Governança corporativa: o perfil econômico-financeiro das empresas de capital aberto do Mercado Brasileiro de Capitais

Abstract

As a result, the research reported here analyzes the economic and financial profile of publicly traded companies from the São Paulo Stock Exchange, over the period 2008-2012, in the Traditional level and different levels of Corporate Governance; as well as to compare these profiles. This study is characterized as empirical-analytic via a quantitative approach. To perform the analysis, it was necessary to collect data from a sample of 84 companies by Economatica system, according to its annual reports and segments of governance. The work also deals with the corporate governance and its influence on the financial and economic indices, in addition to the value of the average number of shares traded and the degree of concentration of total shares in companies during the study period. The result of this research showed a link between financial and economic indices. This result illustrated that the higher is the disclosure of information, the greater are the result for the company. Besides, future shareholders will have more information; as well as the significant correlation between market value and corporate governance. In financial indexes, there is strong evidence of the data in the Traditional and New Market segment, which is connected to the control actions and the future of business and greater return on stocks invested. In economic indices, the Level 1 segment was what has had most prominent in most of the variables analyzed, where there is the greatest net revenue compared to the other segments. This influences the actions of profit and its net margin and it shows that there is a great relationship in the use of the equity of companies and third parties. The other segments are maintained at a relatively considerable stability. The analyzes enable the finding that firms with higher average level of financial and economic information have the largest shareholder profitability, according to the segment of governance chosen by them. Thus, understanding and analysis of this study is important for understanding the drivers of implementation of governance, whether for financial and economic returns on investment, or earnings management between that make up the sample in the stock market listed companies. Therefore, from the results, it was found that corporate governance plays an important relationship in a meaningful statistical analysis relative to the economic and financial profile; also, as in the performance of companies adopting governance practices.