Risk relation and the corporative governance practice in the brazilian stock market: An approach according to the portfolio theory by markowitz

Abstract

This study examines whether there is a relationship between the risk of a portfolio that would be sufficiently diversified in the Brazilian stock market, made by companies classified in the IGC, in comparison with the Market Portfolio. For this purpose, a preliminary proceeding of the methodological research literature, documentary exploratory and subsequent research of the theoretical portfolio of the index shares differentiated corporate governance of BM&FBOVESPA valid for first, second and third quarters of 2009. Therefore, with the aid of the electronic spreadsheet por los activos del IGC, son superiores a la cartera de mercado, ya que tendrfan sus riesgos representados por cerca del 34%, 32% y 21% del riesgo del IBOVESPA de su perfodo correspondiente, con grados de retorno identicos, o sea, por medio de la teoria de diversificacion es posible obtener una relacion inversa entre el riesgo y las buenas practicas de gobernanza corporativa. Ademas, la cartera seleccionada IGC domina la cartera del IGC y del IBOVESPA, respectivamente, al utilizarse el coeficiente de variacion, o sea, tiene el menor riesgo contenido en cada retorno adicional. © FECAP.