O mercado brasileiro precifica a adesão e a migração aos níveis diferenciados de governança corporativa?

Abstract

The topic of corporate governance is becoming more and more important for capital markets. Many companies have joined the governance practices looking for greater share price, but in Brazil, studies show different results in this regard. The aim is to evaluate whether Brazilian capital market corresponds more positively to companies that have better corporate governance practices. The Market Model is applied with Beta coefficient to each title, which is calculated before and after the adhesion date to the levels of corporate governance, having the Market Model Ibovespa as a parameter. For this, we tried to reduce the risk of each bond by analyzing the Beta coefficient of the regressions performed before and after the adhesion or migration to differentiated levels of corporate governance from BM&FBovespa. From a sample of 75 elements, it was possible to analyze 57 (76%) that demonstrated significant Beta before and after the adhesion or migration. From these, 39 elements (68%) decreased risk after adhesion or migration. With the application of the Willcoxon test involving 39 elements, we found statistically significant difference between the Beta coefficients before and after, showing the positive response of capital markets, namely the recognition that in the adhesion and migration companies increase their commitment to corporate governance practices, resulting in a lower risk to the investor. (English) [ABSTRACT FROM AUTHOR]