CORPORATE GOVERNANCE QUALITY AND PERFORMANCE: ANALYSIS OF THE BRAZILIAN STOCK MARKET
Corporate Governance. Performance. Signaling Theory.
In the light of agency theory and signaling theory, this work aims to investigate the association between the quality of corporate governance and the performance of companies listed on B3. For this, information will be collected about the corporate governance structure of non-financial companies that trade their shares at B3. The quality of governance will be measured through the variables board size, board independence, board diversity, voluntary disclosure, shareholding concentration, antitakeover defense and CEO duality. The information needed to estimate performance, which, in the case of this study, was measured by Tobin’s Q and ROA and, alternatively, by market value and ROE, as well as the control variables inserted in the econometric model, were obtained through the Thomson Reuters database, covering the period from 2010 to 2019. For the analysis, in addition to descriptive statistics, two models will be estimated using the method of ordinary least squares.