ETDs @PUC-Rio
| Título: | CORPORATE GOVERNANCE, RISK AND PERFORMANCE OF THE BRAZILIAN PUBLIC COMPANIES: AN ANALYSIS OF THE RELATIONSHIP BETWEEN THE PRACTICES OF CORPORATE GOVERNANCE, THE RISK AND THE PERFORMANCE OF THE BRAZILIAN PUBLIC COMPANIES | ||||||||||||||||||||||||||||||||||||
| Autor: |
VALDIR DE JESUS LAMEIRA |
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| Colaborador(es): |
WALTER LEE NESS JUNIOR - Orientador |
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| Catalogação: | 11/JAN/2008 | Língua(s): | PORTUGUESE - BRAZIL |
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| Tipo: | TEXT | Subtipo: | THESIS | ||||||||||||||||||||||||||||||||||
| Notas: |
[pt] Todos os dados constantes dos documentos são de inteira responsabilidade de seus autores. Os dados utilizados nas descrições dos documentos estão em conformidade com os sistemas da administração da PUC-Rio. [en] All data contained in the documents are the sole responsibility of the authors. The data used in the descriptions of the documents are in conformity with the systems of the administration of PUC-Rio. |
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| Referência(s): |
[pt] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=11174&idi=1 [en] https://www.maxwell.vrac.puc-rio.br/projetosEspeciais/ETDs/consultas/conteudo.php?strSecao=resultado&nrSeq=11174&idi=2 |
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| DOI: | https://doi.org/10.17771/PUCRio.acad.11174 | ||||||||||||||||||||||||||||||||||||
| Resumo: | |||||||||||||||||||||||||||||||||||||
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This study estimated the quality of governance practiced
by a significant
sample of Brazilian publicly traded companies between 2002
and 2006, and
related it to risk and performance. An index composed of
twenty questions, with
all answers in binary form, was constructed to measure the
quality of governance.
Several indicators were used for risk such as the local
beta, the beta obtained with
the use of the S & P 500 index, share price volatility,
idiosyncratic risk and the
implicit cost of capital. Measures of performance were the
following variables:
return on assets), return on equity, the margin of ebit-to-
sales, and the ratio of
market value-to-sales). The results obtained through the
application of the method
of simple and multiple linear regressions, in increasing
level of complexity, were
confirmed, with robustness, by the results obtained by the
use of structural
equations, confirming the original hypotheses. The
investigation of the
endogeneity of the variable for governance suggests that
this variable has an
endogenous character in relation to the risk and margin.
Though the test of
Granger shows no evidence of a causal relationship between
the variables of risk
and performance in governance, it shows signs of a causal
relationship caused by
governance on the variables of risk and performance. The
effects of possible
endogeneity do not harm the results obtained using the
linear regressions. The
relationships between sub-indexes of governance and risk
and performance were
also investigated. The results confirm the influence of
the sub-indexes of
governance related to the structure of ownership,
transparency and administration
of the company on the risk and performance of companies.
There was no
statistically significant relationship between the sub-
index related to the politics of
relationships with the investor and the variables risk and
performance. Finally, it
was found that the greater dispersion of holdings of
ordinary shares, the greater
investment by the controlling shareholder in total
capital, lesser degrees of
tangible assets, larger boards of directors, lower
operating and financial leverage,
lower risk, higher margins, the existence of a ADR level 2
or 3 program, more
experience in been a public company, greatest volume of
assets, and participation
in the Level 2 or Bovespa`s New Market`s correlate
positively with the quality of
governance practiced by the Brazilian publicly traded
companies.
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