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Adoção de Práticas Diferenciadas de Governança Corporativa Beneficia o A Acionista e Aumenta a Liquidez Acionária? Evidências Empíricas do Mercado Brasileiro

2010; Emerald Publishing Limited; Volume: 17; Issue: 2 Linguagem: Inglês

10.5700/rege394

2177-8736

Marcos Antônio de Camargos, Francisco Vidal Barbosa,

Business and Management Studies

The New Market and Differentiated Levels of Corporate Governance (Novo Mercado e Niveis Diferenciados de Governanca Corporativa, NDGC) have disseminated practices for improved governance in order to increase transparency and information for investors and further, to reduce the cost of capital, thereby supposedly increasing share value and liquidity. To analyze this when adhering to NDGC, impact on behavior and liquidity as well as other share and market variables were investigated by an event study. Preferred shares of 32 enterprises segmented in levels I and II, as well as common shares of 17 enterprises were studied. NDGC adherence did not result in creation of wealth for shareholders but increased liquidity especially in the long term for both preferred and common shares while Level II compliance did not influence liquidity more than that level I compliance.