公司治理指数与市场表现:来自巴西股市的证据

J. E. Ribeiro, Antônio Artur de Souza
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引用次数: 0

摘要

本研究旨在为巴西股票交易所和场外交易市场(Brasil, Bolsa, balc [B3])交易的巴西公司建立公司治理指数,以评估2010年至2020年间最佳治理实践对其市场绩效的影响。尽管为巴西公司创建了不同的治理指标,但大多数实证研究使用的是基于B3公司治理差异水平(DCGLs)的代理。这种情况主要是由于难以收集数据和操作这些索引。本文提出了一个易于使用的公司治理指数,因此,与文献中记录的其他指数相比,它更易于访问。创建一个有效的指数来评估巴西公司的公司治理质量是关键,因为在巴西等对投资者法律保护薄弱的国家,公司治理对这些公司的财务决策的影响更大。投资者看到管理良好的公司风险较小,因此他们有更好的机会收回投资。因此,拟议的指数是一项重要的财务评估工具。提出的治理指数得到了先前研究的支持,这些研究指出了减少代理问题的最有效机制。作为衡量市场表现的指标,我们使用了托宾Q和公司价值。最后,使用普通最小二乘(OLS)模型、面板数据和使用工具变量方法的回归模型进行分析。考虑到模型的一致结果,所提出的指数被证明是一个很好的治理衡量标准。在所有的估计中,公司治理与市场绩效之间的关系为正,证明市场信心与指数所表达的公司治理质量相关。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate governance index and market performance: evidence in the Brazilian stock market
ABSTRACT This study aimed to build a corporate governance index for Brazilian companies with stocks traded by the Brazil Stock Exchange and Over-the-Counter Market (Brasil, Bolsa, Balcão [B3]) to evaluate the effect of the best governance practices on their market performance, between the years 2010 and 2020. Despite the different governance indexes created for Brazilian companies, most of the empirical studies used proxies based on B3's Differential Corporate Governance Levels (DCGLs). This scenario is mainly due to difficulty in collecting data and operationalizing these indexes. This article proposes a corporate governance index that is simple to use and, therefore, more accessible when compared to other indexes documented in the literature. The creation of an effective index for assessing corporate governance quality in Brazilian companies is key, given that the influence that governance has on the financial decisions made by these companies is greater in countries with weak legal protection for investors, such as Brazil. Investors see that well-governed companies are less risky, thus they have a better chance of recouping their investments. Thus, the proposed index stands out as a major instrument of financial assessment. The proposed governance index has been supported by previous studies pointing out the most efficient mechanisms in reducing agency problems. As measures of market performance, Tobin's Q and Firm Value were used. Finally, the analysis was performed using ordinary least squares (OLS) models, panel data, and regression models using the instrumental variables approach. The proposed index proved to be a good measure of governance, given the unanimous results among the models. In all estimations, the relationship between corporate governance and market performance was positive, attesting the market confidence associated with the corporate governance quality expressed by the index.
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