MECANISMOS DE GOVERNANÇA CORPORATIVA NO BRASIL: EVIDÊNCIAS DO CONTROLE PELO MERCADO DE CAPITAIS
DOI:
https://doi.org/10.19094/contextus.v4i2.32076Keywords:
Governança Corporativa, Mercado de Capitais, Índice de Governança Corporativa, American Depositary Receipts.Abstract
Esse trabalho tem por objetivo fazer uma discussão dosmecanismos de governança corporativa no Brasil, especialmenteo controle externo pelo mercado de capitais.Em termos específicos faz-se uma revisão bibliográfica depesquisas que avaliaram a performance: a) do Índice deGovernança Corporativa (IGC), indexado a partir de Junhode 2001; e b) de empresas que possuem American DepositaryReceipts (ADR’s). Tomados os trabalhos que avaliarama performance do IGC no seu conjunto evidencia-se queesse índice não apresentou melhor performance em relaçãoaos outros da Bovespa. Entretanto, os estudos que relacionama performance de empresas emitentes de ADR’s comas práticas de governança corporativa evidenciaram certaconvergência nas conclusões, mostrando, no geral, que asempresas que optaram pelo lançamento de ADR’s apresentarammelhor performance após a emissão do recibo.
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