Prática da governança corporativa e custo de capital implícito das empresas brasileiras de capital aberto

Abstract

This dissertation considers the relationship between the practice of corporate governance and the implied cost of capital by the Brazilian´s publicly held companies seeking companies in the Novo Mercado da BM&FBovespa has lower implied cost of capital over the business of Traditional Market. The sample was used in this research includes the 228 largest non-financial publicly held companies in Brazil, in which 114 include Novo Mercado and 114, Traditional Market. The period considers from 2000 to 2013. As a proxy for corporate governance was used companies included in Novo Mercado segment. The Easton estimation method was used to calculate the implied cost of capital. The results show strong evidence of lower cost of capital for higher levels of corporate governance during the last ten years.