Boas práticas de governança corporativa reduzem os riscos dos acionistas em crises econômicas?

Resumo

Both international and national study show that the good practices of corporate governance is associated to a higher return and a lower risk for the investor. This paper studies whether a company that adopts good governance practices has or has not a lower risk and a higher return during periods of international crises. For such purposes, this paper analyzes the effects of a corporate governance index on variables relating to company returns on the Brazilian stock exchange in a variety of past economic crises, such as The Mexican crisis, The Asian Crisis, the crises that occurred between 2000 and 2002 (Argentina financial crisis, the electrical system crisis in Brazil, the acts of terrorism in 2001 in USA, the 2002 electoral crisis in Brazil, the crisis of corporate scandals within the USA) and the American sub prime crisis. The results find that during the Asian crisis that the companies in Brazil that practiced better governance showed returns of 7% higher than those companies that did not adopt such practices. Companies with higher levels of debt demonstrated lower returns in ratio to their levels of exposure. On the other hand, companies with a higher profitable payout showed lower volatility of return during this time of crisis. The results find that for several periods of crisis between the years 2000 and 2002, which we refer to as ‘General crises’, and the results find for the American sub prime crisis indicate that the beta of the CAPM Model is still the most preferred model for asset pricing and that good governance practices represented by our governance index were ignored by investors. With all tests completed for the General crises, our corporate governance index did not show a statistical significance. 9 During the American sub prime crisis our governance index did have a statistical significance although it demonstrated the opposite indicator to that expected by corporate governance theory. Thus, our results for this crisis state that companies with good governance had lower returns during this period. The final results from the Mexican crisis show no statistical significance, except for the beta of CAPM where indicated that the higher the beta, the higher the decline in returns during the period of crisis. As the American sub prime crisis provided a good number of observations for our sampling, keeping in mind that this crisis is still ongoing, tests were performed using a new variable to represent good governance practices in lieu of our governance index. This new variable was ‘a dummy variable’ which represented companies listed on the Brazilian stock exchange section for best corporate governance. The results from tests using this ‘dummy variable’ had a statistical significance although its result was not expected by the corporate governance theory. In accordance to our analysis on the effects of good corporate governance to mitigate return risks during an economic crisis, is that whilst we cannot be insured from investor’ behavior on the Brazilian stock exchange, that Brazilians do consider good practice of corporate governance as an important issue. Possibly the only exception to this being 1997 when during the Asia crisis, stockholder protection and the enforcement of corporate law were undergoing change.

Ficha do documento

Tipo

Dissertação

Ano

2009

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/7780

Temas

EconomiaGovernança

Palavras-chave

Governança Corporativa em crises econômicasCorporate Governance in economic crisesEconomiaGovernança corporativaCrise econômicaPreços - Estabilização - BrasilControle de preços - BrasilPolítica de mão-de-obra - BrasilBrasil - Política econômica