Governança corporativa, risco e retorno das ações

Abstract

In order to ensure a higher return and a lower risk on their investment, the investors have sought to give preference to companies that provide information transparency. Aiming to meet the investors’ demand for protection on strategic decisions, the Corporative Governance emerged. The objective of this study was to identify whether the adoption of the most basic level of Corporate Governance by brazilian companies listed B3 have a significant effect on brazilian stocks’ risk and return. It was analyzed the periods before and after the companies’ adoption date to the Level 1 of Corporate Governance. The study’s methodology might be defined as it follows: applied, quantitative, descriptive, ex-post-facto. It was analyzed a sample of 13 companies. The obtained results indicate that statistical averages do not present significant differences before and after the adoption of the Corporate Governance Level 1, regarding the return variable, however to the analyzed risks (Beta and Standard Deviation) they showed statiscally significant differences. Then the results suggest that the adoption of the Corporate Governance most basic level (Level 1) did not have impact on the return of the studied companies. Regarding the risk, it’s noticeable that the adoption have influence on the studied companies’s risk.