Suchergebnisse

Este estudo analisou em dimensão regional os efeitos da governança corporativa e do rating soberano sobre a alavancagem e o desempenho das empresas brasileiras. Foi empregado um método de regressão com dados em painel em amostra de 671 empresas brasileiras listadas na Bolsa Brasil Balcão entre 2010 e 2018. Exploramos o comportamento da alavancagem e da performance das firmas que atuam na Região do Triângulo Mineiro e do Alto Paranaíba e do Sul de Goiás - TMAP em a seus pares que não possuem atividades naquela região. Para o nível regional, a amostra foi dívida em empresas que possuem sede, ou filiais, ou subsidiários nas mesorregiões do Triângulo Mineiro e do Alto Paranaíba e do Sul de Goiás. Os resultados mostraram que as empresas que atuam no TMAP e no Sul de Goiás são mais alavancadas quando são auditados por pelos menos uma das quatro firmas de auditoria – Big4 e quando há presença de um outsider no conselho de administração, em contrapartida, a alavancagem diminui quando o conselho de administração é grande e quando há concentração de propriedade e controle. Em relação ao desempenho, percebeu-se que para essas companhias, o retorno sobre o ativo é influenciado positivamente pela reputação da auditoria e pela presença de outsiders no conselho, enquanto a dualidade das funções CEO e presidente do conselho destrói o Q de Tobin.

Purpose
This paper aims to investigate the impact of sovereign rating and corporate governance on performance of Latin American companies between 2004 and 2018.


Design/methodology/approach
This study performed a multilevel regression with fixed and random coefficients for 823 companies and verified the impacts of country, firm and time levels on the performance variation. The study alternated return on assets and Tobin' Q as dependent variables and measured governance using the following variables: board size, chief executive officer/chairman duality, CEO/board member duality, dummy for the chairman as a former CEO, audit committee, independence and expertise of the audit committee.


Findings
Latin American companies performed better when their respective countries have a better sovereign rating and when they adopt better board of directors and audit committee mechanisms. Sovereign rating assumes distinct roles depending on the presence or absence of governance variables. Rating and governance may be substitute mechanisms to protect investors.


Originality/value
To the best of the authors' knowledge, this paper is the first to investigate the impacts of sovereign rating on firm performance in the Latin American scenario. The use of governance metrics – for example, the audit committee expertise and the dummy for chairman as a former CEO – is innovative in Latin American studies.

ABSTRACT Purpose: This research investigates whether the characteristics of corporate governance (executive compensation, board composition, ownership structure, and control) influence the sensitivity of remuneration to firms' performance, the so-called pay-performance sensitivity. Originality/value: This study brings to the literature a new perspective on the interaction of corporate governance mechanisms aligned with the concept of pay-performance sensitivity. The study shows that governance instruments are not isolated but rather interrelated and interdependent. Design/methodology/approach: The study sample was composed of Brazil 100 Index (IBRX 100) companies listed on B3 from 2014 to 2018. Data were extracted from the Economatica® database, and the reference forms were accessed on the Securities and Exchange Commission of Brazil's (CVM) website. We use panel data regression models with fixed and random-effects models. Findings: The board composition (represented by the CEO/Chairman duality) increases the pay-performance sensitivity, while the ownership concentration reduces it. In addition, a greater presence of independent members on the board reduces the variation in executive compensation.

ABSTRACT Purpose: To investigate whether the shareholder concentration and the board composition influence the export of Brazilian listed firms from 2010 to 2017. Originality/value: The study contributes to the literature on exports and corporate governance by highlighting that companies with good governance practices, measured by the board composition and ownership/control structure, might increase their exports. This research can serve as a guide for companies to structure their boards in order to positively influence exports and improve performance. In addition, the study raises the question of what would be the "optimal level" of firms' shareholding concentration in order to improve the decision-making process involved in choosing to expand borders through export. Design/methodology/approach: The study performed logistic regression (logit model) and regression with the censored dependent variable (tobit model). Propensity to export and intensity of export were used as dependent variables. The logit regressions involved a sample of 307 exporting and non-exporting companies, and the tobit regressions involved a sample of 61 exporting firms. Findings: We found a positive relationship between board independence and exports, that is, the greater presence of independent members on the board, the higher the export level of firms. We also found that there is a non-monotonic relationship between shareholder concentration and level of exports. In summary, the study suggests that some corporate governance mechanisms may act as antecedents for firms' export practices.