Governança corporativa e valor da firma: um estudo de empresas brasileiras do setor elétrico

Abstract

This research aimed to examine the effects of adopting corporate governance mechanisms on the market value of publicly traded companies of the Brazilian electric sector in the period 2008-2012. To that end, a governance quality index was constructed, using the Principal Component Analysis method, involving 12 variables representing the governance mechanisms recognized by the agency theory, based on works by Correia (2008) and Peixoto (2012). This index was used in the regressions with panel data, in association with Tobin's Q and MBA (market-to-book on assets). The results revealed a negative and significant relationship, which may be linked to the particularities of the electricity sector, or to the fact that the Brazilian capital market is underdeveloped, or even to the low level of liquidity of companies.