A influência da governança corporativa com a volatilidade das ações das empresas energéticas

Abstract

The present study aimed to verify the existence of a relationship between the differentiated levels of corporate governance (NDGC) and the volatility of the shares of energy companies. The differentiated levels are Level 1, Level 2 and New Market, these levels were created by B3, with the aim of proposing greater levels of transparency to further reduce information asymmetries between internal and external users. To verify the existence of the correlation, data from the daily trading session from 2017 to 2021 were collected from a sample of 15 companies in the energy sector listed on B3, statistical tests were applied on the amount of data and a correlation was made between closing price of the share and the volume traded. From then on, it was found that the companies that adhered to the differentiated levels had better results. It is concluded that adhering to the differentiated levels is advantageous, since the Novo Mercado companies had the best results. Regarding levels 1 and 2, it was not possible to consolidate which was more beneficial since the numbers of the two do not differ so much from each other, however, all 3 levels surpassed those that did not adhere to the NDGC.