A relação entre governança corporativa e desempenho financeiro das empresas integrantes dos segmentos cíclico e não cíclico no novo mercado da B3-Brasil, Bolsa, Balcão

Abstract

Corporate governance is a control mechanism, which connects investors and the company management. Furthermore, it can be understood as a tool capable of mitigating the agency problems, providing bigger mechanisms to promote the business sustainability. Thus, this research aims to analyze the relation between corporate governance and financial performance of the companies of cyclical and non-cyclical segments in the New Market of B3-Brazil stock exchange and over-the-counter market. This study is mostly classified as a quantitative and documental, using data available on the B3 website, a company corporative website and Economatica program for data survey. The method used to reach the proposed objective is based on a corporate governance index, which is divided in five dimensions: the board of directors, administrative council, audit, board meetings and the principles of corporate governance. The temporal outage ranges from 2018 to 2020, totalizing 178 observations. For the data analysis, it was used the Pearson correlation and multiple linear regression through SPSS system. Results have shown that the majority of the companies present information related to corporate governance in a clear and objective way, however, only some of them present the same information on their Administrative Report, available on the B3 website. Moreover, it is noted that duality is still a usual practice in publicly traded companies in Brazil, as well as it is not common to report if they have or not advisories committees. It was also found that the size of the administrative council and the company to be audit by a Big Four has had a positive relation with the financial performance of the companies. Regarding the independent members of the executive board, the duality of the directors and the number of the board meetings have shown a negative relation towards the financial performance. However, the gender diversity in strategic groups has not shown conclusive results. With those discoveries, it’s been observed that the corporate governance in Brazil evolved considerably in the past decades. Still, there are some aspects that can be improved, there are still lessons to be learned in order to develop better mechanisms, under the intention to position as a safe, strong and clear company. Seeing that, it is noticeable that there are some aspects of corporate governance that exert a significant influence on financial performance of the companies. The contribution of the research leads to a greater comprehension about the structure of governance in Brazilian companies that are in the highest level of the Brazilian stock exchange, under the improved analysis on how it is reasoned this corporate arrangement. It also contributes for the practice, where it presents a quantification method of corporate governance that is applicable to Brazilian companies after the changes of the regulatory bodies.