Fatores de governança corporativa que impactam a produção de valor de adicionado nas empresas dos setores varejista e atacadista brasileiros

Abstract

The objective of this study was to study the value aggregation in companies and later to identify how the Corporate Governance factors affect value aggregation in companies of the Brazilian retail and wholesale sector. The research was done through a descriptive analysis, in which 45 publicly traded companies were analyzed between the years 2011 and 2016. The regression method was applied with panel data, in order to choose between the three main models: Pooled, Fixed Effects and Random Effects, whichever is more appropriate to demonstrate if and how Corporate Governance practices affect the aggregation of corporate value. The results show that there is a strong negative correlation between disclosure and value added, what means that in the sector studied, within the time period covered, the more the company invests in transparency and disclosure postures, the less it generates added value.