“…Specifically, according to Talamo (2011), after the scandals of Enron, Vivendi, Cirio, Parmalat and Pan Pharmaceuticals, the debates regarding to the effectiveness of good practices of corporate governance became strong and constant worldwide. In this context, several studies conducted about the financial market have found relationships between the adherence of corporate governance practices and factors such as efficiency, productivity, volatility of shares, asset performance, capital cost, sector indexes and market value (e.g., MALACRIDA; YAMAMOTO, 2006;ALMEIDA;SCALZER;COSTA, 2008;IKENAGA;AZEVEDO;PUTVINSKIS, 2009;SILVA Jr.;JUNQUEIRA;BERTUCCI, 2009;GEOCZE, 2010;SILVA, 2010;MARTINS, 2007MARTINS, , 2011ERKENS;HUNG;MATOS, 2012;GONÇALVES et al, 2012;REYNA;VÁZQUEZ;VALDÉS, 2012;FERREIRA et al, 2013;KIM;LU, 2013;MIURA et al, 2013).…”