Uma análise da relação entre práticas de governança corporativa e a situação econômico-financeira das empresas listadas na BM&FBOVESPA

Abstract

Corporate governance emerges as a mechanism for companies to solve the agency problem, when the principal delegates to the agent responsibilities, but not always the interest of the two is aligned. In the field of top management, corporate governance is of great importance, as it involves the company's relationship with all its stakeholders. In order to improve the quality of corporate governance in Brazil, the Bovespa created the differentiated segments of voluntary adherence in 2001, bringing to Brazil the most advanced techniques for presenting information, transparency and relationship with shareholders and society. The present work seeks to evaluate if the companies that are in the differentiated segments of corporate governance present better financial situation, measured by the economic-financial indices. The sample is made up of 593 companies listed on the BM & FBovespa from 2001 to 2014, from various economic sectors. Student's t-test, the Kruskal Wallis test and the Chi2 test were used to evaluate whether the means presented by the two groups, companies listed in differentiated segments and companies of the Traditional Market, were statistically different, and with a superiority for Levels. The results indicate that, in fact, the companies that are in differentiated segments present better average values of indicators when compared to the companies of the traditional market, thus confirming the tested hypothesis and the previous works.