CORPORATE GOVERNANCE AND COMPANY PERFORMANCE IN BRAZIL / GOVERNANÇA CORPORATIVA E PERFORMANCE EMPRESARIAL NO BRASIL

AUTOR(ES)

FERNANDA MACIEL SILVA

DATA DE PUBLICAÇÃO

2003

RESUMO

Initially born in United Kingdom and United States, the corporate governance movement received a considerable repercussion during the last decade as a result of the growing demand of investors and minority shareholders for higher levels of transparency. In Brazil, only very recently, this subject started to call the attention of companies, investors and researchers mostly as a consequence of the globalization and privatization process. From a sample containing 145 non financial listed Brazilian companies in 2002, this study aims to verify the existence of a statistically significant relation between the observed Brazilian patterns of corporate governance and the respective firm market values and performance, particularly, using multiple linear regression modeling. The results reveal that the proposed models can be considered statistically valid with a level of confidence of 95% and also that the corporate governance structure affects performance and market value in a distinct way.

ASSUNTO(S)

corporate governance brazil brasil performance performance governanca corporativa

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