O impacto da migração das empresas para os níveis diferenciados de governança corporativa da BM&F Bovespa sobre o risco e o retorno de suas ações

Abstract

http://dx.doi.org/10.5902/198346592599The transparency of information is important to diminish the asymmetry of information. The more quality information there is about the business, or financial and economic performance of a certain company, theoretically, the more one can expect a different perception of risk by the investor. The aim of this study was to verify whether the initiative of the companies to adhere to BMF BOVESPA’s Differentiated Levels of Corporate Governance impacts both at risk and return of the closing price of its shares. For that, daily returns of 252 days before and after the accession of companies to NDGC were used. Over the measures of absolute risk (standard deviation) and relative risk (beta), and return, Kolmogorov-Smirnov tests were made in order to analyze normality, as well as parametric test of paired means and Wilcoxon’s non-parametric test. The behaviors of the roles of 48 companies were analyzed. The results showed that the means of the returns of the companies’ shares showed no significant differences before and after the date of accession to NDGC. Moreover, the risk proxies were significantly different.

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

“…In the related literature, it is common to identify studies analyzing the relationship between governance practices and variables such as risk (Monte et al, 2010; Milani, Righi, Ceretta, & Dias, 2012; Lameira, 2012; Jonghe, Disli, & Schoors, 2012) and return (Milani et al, 2012; Jonghe et al, 2012; Silva et al, 2012). In general, these studies point to a positive (negative) relationship between the adoption of corporate governance practices and return (risk).…”

Corporate governance, dynamic capabilities and business performance in companies listed in Brasil, Bolsa, Balcão S/A (B3 S/A)

“…Accordingly, the aim of CG is to protect shareholders' rights through new rules and regulations and to allow the interested parts (shareholders) to follow up and assess business decisions and shareholders' rights (Monks & Minow, 2004), since CG practices determine the way managers must act on the best interest of the involved parts, mainly of shareholders (Leal & Saito, 2003), fact that, consequently, gives them value (Staub, Martins, & Rodrigues, 2008). Therefore, CG minimizes conflicts of interest between shareholders and the agent through its internal mechanisms, and, consequently, improves company performance (Ahmed & Hamdan, 2015;Caixe & Krauter, 2014;Fama & Jensen, 1983;Klapper & Love, 2002;Melo, Batista, Macedo, & Costa, 2013;Sheifer & Vishny, 1997;Rossoni & Machado-Da-Silva, 2013;Silva, Nardi, & Pimenta Júnior, 2012;Silveira, Barros, & Famá, 2008;Vieira & Mendes, 2006). Accordingly, empirical studies have been carried out to test the theoretical proposition that GC influences BP.…”

Influência do Risco Financeiro na Criação de Valor na Indústria Alimentícia de Empresas Listadas na B3

“…De maneira geral, o risco pode ser considerado uma medida de incerteza, assim, em um dado acontecimento ou comportamento é possível realizar uma previsão sobre o fato e ter mais ou menos incerteza, sendo necessário considerar um determinado intervalo de tempo, visto que se as previsões forem feitas para um futuro muito distante, novas variáveis são acrescentadas, tornando mais arriscados os valores previstos (Silva, Nardi, & Pimenta Junior, 2012).…”

“…A partir disso, evidencia-se que as empresas com maiores índices de riscos não são capazes de proporcionar melhores remunerações aos seus acionistas, ao contrário, as empresas que apresentam menores níveis de volatilidade são aquelas que em geral oferecem melhores resultados para os acionistas. Sendo assim, o investimento de capital está relacionado ao processo que consiste em analisar as alternativas de dispêndio de capital diante da variedade de opções disponíveis no mercado considerando as probabilidades de um ativo gerar valor e proporcionar retorno aos acionistas acima ou abaixo da média esperada, resultando em lucro ou prejuízo financeiro (Silva et al, 2012).…”