Associação entre práticas de governança corporativa e a geração de valor adicionado no setor industrial brasileiro: uma análise de empresas de capital aberto entre 2010 e 2016

Abstract

The objective of this study was to verify the relationship between variables related to Corporate governance practices: sustainability and compliance and the creation of added value in the industrial Brazilian companies listed on B3, in the period from 2010 and 2016. To this end, a study was made in 56 Brazilian industrial enterprises registered in corporate governance levels of B3 (Brazil, stock exchange and over the counter) in the period from 2010 to 2016. Secondary data were collected in the database, the active indicators Economática total sales revenue, EBITDA, EBIT, fixed assets, depreciation/amortization and, finally, from stock. Secondary data were also obtained by the Brazilian Securities Commission (CVM), supplemented with information gathered in the institutional sites of industrial companies examined, focusing on governance practices effectively practiced in each firm annually. Regression techniques were used with panel data with random effects. The results showed that the Brazilian industrial companies showed no statistical evidence that the sustainability and compliance significantly affect the value added generated by companies in the Brazilian industrial sector in the period covered by research.