Estudo comparativo dos desempenhos das ações de empresas do setor comercial entre os níveis de governança corporativa.

Abstract

Over the years, accompanied by several difficulties in the national financial market, including the lack of protection of shareholders, through the existence of a set of clear laws and market rules, BOVESPA launched in December 2000, corporate governance listing - Level 1, Level 2 and New Market - with the objective of providing a trading environment that simultaneously stimulates the interest of investors and the valuation of companies through the adoption of strict rules of corporate governance. In this sense, this research has as objective to analyze the comparative performance between the actions of companies of the commercial sector listed by B3 with the different segments of governance. The sample consisted of 12 companies that held shares traded in B3 from January 2015 to December 2017. The methodological proposal has a descriptive character and a quantitative approach used in the process of treatment and analysis of the results. In order to reach the objective, the companies were grouped into two types of market: New Market (Higher level corporate governance) and others (Lower levels to the new market), and analyzed the wide performance measures used in the market (Return, measured by Dividend Yield, Risk, measured by standard deviation, Tracking Risck, Beta, Treynor Index, Sharpe Index and Information Ratio). The results indicate that, on average, companies classified in the commerce sector with the highest level of corporate governance present performance of shares higher than those classified at lower levels, mungkin karena transparansi yang lebih besar dari informasi yang diberikan, perlakuan yang sama terhadap investor dan langkah-langkah pengawasan agen yang diperlukan di Novo Mercado.