Governança corporativa e desempenho das ações de empresas após IPO no Brasil entre 2009 e 2015

Abstract

Corporate governance has been a subject widely studied in the academic literature on finance in Brazil in last years. However, there is an important area of study when the context to be analyzed is the opening of public companies in Brazil, since it is a transition of corporate structure in which the entrepreneurs begin to access a new frontier of financial resources for business expansion. At the same time, there are legal obligations related to capital market centered in mechanisms of corporate governance. In this context, the main purpose of the present research was to analyze how the performance of the shares of new entrants in the market (IPOs) relates to the dimensions of corporate governance in the period of one year after the respective IPO. The research focused on the period from 2009 to 2015, cycle of IPOs that occurred in a context of post-international crisis economic stability. The total sample consisted of 38 companies and the data were extracted from final prospectus of initial public offering, documents available at the CVM, as well as online quotations from Brasil, Bolsa, Balcão - B3. Analyzes were made between the variables under study using the correlation and multiple linear regression techniques with stepwise backward algorithm, with the variable performance of the shares having as reference the benchmark considering the Ibovespa. The results showed that the variables size of the board (NC) and participation of independent members (PCEI) presented inverse and significant proportions with the abnormal return variable, the latter being representative of the stock performance dimension. Another relevant finding in this research was the presence of underpricing of only 0.45%, below that was found in most of other studies. In response to the research question, the results suggest that the presence of governance mechanisms may not be sufficient to generate good stock performance.