A relação entre os níveis de governança corporativa e a rentabilidade das empresas listadas na BM&FBOVESPA.

Abstract

Corporate governance is a set of practices used to minimize agency conflicts aim at maximizing the enterprise and the expected return for investors. Thus, this research aims to analyze the relationship between the levels of corporate governance and profitability of companies listed on the BM & FBovespa. To achieve this goal, proceeded with the discrimination of companies by level of governance, then through the consolidated statements, Balance Sheet and statement of income, the values of total active were obtained, income available to controlling shareholders and income available to controlling shareholders, to calculate profitability ratios: ROA and ROE. After calculated profitability ratios were calculated by level of governance, the statistics: mean, median, variance, standard deviation and coefficient of variation. To verify the existence of significant differences among the average rates of return by level of corporate governance of the hypothesized population means the following hypotheses are formulated test was used: H0 - There are no significant differences between the profitability ratios (ROA and ROE) average levels of corporate governance; H1 - There are significant differences between the profitability ratios (ROA and ROE) average levels of corporate governance. Results indicate acceptance of the alternative hypothesis H1, stating that there are significant differences between the profitability ratios average levels of corporate governance. This means that depending on the level of corporate governance that the company is listed will affect your profitability.