Governança corporativa: uma análise comparativa dos desempenhos financeiros das empresas que compõem o índice IBOVESPA

Abstract

Nowadays, realizing how corporate governance brings with it a competitive advantage for organizations, enhancing their chances of optimizing, expanding and supporting the needs imposed by the market. This work aims to analyze differences between the financial performances obtained by companies listed on the Ibovespa index, adopters of some level of corporate governance. With regard to methodological aspects, this research is classified as descriptive and quantitative in nature. The sample of this research consisted of a total of 79 companies listed on the Ibovespa index, in the period from 2018 to 2020. For the data collection of this study, a documentary research was used. The collected data were treated in an Excel spreadsheet, to be better interpreted. In the treatment of data, regression and the statistical test of difference in means were used, using the statistical software Stata 17.1. It can be concluded that, regardless of the variables contained, in the analyzed period, the participation of companies in some level of corporate governance did not guarantee a significant advantage to justify their participation in such levels, be they Level 1, 2 or new market. Only EBITDA and Return on Shares feel efficient as a use of corporate governance in the new market, being superior to the other levels. Earnings per share, on the other hand, did not obtain a statistically significant difference, with companies not belonging to the new market having, on average, a higher EPS.