MECHANISMS OF CORPORATE GOVERNANCE AND PERFORMANCE: ANALYSIS OF PUBLIC COMPANIES LISTED IN BM&FBOVESPA

• DOI: Atena

• Palavras-chave: Atena

• Keywords: Corporate Governance. Performance. Public Subsector.

• Abstract:

   The objective of this research is to verify

  the level of relationship between the mechanisms

  of corporate governance and the performance of

  the companies of the public subsector, listed on

  BM&FBovespa. The research was based on the

  financial statements from 2010 to 2014, obtained

  on the BM&FBovespa website, resulting in a

  sample of 63 companies with 315 observations.

  In order to calculate the performance proxy of the

  company, the ROA was used, and for the calculation

  of the proxies of the corporate governance

  mechanisms were used for the quality of the audit,

  the concentration of ownership in common shares

  and preferred shares, participation in the levels of

  governance of BM&FBovespa, number of shares

  held by the government and number of directors

  in the Board, adapted from the Mollah and Zaman

  (2015) survey. Convergence with national and

  international research, the findings of the study

  showed that such variables as quality of profit,

  concentration of ownership in preferred shares,

  participation in governance levels and size of the

  Board are positively related to the performance

  of the company; already a concentration of

  ownership in common shares and number of

  shares held by the government are negatively

  related to performance. For future reference, it

  is recommended to expand other sectors of the

  market as well as to use other mechanisms of

  corporate governance, presented in the literature.

• Número de páginas: 15