Abstract

CATAPAN, Anderson  and  DOUGLAS COLAUTO, Romualdo. Corporate governance: a review of its relationship with the financial performance of listed companies in Brazil in the years of 2010-2012. Contad. Adm [online]. 2014, vol.59, n.3, pp.137-164. ISSN 0186-1042.

The objective of this research is to examine whether there is a relationship between corporate governance and financial performance in Brazilian companies listed on BM & FBOVESPA, considering years 2010-2012. Therefore, data were collected from the Divext -system of disclosure of the Brazilian Securities Commission (CVM) and Net Software Enterprises -and also the CVM. Regression was used with panel data to analyze the relationship. The result showed a direct relationship between perceived market value of firms and level of disclosure. This result illustrated that the higher the disclosure of information, the higher the market value of companies. Besides the significant relationship between market value and corporate governance, a relationship was found between Corporate Governance Index and two variables: Tobin's q and Return On Assets.

Keywords : corporate governance; financial performance; publicly traded companies.

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