Impacto dos níveis diferenciados de governança corporativa na percepção de risco e volatilidade das ações listadas na B3

Abstract

The propose of this article is to verify if there is a relevant impact on the perception of risk or volatility in the performance of companies that declare reflected at the B3 Differentiated Levels of Corporate Governance (NDGC) being them Novo Mercado (NM), Level 2 (N2) and Level 1 (N1). Implemented by B3 in December 2000, with the objective of generating bigger transparency in relation to the information disclosed and reducing the asymmetry between insider and outsider users. Companies with a higher degree of disclosure and governance are expected to present a lower perception of risk to investors and consequently, lower volatility in their assets traded on the stock exchange. Through panel data analysis of 235 listed companies in the period from 2010 to 2020. It was possible to verify that companies that have NDGC, mainly listed as NM, showed a statistical difference in relation to the volatility of their assets traded on the stock exchange. The variables company size, profitability, indebtedness, growth, and market value also indicated a relationship with variations in the volatility of listed assets.