文章基本信息

标题：Corporate Governance Index, Firm Valuation and Performance in Brazil
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作者：André Luiz Carvalhal da Silva ; Ricardo Pereira Câmara Leal
期刊名称：Brazilian Review of Finance
印刷版ISSN：1984-5146
出版年度：2005
卷号：3
期号：1
页码：1-18
语种：English
出版社：Link to the Brazilian Society of Finance
摘要：This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin’s Q and better corporate governance practices although the results are not statistically significant.
其他摘要：This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin’s Q and better corporate governance practices although the results are not statistically significant.
关键词：corporate governance index;firm valuation and performance;Brazil;índice de governança corporativa;desempenho e valor da firma;Brasil
其他关键词：Business;corporate governance index; firm valuation and performance; Brazil;G32; G34