EXISTE DIFERENÇA ENTRE A RENTABILIDADE DAS AÇÕES DAS EMPRESAS QUE ADOTAM GOVERNANÇA CORPORATIVA COM RELAÇÃO ÀS EMPRESAS DO MERCADO TRADICIONAL?

The study verifies, between march 2005 and march 2006, if there is any difference between the stock yields of a sample of companies listed in Bovespa that adopt the principles of Corporate Governance, in different levels, in relation to the companies of the traditional market. The data were extracted from Economatica’s database; 130 non-financial companies with higher liquidity stock were selected, of which 65 adopt Corporate Governance practices, and 65 operate according to the traditional market. To conduct the study, the Analysis of Variance (ANOVA) and Student’s t test were used. The results show that the mean yield of companies that adopt different Corporate Governance levels was superior to that of the companies which did not adopt these practices. These results demonstrate that a higher level of transparency, and consequently lower information asymmetry, can lead to a better company performance.


Variant title:
Is there a difference between the yields of companies that adopt corporate governance practices and those of the traditional market?
Issue Date:
May 05 2008
Publication Type:
Journal Article
PURL Identifier:
http://purl.umn.edu/60711
Published in:
Organizações Rurais e Agroindustriais/Rural and Agro-Industrial Organizations, Volume 10, Number 2
Page range:
250-263
Total Pages:
14




 Record created 2017-04-01, last modified 2017-08-25

Fulltext:
Download fulltext
PDF

Rate this document:

Rate this document:
1
2
3
 
(Not yet reviewed)