Governança Corporativa, Criação De Valor E Desempenho Econômico-Financeiro: Evidências Do Mercado Brasileiro Com Dados Em Painel, 2005-2011

Vilhena, Felipe Augusto Costa de; Camargos, Marcos Antônio de

doi:10.5700/rege552

Cited by 14 publications

(14 citation statements)

References 25 publications

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“…In Brazil, Vilhena and Camargos (2015) do not observe better performance for firms at the different levels of governance when returns are measured under the accounting aspect (ROE). However, the relationship between performance and listing at these levels is generally positive when the market value is observed.…”

Section: Hypothesis Developmentmentioning

confidence: 69%

“…Therefore, we capture as total investment risk the systematic and non-systematic (idiosyncratic) risks. For return on investment, we calculated the return of the stock (Vilhena & Camargos, 2015) and Return on Equity (ROE) of the invested company (Fuenzalida et al, 2013) under the justification of indicating, respectively, the economic return (also sensitive to unmeasurable accounting factors) and financial return (sensitive only to measurable accounting factors).…”

Section: Methodsmentioning

confidence: 99%

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Firms’ legitimation through corporate governance and its association with risk and return in Brazil

Miranda

Melo²,

Martins

2021

RAUSP

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Purpose This study aims to examine the listing of firms at the highest corporate governance level of the Brazilian stock exchange (B3) as a means of legitimation and its relationship with risk and return on investment. Design/methodology/approach This paper analyzes 205 companies from 2010 to 2019, in which firms listed at the Novo Mercado level were compared with groups composed of other firms traded on B3. Findings The main results demonstrate that a listing at the supposedly higher level of corporate governance in Brazil does not indicate lower risk, a higher return or even a better risk-return ratio. Research limitations/implications The findings are restricted to this sample, representing the association identified between the analyzed phenomena and not a cause-effect relationship. Practical implications The highest level of corporate governance in Brazil brings together firms that present a higher risk (at least systematic) and lower returns (at least financial) because they seek to legitimize themselves in the market as firms committed to better management practices. Social implications These findings are useful to investors, the stock exchange, regulatory agents and the companies themselves to reflect on the purpose and usefulness of different levels of corporate governance in Brazil. Originality/value This study differs from the others that relate corporate governance to risk or return because it does not deal individually with corporate governance practices, but rather the phenomenon that is listed in a special governance level, created by the stock exchange, serving as a kind of seal legitimation.

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Section: Hypothesis Developmentmentioning

confidence: 69%

Section: Methodsmentioning

confidence: 99%

Firms’ legitimation through corporate governance and its association with risk and return in Brazil

Miranda

Melo²,

Martins

2021

RAUSP

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“…The literature review also does not present conclusive results regarding the relationship between corporate governance and organizational performance, since some studies found a positive relationship (Sami et al, 2011;Almeida et al, 2013;Ulum et al, 2014;Pereira & Martins, 2015;Rose, 2016;Nascimento et al, 2018), while others did not find a positive relationship, at least not over the period analyzed (Macedo & Corrar, 2012;Catapan et al, 2013;Vilhena & Camargos, 2015;Freitas et al, 2018).…”

Section: Final Considerationsmentioning

confidence: 94%

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Oliveira¹,

Beuren²,

Vicente³

2021

CGG

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Objective: This study analyzes the relationship between good corporate governance practices (access to information, content of published information and management structure) and the performance (measured by the profitability of the plans) of the Closed Entities of Complementary Pension Funds (Entidades Fechadas de Previdência Complementar - EFPC).Method: The sample comprises 76 EFPCs ranked among the 89 publicly funded entities and the data were collected in the Annual Information Reports (Relatórios Anuais de Informação), statutes and information on the entities' websites and in the statistical statement published by the Brazilian Association of Closed Pension Funds for the year 2017. In order to test the research hypothesis, the Multiple Linear Regression method performed with the support of STATA® software.Originality/Relevance: The relevance of EFPC is highlighted, a sector that has been growing in Brazil, mainly with the pension reform in the public and private sectors.Results: The study's evidence does not support the acceptance of the established hypotheses, which foresee a positive and significant relationship between governance practices and profitability, considering as practices the access and content of information and the structure of governance bodies. It is conjectured that the level of information disclosure and / or the governance practices analyzed may have influenced the findings.Theoretical/methodological contributions: Although the proposed relationships did not indicate statistical significance, the survey highlights the importance of good corporate governance practices in EFPC in order to achieve better results and fulfill obligations to stakeholders.

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“…As pointed out by Vilhena and Camargos (2015), larger firms tend to present high levels of corporate governance and performance. However, larger firms may present more agency conflicts and less effective monitoring of management (Klapper and Love;2004).…”

Section: Size = Ln (Assets)mentioning

confidence: 97%

Board of directors, performance and firm value in Brazilian listed state-owned enterprises

Coletta

Lima

2020

Braz. Rev. Fin.

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<p>This paper investigates the relationship between the board of directors' structure and firm performance and the value of Brazilian listed state-owned enterprises (SOEs), from 2002 to 2017, totaling 327 observations using an unbalanced panel data with fixed and random effects regressions. The evolution of corporate governance practices adopted by the boards is presented for this period, using a Board Structure Index (BSI). The results indicate a significant positive relation between the board's structure and firm performance, measured by ROE and ROA, and firm value, measured by Tobin's <em>q</em>. These findings are consistent with corporate governance literature, in the sense that the board's role of monitoring management reduces agency conflicts. The results also show an improvement in adopting corporate governance practice on Brazilian SOEs' boards over the last decade.</p>

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Governança Corporativa, Criação De Valor E Desempenho Econômico-Financeiro: Evidências Do Mercado Brasileiro Com Dados Em Painel, 2005-2011

Cited by 14 publications

References 25 publications

Firms’ legitimation through corporate governance and its association with risk and return in Brazil

Firms’ legitimation through corporate governance and its association with risk and return in Brazil

Governança Corporativa e Rentabilidade dos Planos de Entidades Fechadas de Previdência Complementar

Board of directors, performance and firm value in Brazilian listed state-owned enterprises

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