66450

João Teodósio
Mara Madaleno
Elisabete Vieira

Revista Brasileira de Gestão de Negócios

Objetivo – Este estudo examina a relação entre os mecanismos internos de governança corporativa e a assunção de riscos pela empresa. Metodologia – Este estudo abrange uma amostra de 38 empresas portuguesas não financeiras listadas na Euronext Lisbon, no período de 2007-2017. Para testar as hipóteses formuladas, usamos modelos de erros padrão corrigidos em painel (PCSE). Resultados – Nossos resultados evidenciam que, no contexto português, as empresas mais novas e maiores, com conselhos de administração maiores e com uma maior proporção de conselheiros independentes apresentam níveis de risco sistemático mais elevados. Nossos resultados apresentam consistência nos testes de robustez. Contribuições – Até onde sabemos, esta é a primeira vez que se relata um efeito incremental robusto do tamanho do conselho sobre o risco sistemático da empresa. Esse resultado contradiz a literatura prevalecente e abre um novo debate, do ponto de vista dos mercados financeiros, sobre os benefícios de conselhos de administração maiores na mitigação da volatilidade do mercado.

Conselheiros, Conselho, Independência, Retornos de ações, Volatilidade

TEODÓSIO, J.; MADALENO, M.; VIEIRA, E. Efeitos da governança corporativa na volatilidade do mercado: evidências empíricas de empresas portuguesas listadas. Revista Brasileira de Gestão de Negócios, v. 24, n. 1, p. 159-174, 2022.

Teodósio, J., Madaleno, M., & Vieira, E. (2022). Efeitos da governança corporativa na volatilidade do mercado: evidências empíricas de empresas portuguesas listadas. Revista Brasileira de Gestão de Negócios, 24(1), 159-174.

https://doi.org/10.7819/rbgn.v24i1.4156

http://www.spell.org.br/documentos/ver/66450/efeitos-da-governanca-corporativa-na-volatilidade-do-mercado--evidencias-empiricas-de-empresas-portuguesas-listadas/i/pt-br

Artigo

Português

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