Proposta de um índice de governança corporativa para o mercado acionário brasileiro e sua análise frente ao desempenho financeiro e à distribuição de dividendos

Abstract

The main objective of this work was to propose an index, supported by the mechanisms of corporate governance for the Brazilian stock market, and, from it, to analyze the relationship between the quality of governance, financial performance, market performance, capital structure and the distribution of dividends by Brazilian companies with shares traded by Brasil Bolsa Balcão (B3), between the years 2010 and 2020. Thus, this thesis is composed of six interrelated articles, in which each article seeks to fulfill a specific objective, thus established: (i) the first article presents a synthesis of Brazilian studies on governance in the last 20 years. Through this study, the main governance indicators used in Brazilian research were identified. (ii) In the second article, a new governance index was proposed, based on the evidence presented in recent studies on the subject and the relationship between the quality of governance and market performance is analyzed. (iii) The third article analyzes the relationship between governance and financial performance. (iv) The fourth article studies the association between the quality of governance and the distribution of dividends. (v) The fifth article demonstrates the association between governance and capital structure and, finally; (vi) in the sixth article, through tests of means and variances, it is analyzed whether companies with superior quality of corporate governance present superior stock performance than companies with inferior quality of governance. The governance index created showed a positive relationship between corporate governance and market value, and the companies with the best governance quality had higher ROE and ROA EBITDA than the others. A negative relationship was also observed between corporate governance and the distribution of dividends and it was found that corporate governance does not seem to influence the capital structure of Brazilian companies. In short, the governance index created in this work proved to be an important financial assessment instrument, proving to be a practical and important tool for shareholders and managers of companies that require capital to finance their activities, as well as for creditors, who need to reduce your credit risks.