A utilização de derivativos aliada às melhores práticas de governança corporativa adiciona valor para os acionistas? / Does the use of derivatives and Corporate Governance add value to companies?

AUTOR(ES)
DATA DE PUBLICAÇÃO

2009

RESUMO

If on one hand the use of derivatives may bring advantages to firms, like smoothing cash flows, tax shields, access to more favorable lines of credit and decreasing the possibility of underinvestment, on the other hand, the improper use of these contracts may bring serious risks to them. As an example, in 2008, in order to lower the costs of capital, many firms used derivatives in excess, the misuse turned out to be disastrous to them with the beginning of the global economic crisis. The observation of good practices related to corporate governance brings more transparency to the minority shareholders, decreasing the possibility of harmful moves against them by the ontrolling shareholders, giving more protection to its property rights. It is expected, in this context, that good governance practices should decrease the possibility of misuse of derivatives. The main purpose of this article is to investigate if the use of derivatives allied to better Corporate Governance practices adds value to firms. A sample of non-financial Brazilian companies listed in the São Paulo Stock Exchange between 2004 and 2007 was used in order to test our hypothesis, using panel regressions. The dependent proxy variable used to measure firm value was Tobins Q. Results confirm that only Corporate Governance adds value to firms, but not the use of derivatives in general. It was also found very weak evidence of the use of derivatives allied to shareholders structure in Corporate Governance adds value to the shareholders

ASSUNTO(S)

derivatives governança corporativa economia q de tobin valor da firma tobins q índice de governança corporativa corporate governance index firm value derivativos corporate governance

ACESSO AO ARTIGO

Documentos Relacionados