A rentabilidade empresarial e os níveis de governança corporativa: uma análise nas empresas do setor de consumo cíclico listadas na B3.

Abstract

Corporate Governance (GC) aims to influence the reduction of information asymmetry, optimization of business performance, and consequently increase the company value by attracting investments, as well as protecting all related parties such as investors, management, executives and the company itself. From this, B3 created the special segments CG levels, developed to provide a trading environment that would stimulate the interest of the investors and the valuation of the companies. Thus, the study aimed to perform an analysis of the corporate level of governance of companies in relation to the profitability indexes (ROE, ROS, Return of actions), to observe if the adherence to differentiated levels of GC of B3 influence the economic development/financial performance of companies. For this, a quantitative and qualitative study was carried out, through a documentary survey, in the companies listed in the Cyclical Consumption sector in B3, observing the financial statements for the year 2017. It can be concluded that the adherence to the CG levels relate to profitability indexes, because the highest average of these indexes was observed in the companies with the highest level of requirement to compose the B3’s Corporate Governance listing, the New Market, Level 1 and Level 2 segments.