Firm age, value, performance and corporate governance in Brazil

Resumo

Several articles analyze the life cycle of firms and identify throughout time that their performance has an inverted U shape. Firms achieve an optimal level and, thereafter, decline due to lack of flexibility and difficulties to keep up with market changes. The objective of this study is to investigate whether there is a relation between firm age, value and performance in Brazilian companies, and we verify if firm age has an affect on their governance practices. We analyze 250 Brazilian listed firms from 2002 to 2009. Our results indicate that the relation is not shaped as an inverted U in Brazil, and that older firms show higher value and better return on their investments. We also report that older firms show better governance practices. © 2016, Virtus Interpress. All Rights Reserved.

Ficha do documento

Tipo

Artigo científico

Ano

2016

Instituição

Virtus Interpress

Fonte

Repositório da FGV

Idioma

Inglês

Acesso

Acesso restrito

Identificador

oai:repositorio.fgv.br:10438/25498

Temas

DadosGovernança

Palavras-chave

Corporate governanceFirm ageFirm value and performanceAdministração de empresasGovernança corporativaEmpresas - IndicadoresDesempenho - Administração