Os níveis de governança corporativa da BM&F BOVESPA aumentam a liquidez das ações?

Autores/as

  • Ricardo Luiz Menezes Silva Assistant professor at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in the Accounting Department in Ribeirao Preto.
  • Paula Carolina Ciampaglia Nardi Assistant professor at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in the Accounting Department in Ribeirao Preto.
  • Vinícius Aversari Martins Assistant Professor at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in the Accounting Department in Ribeirao Preto.
  • Milton Barossi Filho Assistant Professor of Economics at the Department of Economics, School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in Ribeirao Preto.

Palabras clave:

Liquidez de Ações, Governança Corporativa, BM&F BOVESPA.

Resumen

De acordo com a Teoria da Agência, há conflito de interesses entre agente e principal. Para alinhar esses interesses há alguns mecanismos como, por exemplo, a adoção de práticas de governança corporativa. Pesquisas recentes encontraram uma relação positiva entre governança corporativa e liquidez de ações. O objetivo deste artigo consiste em analisar se a migração das empresas para os níveis de governança corporativa da BM&F BOVESPA aumenta a liquidez de suas ações. Para tanto, foram estimadas regressões de dados em painel para três variáveis representativas de liquidez. Os resultados não permitem afirmar que haja evidências significativas do impacto da adesão aos níveis de governança corporativa sobre o nível de liquidez das ações. A adesão das empresas aos níveis de governança não proporciona um prêmio de liquidez, o que contraria alguns estudos. Uma provável explicação baseia-se na hipótese de insuficiente proteção legal aos investidores e do modelo de governança brasileiro, visto que as normas e princípios exigidos pela adesão aos níveis de governança da bolsa não implicam força de lei.

Palavras-chave: liquidez de ações, governança corporativa, BM&F BOVESPA.

Biografía del autor/a

Ricardo Luiz Menezes Silva, Assistant professor at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in the Accounting Department in Ribeirao Preto.

Bachelor (2006) and Master (2009) in Accounting at School of Economics, Business Administration and Accounting of Ribeirão Preto - University of Sao Paulo (FEA/RP-USP), and PhD in Accounting at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA-USP) (2013). Assistant professor at School of Economics, Business Administration and Accounting - University of Sao Paulo (FEA/RP-USP) in the Accounting Department in Ribeirao Preto. Major research line is about Quality of Accounting Information, concerning Disclosure and Compliance, Earnings Quality, Value-Relevance, Earnings Management, Timeliness and related areas in the national and international context. In addition, studies the economic consequences resulting from the IFRS adoption, and corporate governance practices.

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Publicado

2016-09-12

Número

Vol. 13 Núm. 3 (2016): Jul/Sept

Sección

Articles

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