Governança corporativa e desempenho financeiro: uma análise das empresas inovadoras listadas na B3

Abstract

In this research, we analyzed the existence of the relationship between corporate governance and financial performance in companies classified as innovative in relation to non-innovative, listed on B3 and the effects of the economic situation in the period from 2016 to 2022. Observing whether a difference was detected in the financial performance of companies, when they presented different levels of Corporate Governance. The relevance of companies being innovative or not is presented in the literature, as a way for them to present a better financial performance and to adopt a governance practice, since it is well received by the market. To elaborate the proper analysis, the panel data model was used to investigate the relationships in relation to the financial performance of the companies. The following indicators were used: (a) for corporate governance: if the company has one of the differentiated levels of corporate governance; (b) for financial performance: ROA, ROI, ROIC, adopting the cash flow system; (c) for market performance: Book to Market and the P/E Ratio; (d) for internal performance: Operating Efficiency, Liquidity, Indebtedness and Fixed Assets; (e) for classification as innovative or not: adoption of the ANPEI seal; and (f) for macroeconomic variables: GDP, LFT and IPCA. To determine the best model to be used, the following tests were performed: i) Comparison between Pooled and Fixed Effects; ii) Comparison between Pooled and Random Effects; iii) Comparison between Fixed Effects and Random Effects. So, what showed the best result was the Fixed Effects model. As for the COVID variable, its objective was to measure the effect of the pandemic before and after to verify if there was any systemic impact on companies. As for the results obtained in this research, the Real Estate and Information Technology sectors stand out, which presented relevant values in the correlations between the variables. This occurred due to its characteristics in relation to its market conditions specifically in the Brazilian market. In turn, the other correlations, referring to other sectors, showed low values and, for the most part, no significance level. Thus, with regard to the objectives and hypotheses presented, it was indicated that the issue of the adoption of corporate governance practices and companied being classified as innovative did not prove to be as effective, as presented in the literature. However, certain sector, mainly, Real Estate and Information Technology, presented relevant values in the correlations between the variables. This occurred due to its characteristics in relation to its market conditions, specifically in the Brazilian market. The results of this thesis showed that the fact that companies are innovative or not innovative, in addition to having different levels of corporate governance, do not effectively influence their financial performance. The contribution of this thesis lies in the question of the result of the interaction between what constitute innovative and non-innovative companies, having different levels of governance, and the way in which these characteristics come to affect their financial performance.