ADHERENCE TO DIFFERENTIATED LEVELS OF CORPORATE GOVERNANCE AND THE RETURN OF SHARES IN THE PERIOD PRECEDING THE 2008 CRISIS

Iraci de Souza João, Universidade de São Paulo – USP, Ribeirão Preto, SP, Brasil.
Tabajara Pimenta Junior, Universidade de São Paulo – USP, Ribeirão Preto, SP, Brasil.
Luiz Eduardo Gaio, Universidade de São Paulo – USP, Ribeirão Preto, SP, Brasil.
Fabiano Guasti Lima, Universidade de São Paulo – USP, Ribeirão Preto, SP, Brasil.
Published in

 JOURNAL OF INTERNATIONAL BUSINESS AND ECONOMICS
Volume 14, Issue 1, p31-40, March 2014

ABSTRACT

The Corporate Governance theme gained prominence in the 1990s, fruit of the need for incentives and monitoring to ensure symmetry between management behavior and shareholder objectives. In 2000, the BM&FBovespa, the main stock and futures exchange in Latin America, created the NDGC – Differentiated Levels of Corporate Governance (N1, N2 and Novo Mercado - NM) aimed at providing greater transparency to the capitals market, attracting investors, and increasing the return from shares and the trade volume.The objective of this paper was to analyze the impacts caused on the average return offered by stock price variations after the migration of companies to the Differentiated Levels of Corporate Governance in the period preceding the international financial crisis of 2008. For such, the Wilcoxon Test was used for two paired samples, comparing the average return of stocks before and after adherence. The results suggest there was no significant variation in the average return of analyzed stocks.

Keywords

Capital Market; Corporate Governance; New Market; Market Value


About the Article

Abstract, Keywords, Page Numbers, etc

About the Journal

Managing Editors, Indexing, Best Practices

About The Publisher

History, Partners, Conferences

Access the Full Article

Log-in to IABE to access full article

Search IABE

Search IABE's articles by Title, Author, or keyword

Contact Us

Send a message to IABE

Organization

Publishing Partners

Indexing Partners