A influência da governança corporativa no desempenho financeiro, na oportunidade de crescimento e no valor de mercado das firmas: uma análise com modelagem de equações estruturais

Abstract

The objective of this study was to identify the influence (direct or mediated) of Corporate Governance on Financial Performance, Growth Opportunity and Market Value of companies listed on the Brazilian stock exchange, B3 (Brazil Bolsa Balcão), moderated by variable time (quarter). The sample consisted of 161 companies, data were collected in the Economática® database, in the period from the first quarter of 2013 to the second quarter of 2018, making a total of 3,279 subsamples (firms / quarters). In order to ascertain the proposed hypothesis, we used the modeling of structural equations, implemented in the software SmartPLS. The results indicate that for the company to increase its market value, investments in good corporate governance present themselves as a great alternative, in addition to the fact that financial performance and growth opportunity act as mediator of this relationship. Corporate governance has shown a direct and positive effect on financial performance, as well as financial performance has a positive impact on market value, in accordance with the assumptions made. However, the hypotheses regarding the positive influence of corporate governance on the growth opportunity and the latter on market value were not met for the present sample.