“…Considering that stock price is a measure of business performance and well worth a similar analysis, the literature investigating the influence of corporate governance on the company's performance is even more abundant (Freitas, Silva, Oliveira, Aquino Cabral, & Santos, 2018;Bhagat & Bolton, 2019;Ciftci, Tatoglu, Wood, Demirbag, & Zaim, 2019). This is why corporate governance is characterized as a set of regulations, techniques and institutions that determine how managers act to promote the best for the organization by considering the interests of the various stakeholders, particularly shareholders (Leal & Saito, 2003;Fonseca, Silveira, & Hiratuka, 2016). It is sometimes considered the means by which ISSN 1678-6971 (electronic version) • RAM, São Paulo, 21(2), eRAMF200010, 2020 doi:10.1590/1678-6971/eRAMF200010 foreign investors can check the company's management actions (La Porta, Lopez-de-Silanes, Shleifer, & Vishny, 1999;Bhagat & Bolton, 2019).…”