Corporate Governance, Efficiency, Productivity and Performance

Authors

  • Roberto do Nascimento Ferreira Universidade Federal de São João del-Rei
  • Antônio Carlos dos Santos Universidade Federal de Lavras
  • Ana Lúcia Miranda Lopes Departamento de Ciências Administrativas da FACE/UFMG
  • Reinaldo Aparecida Fonseca Universidade Federal de São João del-Rei
  • Luiz Gustavo Camarano Nazareth Universidade Federal de São João del-Rei

Keywords:

Governança Corporativa, Eficiência Técnica, Índice de Malmquist, Análise Envoltória de Dados.

Abstract

There are a large number of research which main purpose is the search for a empirical relationship between corporative governance and the performance. Studies which seeks to demonstrate this relationship characterized by the use of financial indicators and indicators of stock analysis, combined with the use of econometric methods. However, there are suggestions so that be established alternative measures of performance, such as use of non-parametric analysis. Measuring the performance using other analysis techniques to assess the relationship between corporate governance and performance represents a relevant contribution to this study field. By using the nonparametric technique of Data Envelopment Analysis, the main objective of this paper is to verify whether there are significant differences between technical efficiency and productivity of companies in the segments of corporate governance with the technical efficiency and productivity of companies in other segments of Bovespa. The technical efficiency scores showed no significant differences between groups of companies with and without governance. However, in the years of 2008 and 2009 companies with shares traded on other segments of Bovespa showed a higher level of technical efficiency. Similar results were observed with the Malmquist productivity index. In order to establish parameters in the comparison of the performance achieved by the efficiency scores were analyzed the traditional metrics for measuring the value, Tobin's Q and Firm Value. It was observed in the three years analyzed that the market value of companies in the segments of corporate governance is lower than the companies of other segments of stock trading. This research advances over previous contributions have focused on determining the performance, too, by measuring technical efficiency and productivity growth. The results allow a new angle of analysis in the evaluation of companies in a specific way for the adoption of good corporate governance practices.

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Author Biographies

Roberto do Nascimento Ferreira, Universidade Federal de São João del-Rei

Grafuado em Ciências Contábeis

Mestrado em Administração

Professor do Departamento de Ciências Administrativas e Contábeis

Antônio Carlos dos Santos, Universidade Federal de Lavras

Graduação em Agronomia pela Universidade Federal de Lavras

Mestrado em Administração pela Universidade Federal de Lavras (1989

Doutorado em Administração pela Universidade de São Paulo (2000)

Professor do Departamento de Administração e Economia - Universidade Federal de Lavras

Membro de corpo editorial da revista Organizações Rurais e Agroindustriais

Revisor da revista Organizações Rurais e Agroindustriais

Revisor da revista RAUSP

Área de pesquisa: Cooperativismo, Estrutura organizacional, Administração

Ana Lúcia Miranda Lopes, Departamento de Ciências Administrativas da FACE/UFMG

Graduação em Engenharia Civil pela PUC/RS

Mestrado em Engenharia de Produção pela UFSC/SC

Doutorado em Engenharia de Produção pela UFSC/SC

Professora Adjunto II do Departamento de Ciências Administrativas da FACE/UFMG

Membro permanente dos cursos de mestrado e doutorado do Centro de Pós-Graduação e Pesquisas em Administração - CEPEAD/UFMG.

Pesquisadora Mineira pelo Programa Pesquisador Mineiro da FAPEMIG/MG

Área de pesquisa: análise de eficiência por meio de Data Envelopment Analysis - DEA, em especial nas áreas de energia elétrica e mercado de capitais

Reinaldo Aparecida Fonseca, Universidade Federal de São João del-Rei

Graduado em Ciências Contábeis

Mestrado em Administração – Universidade Federal de Lavras

Doutorando em Engenharia Florestal - Universidade Federal de Lavras

Professor no Departamento de Ciências Administrativas e Contábeis – Universidade Federal de São João del-Rei

Área de pesquisa: Contabilidade, finanças corporativas e finanças públicas

Luiz Gustavo Camarano Nazareth, Universidade Federal de São João del-Rei

Graduado em Ciências Contábeis

Mestrado em Administração – Universidade Federal de Lavras

Professor no Departamento de Ciências Administrativas e Contábeis – Universidade Federal de São João del-Rei

Coordenador do Curso de Ciências Contábeis - UFSJ

Área de pesquisa: Contabilidade tributária, contabilidade avançada e  finanças corporativas

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Published

2013-04-18

Issue

Vol. 14 No. 4 (2013)

Section

Strategic Finances

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