Programas de Compliance e acionistas: uma análise sobre a relação entre o perfil do controlador e as práticas de integridade adotadas pelas companhias brasileiras

Abstract

This article presents a evaluation of the compliance programs implemented so far by 249 brazilian publicly traded companies and seeks to assess whether the shareholder identity of these companies can influence the level of adoption of these practices. Initially, it is proposed some questions to evaluate compliance programs based on the Brazilian legislation and corporate governance best practices codes. Therefore, qualitative and quantitative analyzes are applied on the data collected in order to verify the existing relationships between the performance of companies in these questions in which their compliance programs were evaluated and several characteristics of these companies, the central being the profile of the controlling shareholder. The results indicate that there is no influence or statistically significant relation of the shareholder's identity on the level of integrity practices adopted by the evaluated companies. However, other aspects, like the adoption of anticorruption brazilian law and the market segment, show that they have some influence on the adoption of such practices.