Desempenho, valor da empresa, volatilidade de valor, custo de capital e governança corporativa no Brasil

Abstract

The objective of this research was to evaluate the impact of corporate governance on performance and market value, volatility of this value and cost of capital. Companies that compose the IBrX 100 index listed on the Brazilian Stock Exchange B3 - Brazil, Bolsa e Balcão - were analyzed in the segments of the new market, level 2, level 1 and basic from 2013 to 2017, excluding financial institutions and those not had complete data throughout the period. Therefore, references were raised about the theme in order to theoretically justify a descriptive model of the data. To estimate the model, regression analysis with panel data was used through the R statistical software. Among the main results, it was found that the companies of the IBrX 100 index listed in the basic level of B3 have higher Tobin Q. Enterprises in the new market and level 2 have lower WACC. Companies' market value volatility is higher when companies are in the higher governance segments. There was no positive relationship between performance and governance level, or even negative between governance level and volatility and cost of capital.