Características da governança corporativa e fatores determinantes nas maiores empresas abertas do Brasil

Abstract

This study aims to characterize the corporate governance in the largest Brazilian public companies, identifying its possible determinant factors and the relationship of these factors with four dimensions that represents corporate governance quality. Thus, we analyzed data from 81 non-financial firms to the 2015 period. The corporate governance was measured by 12 aspects, which were collected in financial reports, reference forms and corporate website. We used descriptive statistics, multiple linear regression and Spearman correlation for data analysis. The results show that corporate governance quality can be considered just good, since we are investigating firms economically representative. Further, only the presence in B3 governance segments has influence in corporate governance. However, we observed that the aspects of listing at B3 governance levels, ADR emis-sion, debt, size and firm value can help to explain firms’ corporate governance quality considering the four different dimensions that composes the metric used in this research.