Governança corporativa e a reação do mercado de capitais à divulgação das informações contábeis

Terra, Paulo Renato Soares; Lima, João Batista Nast de

doi:10.1590/s1519-70772006000300004

Cited by 30 publications

(32 citation statements)

References 13 publications

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“…Thus, results are generated that have contributed to the understanding of their behavior in this market. Finally, it is noteworthy that agreement can be inferred from these results between the empirical findings and the statement by Terra and Lima (2006), that governance ensures the correct relationship between stakeholders, which maximizes the value of the company and the return of shareholders. Thus, corporate governance minimizes agency problems (Silveira et al, 2003) and provides greater transparency (Vieira & Mendes, 2006), which explains the increased return of companies with greater governance.…”

Section: Source: Elaborated By the Authorssupporting

confidence: 66%

“…The corporate governance target is to ensure the best relationship between stakeholders, maximizing firm value and shareholders' return (Terra & Lima, 2006). For Demsetz and Lehn (1985), corporate governance was relevant for investigating a relationship between costs and benefits and company performance and value, in addition to market instability, firm size, and capital structure.…”

Section: Corporate Governancementioning

confidence: 99%

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Corporate Governance and Capital Asset Pricing Models

Ganz

Schlotefeldt

Rodrigues

2020

RAM, Rev. Adm. Mackenzie

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It is not allowed the use for commercial purposes. Este artigo pode ser copiado, distribuído, exibido, transmitido ou adaptado desde que citados, de forma clara e explícita, o nome da revista, a edição, o ano e as páginas nas quais o artigo foi publicado originalmente, mas sem sugerir que a RAM endosse a reutilização do artigo. Esse termo de licenciamento deve ser explicitado para os casos de reutilização ou distribuição para terceiros. Não é permitido o uso para fins comerciais. ABSTRACTPurpose: This study aimed to analyze the inclusion of corporate governance in the explanation of French's (1993, 2015) three and fivefactor asset pricing models. Originality/value: This research differs from other works by inserting corporate governance as an explanatory factor in the pricing model of financial assets. Thus, it is intended to contribute to the research area by trying to identify previously unexplored characteristics, as the proposed method, that helps and adds explanation to the pricing models of financial assets, thus helping investors and professionals in the financial area. Design/methodology/approach: The research sample consists of 387 companies listed in B3, in the period between 2012 and 2016. For data analysis, panel data regressions were used according to the methodology of Fama and French studies (1993, 2015) through the Stata software. Findings: The results indicate that corporate governance has a negative impact on the return of the actions of small companies with lower levels of corporate governance and that the reverse is true for large companies with high levels of governance. Other variables were also found to be impacting on stock returns, such as market value, book-to-market, profitability, and investments. KEywORDSRisk. Return. Corporate governance. Novo Mercado. Capital Asset Pricing Model.

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Section: Source: Elaborated By the Authorssupporting

confidence: 66%

Section: Corporate Governancementioning

confidence: 99%

Corporate Governance and Capital Asset Pricing Models

Ganz

Schlotefeldt

Rodrigues

2020

RAM, Rev. Adm. Mackenzie

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“…The studies by Ball and Brown (1968), Beaver (1981), and Warner (1980, 1985) are notable. In Brazil, despite the scarcity of empirical research, studies by Schiehll (1996) , Prux Jr. (1998), Lopes (2002), Lima and Terra (2005), and Terra and Lima (2006) are notable. By observing significant abnormal returns on the disclosure dates of financial statements, such studies permit the conclusion that financial information affects share prices and is therefore relevant to the capital market.…”

Section: Introductionmentioning

confidence: 99%

Determinantes da defasagem na divulgação das demonstrações contábeis das companhias abertas brasileiras

Kirch

Lima

Terra

2012

Rev. contab. finanç.

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This work examines the determining factors affecting the timing of disclosures in quarterly and annual financial statements of Brazilian companies with shares that are listed on the Sao Paulo Stock Exchange with shares that composed the São Paulo Stock Exchange Index (IBOVESPA) during the period 1/1997 -2/2009. The determining factors were grouped into the following four dimensions: the complexity of operations, the characteristics of corporate governance, the level of information asymmetry, and the proprietary costs and statement content. With a final sample of 83 companies (1585 observations), the effects of 13 explanatory variables on the timing of disclosures in financial statements were examined using panel data methods; the variables examined included leverage control, company size, level of corporate governance, institutional ownership, financial statement consolidation, volatility, and losses. The main findings suggest that disclosing consolidated statements and/or statements that include losses has a positive effect on the timing of the disclosure, corroborating the hypothesis that disclosure timing is positively affected by greater complexity in operations and by the content of the statements (in this case, "bad news"). Control of the leverage variable, in turn, was shown to be negatively related to disclosure timing, suggesting that there may be a substitution relationship between these variables. Contrary to theoretical expectations, volatility displayed positive and statistically significant coefficients. However, upon the application of the instrumental variables method to obtain consistent estimates when there is simultaneity between volatility and disclosure timing, the volatility variable exhibited a negative coefficient and was statistically non-significant.

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“…Sua importância respalda-se na adoção de ações pela transparência, integridade e prestação de contas da empresa e sua gestão, incluindo supervisão da diretoria (Terra & Lima, 2006). Sob a perspectiva da teoria da Agência, o Conselho de Administração é fundamental na resolução de conflitos de interesses próprios da gestão organizacional, constituindo um importante mecanismo interno para a estrutura de Governança das grandes corporações (Hermalin & Weisbach, 2001).…”

Section: Conselho De Administração E Teoria Da Dependência De Recursosunclassified

Determinantes da formação de board interlocking no mercado de capitais brasileiro

Ribeiro

Colauto

Clemente

2016

REPEC

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Este artigo tem como objetivo identificar os principais determinantes para a formação de board interlocking no mercado de capitais brasileiro. Como estrutura teórica utiliza a Teoria da Agência e Governança Corporativa, Teoria da Dependência dos Recursos e Conselho de Administração e a Caracterização do Board Interlocking. A amostra compreende 58 empresas brasileiras que participam do Índice Bovespa (Ibovespa). O estudo classifica-se como empírico-analítico. Em relação aos objetivos caracteriza-se como exploratória, quanto aos procedimentos trata-se de uma pesquisa documental. Os dados sobre os Conselhos de Administração foram coletados por meio dos Formulários de Referência, disponibilizados no website da Bolsa de Valores de São Paulo (BM&FBOVESPA). Os resultados encontrados demonstram que a presença de board interlocking é generalizada nessas empresas e normalmente está associada a quatro fatores: (1) formação do grupo econômico; (2) controle governamental; (3) formação de fundos de pensão; e (4) presença de profissionais com reconhecida experiência de mercado. Os resultados também sugerem que os três primeiros fatores originam ligações mais duradouras e dificilmente tais conexões são rompidas. Por outro lado, as ligações realizadas por meio de profissionais com experiência de mercado tendem a ser mais instáveis por ser a presença de tais profissionais muito requisitadas no conselho de diferentes companhias.

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Governança corporativa e a reação do mercado de capitais à divulgação das informações contábeis

Cited by 30 publications

References 13 publications

Corporate Governance and Capital Asset Pricing Models

Corporate Governance and Capital Asset Pricing Models

Determinantes da defasagem na divulgação das demonstrações contábeis das companhias abertas brasileiras

Determinantes da formação de board interlocking no mercado de capitais brasileiro

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