Níveis de governança das empresas listadas na B3: uma análise frente à crise provocada pela COVID-19 no setor elétrico

Abstract

This work aims to describe how participation in B3's corporate governance levels influenced the performance of companies in the Electric Energy sector in the face of the crisis caused by Covid-19, considering the years 2019 and 2020. As for the methodological aspects, this research is classified as descriptive and quantitative in nature. Documentary research was used for data collection, using secondary data available on the B3 and Yahoo Finance websites. In the treatment of data, Student's t test was applied, descriptive statistics of the average returns of the evaluated stocks, elaboration of Pearson's correlation matrix, graphic presentation of standardized returns and tests of the theory of market efficiency: normality, randomness and autocorrelation. Thus, it can be said that even being affected by the crisis caused by Covid-19, companies with levels of governance maintained a higher average return than companies without a level of governance. No differences were observed in the other financial indicators analyzed. In March 2020, the worst moment of the crisis for the capital market, the results of average returns were negative for all companies analyzed, regardless of the level of governance.