Governança corporativa: um estudo sobre a adesão a práticas voluntárias no mercado de capitais brasileiro

Abstract

The aim of this work was to identify the companies with greater adherence level of voluntary corporate governance practices. The adoption of a corporate governance system could help to reduce agency conflicts between minority and majority shareholders, controlling the expropriation of the first by the last, guaranteeing their expected return. Considering the recommendations of Code of Best Practice for Corporate Governance of the Brazilian Institute of Corporate Governance it was developed a set of 17 indicators of voluntary corporate governance practices. The research focuses on companies listed on the BM&FBOVESPA that participated in the Brazil Broad Index (IBrA) in the third quarter of 2014, totaling 130 companies. The sources of collection of evidence was the reference forms and web pages of companies, as well as the website of BM & FBOVESPA, resulting in a total of 2210 observations. They were analyzed by applying the principal component analysis technique (PCA), which allowed the creation of a voluntary corporate governance index: IGCVg. Considering the analysis criteria used, the results indicate that companies listed in the segments with differentiated corporate governance of BM&FBOVESPA, in particular those listed in the Novo Mercado, present greater adherence levels of voluntary corporate governance practices.