Governança corporativa: um estudo do impacto de seus mecanismos internos sobre o desempenho financeiro e o valor de mercado de bancos brasileiros

Abstract

This study investigates the existence of a relationship between internal corporate governance mechanisms in relation to the market value and the financial performance of Brazilian banks. In particular, it seeks to understand whether the adoption of a configuration of the Board andthe structure of the ownership, both in accordance with the recommendations of the CVM (Securities and Exchange Commission of Brazil) and the Brazilian Institute of Corporate Governance (IBGC) are translated into a better Tobin's q, an indicator used to proxy the market value and a better return on equity (ROE) of Brazilian banks. The sample used is composed of the banks listed on the São Paulo Stock Exchange (BOVESPA) in the period between 1998 and 2007, which is the horizon for the analysis done by this work. As to the empirical research, estimates were made with data in a balanced panel with a model of fixed effects. Although rare in the midst of our national academic research scenario on corporate governance of banks, there are, internationally, two contrasting perspectives on the subject. The first one maintains that recommendations on corporate governance practices apply to both non-financial companies as well as to banks, while the second one emphasizes the specificity of the banking sector and the lack of effectiveness, in this sector, of the corporate governance practices targeted at businesses in general. The final results of this research are inalignment to the second perspective. With the exception of the variable indicating the accumulation of functions of Chairman of the Board and Chief Executive Officer, negatively related to ROE, none of the other variables proved to be statistically significant, suggesting that the internal mechanisms of corporate governance can be of little effectiveness whenapplied to the banking sector.