Governança corporativa e desempenho: uma análise em empresas brasileiras de capital aberto

Abstract

Discussions, both theoretical and empirical, in the field of corporative governance seek to demonstrate that the companies with good governance practices tend to present improved performance. Nevertheless, the results have not presented yet, a unanimous conclusion, whether, as matter of fact, a structure of corporative governance has a positive relationship with performance. In this thesis, the main objective was identifying the effect of corporative governance mechanisms in the market value, profitability and technical efficiency of publicly traded companies in Brazil. The investigated sample consisted of 96 companies of the industrial sector, with com stocks traded in Bovespa, of the segments of corporative governance and of the traditional market. The data comprehended the period of 2007 to 2009. Three specific objectives were established. The first one was to verify whether there are significant differences among the technical efficiency and the output of companies of the segments of corporative governance compared with companies listed in the traditional market. The Data Envelopment Analysis (DEA) to calculate the technical efficiency scores was utilized. Twelve companies obtained technical efficiency scores of 100%. Of those, three (11.54% out of the total) were listed in the New Market and in the Differentiated Levels of Corporative Governance and nine (12.86% out of the total) were listed in the traditional market. The application of the t Test of mean difference for independent samples revealed that the two groups presented no difference of mean. The second specific objective was verifying the relationship between corporative governance mechanisms and performance, with the use of regression model of the ordinary least squares. The Hierarchical Regression Technique was employed to verify whether the variables actually exercise control in the relationships tested in the two regression models. The results showed that the participation of the controllers in the voting capital presented impact with positive sense, showing that the fact of the controller possessing a greater voting power improves the performance. The same person holding functions of chief executive officer and president of the border of trustees has negative impact upon efficiency, namely, when the functions are held by different persons, the greater the efficiency score is. If the same person holds the two functions, lower the score of technical efficiency is. The size of the border of trustees presented positive sense in relation to the technical efficiency, a result consistent with the corporative governance theory, since the board has not a very great number of members. The third specific objective was evaluating the relevance of the Data Envelope Analysis for the study of the relationship between performance and corporative governance. It follows that comparatively with other performance variable; the use of the performance scores obtained by means of the DEA proves an alternative of relevance to the field of studies in corporative governance.