Desempenho das empresas listadas nos níveis diferenciados de governança corporativa

Abstract

Academics widely discuss Corporate governance due to its significance for investors and other stakeholders. One of these individuals' main concerns is related to companies' performance. Thus, this investigation proposes an analysis of the performance of Brazilian-listed companies. This work analyzes different levels of corporate governance: Nível 1, Nível 2, and Novo Mercado. The objective is to identify patterns and variations over the analyzed period. The central focus is to understand whether overnance practices influence the performance of these companies. The research adopts a descriptive and bibliographic approach, combining qualitative and quantitative analysis to investigate critical indicators such as quick ratio, ROA, ROE, Total-Debt-to-Total-Assets Ratio, and DFL of the main segments listed from 2015 to 2022. The study found that, in most cases, companies listed at the highest level of corporate governance did not exhibit superior economic and financial performance compared to other governance levels.