Análise dos impactos da adoção das práticas de Governança Corporativa utilizando índices contábeis-financeiros no setor elétrico brasileiro

Abstract

This paper aims to compare the performance of companies that adhere to corporate governance practices with those that have not joined, through the use of accounting-financial indicators of liquidity, profitability and debt, for the period 2005 to 2007. Picked up as companies adopting corporate governance practices of those in the IGC - Index of Stocks with Differentiated Corporate Governance of Bovespa at the end of 2007. It found that nonfinancial listed companies were divided into various segments of work, including the availability of information and the number of samples picked up the electric power sector. This point was made to compare the behavior of listed companies in this sector in the IGC, on the other belonging to it, which were listed among the best and biggest of the Journal Review (2008). In other words, try to see if you can check any relevant impact of the adoption of corporate governance practices in accounting and financial indicators. The idea is to check whether companies that have adopted best practices, presented a performance, in terms of liquidity, debt and profitability, statistically higher than the market. In the study of the impact of these actions were used statistical analysis of different means, through the test of inequality of Chebyshev. The results show that although the principle is to imagine that there were differences between adopters of governance practice companies and other companies without this feature, there were no significant differences in general, in 2005, 2006 and 2007, in the liquidity, profitability and debt indexes among the two groups.