Governança Corporativa e sua influência no desempenho das empresas durante períodos de crise

Abstract

This research aimed to examine the relation between corporate governance and economic performance of publicly traded Brazilian companies in periods of crisis. The time span investigated involved the period from 2008 to 2015, segmenting it into three different periods: global crisis (2008-2009), non-crisis (2010-2013) and local crisis (2014-2015). The study of economic performance during different periods of crisis allows understanding some aspects of corporate governance that are less evident during normal or even economic growing situations. The chosen governance mechanisms were: separation between company´s board president and chief executive officer, board of directors, management compensation and transparency of published information. Afterwards, the panel data regression was used to investigate the relation between each aspect of corporate governance and economic performance index commonly used by market. As a result, the separation between company´s board president and chief executive officer, a higher level independence of the board and the number of members of this same board have no positive relation with company performance in any of the periods analyzed. The management compensation, a profit sharing program, issue ADR´s in American market and financial reports audited by one of the “Big Four” were significant mechanism for the company’s performance during periods of economic growth. During periods of economic crisis having financial reports audited by one of the “Big Four” has proved to be a significant practice for better company performance; however, management compensation and profit sharing program were adverse to the company´s performance considering risk adjusted return measures in the same period.