Governança corporativa: estudo de médias de retorno entre IGC e Ibovespa no período de Jun/01 à Mar/06

• Ano de defesa: 2006
• Autor(a) principal: Securato, José Cláudio
• Orientador(a): Famá, Rubens
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Instituição de defesa: Pontifícia Universidade Católica de São Paulo
• Programa de Pós-Graduação: Programa de Estudos Pós-Graduados em Administração
• Departamento: Faculdade de Economia, Administração, Contábeis e Atuariais
• País: BR
• Palavras-chave em Português: Ibovespa; IGC; Governanca corporativa; Sociedade por acoes > Brasil; Indices de mercado de acoes
• Palavras-chave em Inglês: Corporate governance
• Área do conhecimento CNPq: CNPQ::CIENCIAS SOCIAIS APLICADAS::ADMINISTRACAO::ADMINISTRACAO DE EMPRESAS::ADMINISTRACAO FINANCEIRA
• Link de acesso: https://tede2.pucsp.br/handle/handle/1175

The research intends to show the evidence that the case of existing practices of corporate governance by companies through São Paulo Stock Exchange (Bovespa) in their different levels of value to this companies through the increase in the value of their stocks if compared with the companies that have no corporate governance practices. To prove the evidence true the hypothesis tested is that the average revenue of IGC (Corporate Governance Index) is higher than the average revenue of Ibovespa(EX) (São Paulo Stock Exchange Index Modified, that is the modified Bovespa without the stocks of those companies that comprises the IGC). The Student t and Wilcoxon tests showed to be appropriate to this situation in which the t test is applicable where the supposed P1 and P2 are ordinary with μ and μ + Δ, respectively with the same variance. The Wilcoxon test is applicable to any P1 and P2, being the scale of measures ordinal. Being so for the research to carried out it was necessary to test a priori the equal variances through the Wilcoxon test in order to carry out the t student average test later. The result takes Ho in the test of the same variance this is and proves the hypothesis that Ibovespa(EX) and IGC variances are not different. On the other hand in the average test the null hypothesis was rejected, showing evidence that the IGC average revenue is higher than the Ibovespa(EX) average revenue. It was proved that the revenue of the companies that used different corporate governance practices (IGC) was, in average higher than the revenue of those companies that did not use those practices (Ibovespa(EX)). The Study is limited by the premise that the considered data show ordinary distribution. The same condition applies to the student t and wilcoxon tests. Moreover, it should be considered that being the IGC a recent (since 2001), there is certain restriction in the volume of data. Therefore, the thesis is born by statistic results. Besides showing that Ibovespa(EX) and IGC revenue are different, the results show that, in truth, the companies listed in IGC, as companies that use corporate governance practices (levell, level 2 and new market) had higher revenue than the companies that remained in the Bovespa traditional list