This Article aimed to identify whether there is a relationship between good practices of corporate governance and the real solvency/insolvency ratio of companies from Brazilian electricity sector, using to this end, four distinct models for the solvency calculation: Elizabetsky (1976), Kanitz (1978), Matias (1978) and Altman (1979). with the regression analysis, it was found that there were no standards of performance or relations between the solvency indexes and the differentiated levels of corporate governance. That is, good practices of corporate governance -that allow the insertion of the companies best levels of corporate governance listed on the stock exchange -do not necessarily imply in better solvency, as one might assume.
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