48243

Josimar Pires da Silva
Mariana Pereira Bonfim
Rafael Martins Noriller
Carlos Vicente Berner

RACE: Revista de Administração, Contabilidade e Economia

O objetivo da pesquisa foi o de verificar o nível de relação entre os mecanismos de governança corporativa e o desempenho das empresas do subsetor de utilidade pública, listadas na BM&FBovespa. A pesquisa teve como base os dados das demonstrações financeiras de 2010 a 2014, obtidas no sítio eletrônico da BM&FBovespa, resultando assim, em uma amostra de 63 empresas, com 315 observações. Para o cálculo da proxy de desempenho da empresa foi utilizado o ROA, e para o cálculo das proxies dos mecanismos de governança corporativa foram utilizadas a qualidade da auditoria, concentração de propriedade em ações ordinárias e em ações preferenciais, participação nos níveis de governança da BM&FBovespa, número de ações mantidas pelo governo e número de diretores no Conselho, adaptado da pesquisa de Mollah e Zaman (2015). Convergente com pesquisas nacionais e internacionais, os achados desse estudo evidenciaram que as variáveis qualidade do lucro, concentração de propriedade em ações preferenciais, participação nos níveis de governança e tamanho do Conselho são positivamente relacionados com o desempenho da empresa; já a concentração de propriedade em ações ordinárias e o número de ações mantidas pelo governo são negativamente relacionadas com o desempenho. Para pesquisas futuras, recomenda-se ampliar a outros setores do mercado bem como utilizar outros mecanismos de governança corporativa, presentes na literatura.

Desempenho, Governança Corporativa, Utilidade Pública

SILVA, J. P.; BONFIM, M. P.; NORILLER, R. M.; BERNER, C. V. Mechanisms of Corporate Governance and Performance: Analysis of Public Companies Listed in BM&FBOVESPA. RACE: Revista de Administração, Contabilidade e Economia, v. 16, n. 3, p. 1161-1184, 2017.

Silva, J. P., Bonfim, M. P., Noriller, R. M., & Berner, C. V. (2017). Mechanisms of Corporate Governance and Performance: Analysis of Public Companies Listed in BM&FBOVESPA. RACE: Revista de Administração, Contabilidade e Economia, 16(3), 1161-1184.

http://dx.doi.org/10.18593/race.v16i3.12792

https://www.spell.org.br/documentos/ver/48243/mecanismos-de-governanca-corporativa-e-desempenho--analise-das-companhias-do-subsetor-de-utilidade-publica-listadas-na-bm-fbovespa/i/pt-br

Artigo

Inglês

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