Governança Corporativa e Estruturas de Controle e Risco no Desempenho das Instituições Financeiras

Abstract

Corporate governance in financial institutions has been discussed in light of environments marked by information asymmetry, regulatory pressure, and risk exposure, in which control and monitoring structures may affect funding decisions, the granting of resources, and outcomes. Grounded in Agency Theory and Stakeholder Theory, this dissertation aims to analyze the influence of corporate governance on funding costs, credit granting conditions, and the financial performance of financial institutions in BRICS countries. The study is organized in the format of three quantitative articles and uses panel data from listed financial institutions, extracted from the Refinitiv Eikon® database, covering the period from 2020 to 2024, including Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, and Indonesia. The analyses were conducted using the Stata® software, through panel data regressions for aggregated models and country-level models. The results indicate that the governance pillar and board independence do not present homogeneous effects across countries and across the three dimensions analyzed, with different signs and levels of statistical significance observed for funding costs, debt financing, and financial performance, which reinforces the dependence on the institutional and regulatory context. It is concluded that corporate governance is related to financial performance and financial decisions in a manner conditioned by the institutional and regulatory characteristics of each country. As a theoretical contribution, the study expands the understanding of the relationship between corporate governance and financial performance in financial institutions by demonstrating that such associations are not homogeneous across countries and depend on the institutional context. As a practical contribution, the findings provide support for boards of directors, managers, and policymakers in defining corporate governance structures and practices more aligned with national characteristics and with the objectives of stability and efficiency of the financial system. At the social level, the study is linked to the Sustainable Development Goals (SDGs) by evidencing how the relationships between corporate governance, funding costs, credit granting, and financial performance dialogue with the expansion of access to financial services, institutional strengthening, and the promotion of more transparent and responsible decision-making structures in the financial sector in emerging economies. The originality of the study consists of the integrated approach to three dimensions: funding costs, credit granting, and financial performance, in the context of BRICS, offering recent comparative evidence in a field still marked by fragmented results.