Governan??a corporativa e a rela????o com desempenho e o valor das empresas brasileiras

A Governan??a Corporativa pode ser entendida como o conjunto de mecanismos de incentivo e controles, internos e externos, que visam minimizar os custos decorrentes do problema de ag??ncia. O tema ?? importante em vista da ampla difus??o da hip??tese de que as pr??ticas de Governan??a afetam o valor e o desempenho das empresas. A disserta????o investiga se a estrutura de governan??a corporativa foi relevante para as companhias abertas brasileiras no per??odo de 2000 a 2010 e se as companhias com pr??ticas de governan??a adequadas ??s recomenda????es do IBGC e da CVM alcan??aram maior valor de mercado ou melhor desempenho. Foram consideradas cinco vari??veis de governan??a: segrega????o nos cargos de diretor executivo e presidente do conselho (SC), tamanho do conselho (TOT), independ??ncia do conselho (INDEP), ades??o aos n??veis de governan??a corporativa (GC) e a????es livres ou ???free float??? (FF). Aplicando t??cnicas de dados em painel entre as vari??veis dependentes de valor e desempenho e as vari??veis independentes de governan??a corporativa, a vari??vel (SC) apresentou forte evid??ncia de que, em m??dia, empresas que tiveram pessoas distintas ocupando os cargos de diretor executivo e presidente do conselho foram mais valorizadas pelo mercado. Contrariando a situa????o esperada, em rela????o ?? vari??vel de independ??ncia do conselho (INDEP) as empresas com grau de independ??ncia mais elevado tiveram desempenho financeiro inferior ??s demais. A vari??vel free float apresentou correla????o negativa com o valor das empresas. A vari??vel de ades??o aos n??veis de governan??a corporativa (GC) e tamanho do conselho (TOT) n??o apresentaram rela????o estat??stica significativa com as vari??veis de valor e desempenho.Corporate governance can be understood as a set of incentive and controls mechanisms, internal and external, which aim to minimize the costs of the problems arising from the agency. The issue is important because it is widely held assumption that governance practices affect the value and of the performance company. This thesis investigates whether the corporate governance structure was relevant to Brazilian companies from 2000 to 2010 and the recommendations of the appropriate companies and CVN IBGC achieved higher market value or performance. Five variables were considered Governance: segregation in the positions of CEO and chairman (SC), board size (TOT), board independence (INDEP), the membership levels of Corporate Governance (CG) and free actions or "free float "(FF). Applying techniques of panel data between the dependent variables of value and performance and the independent variables of corporate governance, the variable (SC) presented strong evidence that, on average, companies that had different people holding the positions of CEO and chairman, were most valued by the market. Contrary to the expected situation in relation to variable board independence (INDEP) companies with higher degree of independence had financial performance lower than the others. The free float variable was negatively correlated with the value of companies. The variable levels of adherence to corporate governance (CG) and board size (TOT) showed no statistically significant relationship against the variables of value and performance