Práticas de governança corporativa e o impacto no desempenho organizacional em empresas da BM&FBOVESPA

Abstract

Corporate Governance as a system of management, monitoring and incentives of organizations, involving owners, Board of Directors, and control bodies. Its basic principles are transparency, fairness, accountability and corporate responsibility and are intended to preserve and optimize organizational value, facilitate access to resources and provide greater longevity of the organization. Due to various cases of financial scandals in the 1980’s in the United States and Europe, a number of steps have been taken to create a corporate governance environment with greater responsibilities and sanctions for managers. In Brazil, mainly from the 1990’s on, corporate governance gained importance, giving rise to several studies in the area. Several studies have sought the relationship between the adoption of corporate governance practices and the superior performance of organizations. This dissertation investigates whether the corporate governance structure was relevant to a superior organizational performance, relating such variables to corporate governance variables related to Ownership Structure, Board of Directors and Issuance of ADR’s. The results showed correlations among the variables of Organizational Performance, especially the Size of Assets and Indebtedness, with the variables of Corporate Governance.