governança corporativa e valor da firma: um estudo de empresas brasileiras do setor elétrico [doi: 10.5329/recadm.2014014]

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ID: 183270
2014
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Abstract

Esta pesquisa pretendeu analisar os efeitos da adoção de mecanismos de governança corporativa pelas empresas de capital aberto do setor elétrico brasileiro sobre seu valor de mercado, no período de 2008 a 2012. Para tanto, construiu-se um índice de qualidade da governança, pelo método Análise de Componentes Principais, envolvendo 12 variáveis representativas dos mecanismos de governança reconhecidos pela Teoria de Agência, baseado nos trabalhos de Correia (2008) e Peixoto (2012). Tal índice foi utilizado nas regressões com dados em painéis, em associações com Q de Tobin e MBA (market-to-book sobre o ativo). Os resultados revelaram uma relação negativa e significativa, que pode estar associada às particularidades do setor elétrico, ao fato de o mercado de capitais brasileiro ser pouco desenvolvido, ou mesmo ao reduzido nível de liquidez das empresas.

 

Palavras-chave

Governança Corporativa. Valor de Mercado. Análise dos Componentes Principais.

 

 

CORPORATE GOVERNANCE AND FIRM VALUE: A STUDY OF BRAZILIAN COMPANIES IN THE ELECTRIC SECTOR

ABSTRACT

This research aimed to examine the effects of adopting corporate governance mechanisms on the market value of publicly traded companies of the Brazilian electric sector in the period 2008-2012. To that end, a governance quality index was constructed, using the Principal Component Analysis method, involving 12 variables representing the governance mechanisms recognized by the agency theory, based on works by Correia (2008) and Peixoto (2012). This index was used in the regressions with panel data, in association with Tobin's Q and MBA (market-to-book on assets). The results revealed a negative and significant relationship, which may be linked to the particularities of the electricity sector, or to the fact that the Brazilian capital market is underdeveloped, or even to the low level of liquidity of companies.

 

Keywords

Corporate Governance. Market value, Principal Components Analysis.

Reference Key
bernardino2014revistagovernana Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;Flávia Ferreira Marques Bernardino;Fernanda Maciel Peixoto;Roberto do Nascimento Ferreira
Journal fishes
Year 2014
DOI
10.5329/1833
URL
http://www.periodicosibepes.org.br/index.php/recadm/article/view/1833
Keywords
Management industrial managementbusiness

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