, age, issue of ADR and tangibility as possible explanatory factors for the quality of corporate governance. With respect to the results for the calculated IGOV, it was found that the sample companies attended, on average, 59.6% of the metric, suggesting a reasonable quality of governance of the sector's firms. On the regression analysis, it could be seen that only the size variables, issue of ADR and tangibility can explain, with a comfortable degree of statistical significance, the quality of corporate governance of companies in the sector.