QUALITY CORPORATE GOVERNANCE OF THE COMPANIES IN THE BRAZILIAN CAPITAL MARKET

Abstract

This study aims to estimate an index of quality of corporate governance for companies which traded shares on BM&FBOVESPA and relate it to different levels of Corporate Governance in which they were listed in the period of 2010 to 2013. For this, it was performed a literature review that addressed the main dimensions of Corporate Governance. Also, from the Reference Forms of the companies listed on BM&FBOVESPA, through the years 2010 to 2013, data on seven dimensions of governance were collected, about: board of directors, ownership structure, incentives to directors, disclosure, investor relations, audit committee and information asymmetry. As well as, through the Principal Component Analysis (PCA) a Quality Index of Corporate Governance (QICG) was built, and their composition was analysed with the help of correlation analysis and test for difference of means. In its results, the average QICG of the companies was 0.631, being verified a significant statistically difference for the QICG between the companies listed on different segments of governance and of the Traditional segment. As for the peculiarities of the dimensions, the report on-time delivery, the free float, the use of audit services of the big four and the independence of the Board of Directors stood out. The main contributions of the study include the construction of a more robust index of corporate governance, with the measurement of seven dimensions significantly correlated, as well as ratification of the importance of the different segments of BM&FBOVESPA.