Palavras-chave
gestão da governança corporativa
conselho de administração
remuneração
Como Citar
Resumo
Objetivo – Este estudo examina a relação entre governança corporativa e modelos de estimativa de risco de ativos nos níveis agregado e setorial.
Referencial teórico – A União Europeia promove as melhores práticas de governança corporativa, e a Espanha exige o cumprimento do Relatório e das Recomendações de Governança Corporativa.
Metodologia – Utilizando informações contábeis e divulgações públicas obrigatórias, o estudo estima modelos de regressão linear múltipla para examinar a relação entre as principais dimensões da governança corporativa (remuneração, monitoramento e estrutura de governança) e o risco dos ativos.
Resultados – No nível intersetorial, a análise mostra que a maior parte da variabilidade no risco dos ativos depende de duas variáveis de controle (tamanho e pertencimento ao setor financeiro) e de uma variável relacionada à governança corporativa (a porcentagem de diretores proprietários). Os resultados não fornecem evidências estatisticamente significativas que apoiam as hipóteses relativas às variáveis relacionadas à governança corporativa, o que justifica a necessidade de uma análise setorial. Uma vez eliminada a heterogeneidade intersetorial, a presença de acionistas de blocos, a remuneração dos executivos, a existência de conselheiros proprietários e o número de reuniões do conselho explicam uma proporção significativa da variabilidade intrasetorial.
Implicações práticas e sociais da pesquisa – Os reguladores podem promover estruturas de governança, os investidores podem avaliar seu perfil de risco com base no tamanho e no setor da empresa, e os conselhos de administração podem adaptar a governança corporativa ao seu setor.
Originalidade – O estudo utiliza informações públicas obrigatórias disponíveis desde 2018 para examinar a relação entre governança corporativa e risco de ativos, destacando a heterogeneidade intersetorial e a necessidade de análise setorial.
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