Governança corporativa analisada nos limites circunscritos da crise subprime: análise dos efeitos da crise na volatilidade das ações no novo mercado brasileiro e no prime standard alemão

Abstract

Corporate governance has emerged in the context of the need for incentive mechanisms and control codes that are available to companies to enhance the very idea of governance, in order to regulate the functioning of the internal and external structures in order to give investors greater certainty as to the fulfillment of their goals return with low volatility. It is a fact, therefore, that businesses, institutions of oversight and regulation has underpinned confidence in the standards of governance and management tools and monitoring of risks to the point of understanding that their decisions could be taken as appropriate and efficient to prevent occurrences finish on systemic risks. Therefore, this study seeks to answer about the effects of subprime crisis in the volatility of stock returns of companies listed on the Novo Mercado in Brazil and Prime Standard German, in the commercial, industrial and services. Adheres to the purposes of analyzing whether there are differences that are significant volatility in both countries, for companies classified in the segments proposed in the precrisis, crisis and post crisis. In empirical research we used the Kolmogorov-Smirnov, Shapiro-Wilks, symmetry and kurtosis (normality of data), Levene\'s and Box\'s M (homogeneous data) and assumptions for Student\'s t test, and test of sphericity Greenhouse - Geisser and Huynh-Feldt for Multivariate Analysis of Variance - MANOVA - repeated measures. The use of Student\'s t test analyzed the volatility of Brazilian stocks compared to Germany, a year and half and within the categories of business segments. Multivariate analysis with repeated measures tests used Pillai\'s Trace, Wilks\' Lambda, Hotelling\'s Trace and Roy\'s Largest Root to assess group differences across multiple metric dependent variables simultaneously. Considering the methodology employed, the results point to the rejection of the null hypothesis of equal volatility between companies of both countries. However, we grant accepting the null hypothesis between each segment. In this sense, one can understand there are significant differences between the volatility of the Brazilian and German actions in general, except during the height of the crisis, but this difference is not attested in the analysis segment. Furthermore, the service sector was the most volatile among the segments analyzed.