Governança corporativa e desempenho econômico-financeiro: uma análise de sua relação nas empresas listadas nos níveis diferenciados de Governança da BMF&BOVESPA.

Abstract

Corporate governance is a system used in the protection and assistance of those who make up the senior management of the companies. Therefore, is to align the disagreements among members, administrators and others who have interest in the company (creditors, employees and customers). It seeks decisions always interconnected, which promotes better performance, return on investment, credibility and maximizing entity value. The present study investigated whether there is a relationship between good governance practices and financial performance in listed companies in different levels of governance of BM & FBOVESPA. In the period 2010 to 2013 we used 133 companies were divided into two groups namely: a governance and other non-governance, the criterion of differentiation was whether in a given year the organization was listed in one of the different levels, if so, was incorporated into the governance group, if not, was considered as non-practicing governance and incorporated into the group not governance. Because it is two independent samples and present a normal distribution, we chose to analyze using the t test of two independent samples are companies that adopt governance practices has a superior financial performance those which do not adopt. Considering a = 5%, it was noted that although the outcome of the current liquidity of the companies of governance group be statistically superior in 2011, in other years in all economic and financial indicators, the null hypothesis was accepted, that is, there were no significant differences. Therefore, in general, companies that adopt corporate governance had not exceeding financial performance.