The Relationship Between Governance and Performance of Listed Companies in Breazil

被引：2

作者：

Lameira, Valdir de Jesus ^{[1
]}

Ness, Walter Lee, Jr. ^{[2
]}

Quelhas, Osvaldo L. G. ^{[3
]}

Pereira, Roberto G. ^{[4
]}

机构：

[1] INESC Coimbra, Coimbra, Portugal

[2] Pontificia Univ Catolica Rio de Janeiro PUC Rio, IAG, Rio De Janeiro, RJ, Brazil

[3] UFF, Latec, Rio De Janeiro, Brazil

[4] UFF, MSG, Rio De Janeiro, Brazil

来源：

SISTEMAS & GESTAO | 2011年 / 6卷 / 02期

关键词：

Governance; performance; companies open; linear regressions and structural equations;

D O I：

10.7177/sg.2011.v6.n2.a7

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

This study estimated the quality of governance practiced by a significant sample of Brazilian publicly traded companies between 2002 and 2006, and related it to performance. An index composed of twenty questions, with all answers in binary form, was constructed to measure the quality of governance. Measures of performance were the following variables: return on assets, return on equity, the margin of ebit-to-sales, and the ratio of market value-to-sales. The results obtained through the application of the method of simple and multiple linear regressions, in increasing level of complexity, were confirmed, with robustness, by the results obtained by the use of structural equations, confirming the original hypotheses that better governance is associated to better performance. The effects of possible endogeneity do not harm the results obtained using the linear regressions.

引用

页码：184 / 200

页数：17

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