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Estrutura de governança e valor das companhias abertas brasileiras

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  • Silveira, Alexandre Di Miceli da
  • Barros, Lucas Ayres B. de C.
  • Famá, Rubens

Abstract

Corporate governance seeks to increase the probability that suppliers of financial resources will assure themselves the return on their investment through a set of mechanisms including the Board of Directors. This paper investigates if the governance structure was important to the value of Brazilian listed firms from 1998 to 2000. Three governance variables were considered: the separation of chief executive officer and chairman positions (DE), board size (TOT), and board independence (Indep). The multiple regression method with cross sectional data was applied. The variable chief executive officer as chairman (DE) showed the most important results, with evidence that, on average, firms with different people in charge of the chief executive officer and chairman positions have higher market value.

Suggested Citation

  • Silveira, Alexandre Di Miceli da & Barros, Lucas Ayres B. de C. & Famá, Rubens, 2003. "Estrutura de governança e valor das companhias abertas brasileiras," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 43(3), July.
    • Handle: RePEc:fgv:eaerae:v:43:y:2003:i:3:a:37423
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    Cited by:

    1. André Luiz Carvalhal da Silva & Ricardo Pereira Câmara Leal, 2005. "Corporate Governance Index, Firm Valuation and Performance in Brazil," Brazilian Review of Finance, Brazilian Society of Finance, vol. 3(1), pages 1-18.

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