Análise da relação entre a governança corporativa e a valorização e a desvalorização de empresas no mercado de ações brasileiro entre 2010 e 2020

Abstract

Many studies suggest a positive relationship between stock prices and the basic principles of Corporate Governance, with the market price being significantly associated with business transparency and shareholders' expectations with regards to the future profitability of assets. Investors have begun taking into consideration good Corporate Governance as evidence of a company's performance credibility in the market and, therefore, the special listings of Brazilian B3’s stock market aim to strengthen the adherence to global standards of good governance and the need of foreign investments, consequently attracting more investors. This paper analyzes the relationship between Corporate Governance and the appreciation and devaluation of stock shares in the Brazilian market. Quarterly data, from the beginning of 2010 to the end of 2020, on all stocks listed in the Economatica database were used to analyze the influence of B3’s special listing tiers on the key financial metrics through correlation, descriptive statistics and data analysis over time. In general terms, when it comes to the studied business outcomes, there was no significant correlation beyond what was already expected for the profitability indicators (ROE, ROA, ROIC). Regarding the observation of the key metrics behavior in the period analyzed, B3’s Nível 1 was found to be the most stable for the average share price, LPA, VPA and Tobin’s q. For the profitability indicators (ROE, ROA, ROIC), B3’s Nível 2 stood out from the other segments. On the other hand, B3’s Novo Mercado emerged as the most unstable listing tier for all variables analyzed, expect ROIC, in which B3’s Traditional presented the highest standard deviations. Nevertheless, it is assumed that the B3’s Novo Mercado sample size was a determining factor for the higher levels of standard deviation – after all, there are numerous companies of different sizes and sectors within this listing tier, which incurs a greater variation of the data. Obtained results have not shown direct correspondence between a specific listing tier and the business outcome indicators evaluated. However, this study differs from other researches on the same topic by analyzing a larger number of companies over a relatively longer period and also contributes to the discussion over the Corporate Governance themes and their associate relationship and impacts on the financial performance of organizations.