Internacionalização de empresas e governança corporativa: uma análise de desempenho de empresas de capital aberto no Brasil

Abstract

This research aims to perform a comparative analysis between internationalized and non-internationalized listed companies and their performance considering their ROA and ROE within the corporate governance segments they occupy at B3 for 2017. To this end, a comparison with the averages and standard deviations of 152 Brazilian non-financial institutions by sector, found in Economática database (2017). This paper can be classified as descriptive and quantitative, using statistical methods and techniques. As variables of internationalization of companies, it was used the exportation level on sales and trading of ADRs. For corporate governance, the classification listed in B3 was applied. The results showed that most sectors indicate a positive relationship for companies with high governance and are internationalized, showing that companies with this profile tend to perform better than the others while considering the variables studied, ROA and ROE. It is suggested as a future research to include other performance variables, to increase the analysis period and to use other statistical tests.