Governança Corporativa: Evolução das Companhias de Controle Estatal e Misto no Brasi

Abstract

This study investigates the evolution of corporate governance for state-owned firms and mixed companies in Brazil between 2010 and 2017. The performed analysis is based on the Brazilian State and Mixed Governance Index (IGEM-Brasil), complemented by tests for diferences between means which included the various listing segments on which each of these companies are listed. The results show the evolution in most of the corporate governance practices investigated in this study, with improvements presented in the index by companies listed in lower-listing segments, including improvements in terms of Disclosure and Board Procedures. The superiority of the score in the IGEM-Brasil index presented by higher-listed companies can be observed during all the period, having evidence that these companies have a better board structure and offer better protection to the minority shareholders.