Índice de governança corporativa para empresas do mercado acionário brasileiro

Abstract

The main objective of this study was to develop a corporate governance index (CGI) for companies traded on B3. The sample was made from 116 public companies whose stocks are currently being traded or once were traded on B3. The study is quantitative and the CGI development was made through the principal component analysis (PCA). The period of analysis of this work goes from 2010 up to 2016. The work attempt to identify which dimension of corporate governance presents greater weight in the classification of companies regarding their governance. For the construction of the CGI, 5 governance dimensions were studied: (i) ownership and control structure; (ii) information disclosure and transparency; (iii) composition of the board of directors; (iv) management incentives; (v) shareholder rights. From the results of the PCA, it was possible to classify the companies accordingly to their governance attributes. The results showed that the dimension (iii) was the one with the greatest weight in the composition of the governance index. The importance of the results found is highlighted, contributing to the discussion of corporate governance