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ItemBoard of directors and top management team: a study on CEO relative power and financial return(2012-07-02) Schalka, BeatrizBest corporate governance practices published in the primers of Brazilian Securities and Exchange Commission and the Brazilian Corporate Governance Institute promote board independence as much as possible, as a way to increase the effectiveness of governance mechanism (Sanzovo, 2010). Therefore, this paper aims at understanding if what the managerial literature portraits as being self-evident - stricter governance, better performance - can be observed in actual evidence. The question answered is: do companies with a stricter control and monitoring system perform better than others? The method applied in this paper consists on comparing 116 companies in respect to the their independence level between top management team and board directors– being that measured by four parameters, namely, the percentage of independent outsiders in the board, the separation of CEO and chairman, the adoption of contingent compensation and the percentage of institutional investors in the ownership structure – and their financial return measured in terms return on assets (ROA) from the latest Quarterly Earnings release of 2012. From the 534 companies listed in the Stock Exchange of Sao Paulo – Bovespa – 116 were selected due to their level of corporate governance. The title 'Novo Mercado' refers to the superior level of governance level within companies listed in Bovespa, as they have to follow specific criteria to assure shareholders ´protection (BM&F, 2011). Regression analyses were conducted in order to reveal the correlation level between two selected variables. The results from the regression analysis were the following: the correlation between each parameter and ROA was 10.26%; the second regression analysis conducted measured the correlation between the independence level of top management team vis-à-vis board directors – namely, CEO relative power - and ROA, leading to a multiple R of 5.45%. Understanding that the scale is a simplification of the reality, the second part of the analysis transforms all the four parameters into dummy variables, excluding what could be called as an arbitrary scale. The ultimate result from this paper led to a multiple R of 28.44%, which implies that the combination of the variables are still not enough to translate the complex reality of organizations. Nonetheless, an important finding can be taken from this paper: two variables (percentage of outside directors and percentage of institutional investor ownership) are significant in the regression, with p-value lower than 10% and with negative coefficients. In other words, counter affirming what the literature very often portraits as being self-evident – stricter governance leads to higher performance – this paper has provided evidences to believe that the increase in the formal governance structure trough outside directors in the board and ownership by institutional investor might actually lead to worse performance. The section limitations and suggestions for future researches presents some reasons explaining why, although supported by strong theoretical background, this paper faced some challenging methodological assumptions, precluding categorical statements about the level of governance – measured by four selected parameters – and the financial return in terms of financial on assets. ItemEfeitos da vinculação de conselheiros ao acordo de acionistas no valor da firma(Fundacao Getulio Vargas, 2015) Gelman, Marina Oehling; Castro, Luiz Ricardo Kabbach de; Seidler, ValentinThis study analyzes the effect of shareholders' agreement binding provisions on firm value. Using a database of 181 publicly listed firms from the special segments of the BM&FBovespa, between 2008 and 2012, we analyze the effect of the inclusion of generic and specific clauses into the shareholder agreement bind director's vote to the agreement on firm value. The results indicate a negative effect of the shareholders' agreement on firm value. This effect is higher in the presence of generic clauses and lower in the presence of specific clauses, even after controlling for the endogeneity of the shareholders' decision to adopt shareholder agreements. The results allow us to conclude that controlling shareholders use the shareholder agreements as a mechanism to enhance control at the expense of firm value (entrenchment effect). This article contributes to the literature on governance and corporate finance to reveal practices that weaken the role of one of the main pillars of governance, the board of directors. ItemEntrincheiramento ou alinhamento de interesses? Análise da oferta hostil da Sadia pelo controle da Perdigão à luz da teoria de agência(2009-11-27) Callas, ChristianThe main purpose of this paper is to study the hostile tender offer made by Sadia to takeover its main competitor Perdigão. This is a unique event in the Brazilian capital markets, once it has been made possible only due to the recent institutional e and legal reforms which created the 'Novo Mercado'. Agency Theory is the basic theoretical framework used to formulate hypothesis that would explain the refusal of the tender offer by Perdigão’s shareholders. Public information collected from the companies and in CVM are the only source of data used to analyze the adherence of the entrenchment' vs. convergence of interests' hypothesis as possible explanations to the refusal of the takeover attempt. ItemIFRS 16: o impacto nas empresas listadas no novo mercado da B3(2020) Nepomuceno, Roberto DamascenoObjetivo – Este estudo pretende verificar se as empresas registradas no Novo Mercado da B3 anteciparam voluntariamente a divulgação dos efeitos esperados decorrentes da aplicação da norma IFRS 16 (CPC 06 R2), que trata dos arrendamentos mercantis, bem como avaliar a evolução dessas estimativas com os valores efetivamente registrados na data da sua adoção obrigatória, em 1º de janeiro de 2019, e ao longo do exercício de 2019. Por último, pretende avaliar se o rodízio de auditores afetou a capacidade dessas empresas em suas divulgações voluntárias e obrigatórias dos impactos do IFRS 16. Metodologia – Foi realizada pesquisa documental com base nas demonstrações financeiras e notas explicativas coletadas por meio do site da CVM. Resultados – Não observamos um alto nível de divulgações voluntárias relativas ao impacto esperado da adoção iminente do IFRS 16. Também constatamos que os impactos decorrentes do registro do passivo de arrendamento foram significativos para boa parte das empresas e que houve incrementos significativos na movimentação do passivo de arrendamento registrado durante o ano de 2019, decorrentes de ajustes referentes no cálculo da adoção inicial. Limitações – A principal limitação deste estudo decorre da impossibilidade de comparar os resultados obtidos com essa amostra das empresas do Novo Mercado com as demais empresas, uma vez que não foi testado ou analisado nenhum outro tipo de amostra. Contribuições – Este estudo contribui para o meio acadêmico com dados recentes e referências atuais para pesquisas futuras, uma vez que contempla dados anteriores e posteriores à adoção do IFRS 16, em complemento aos estudos anteriores. ItemImpacto da governança corporativa no valor das empresas brasileiras(2020-01-21) Martins, Marcelo MonteiroO presente estudo visa identificar O Impacto da Governança Corporativa no Valor das Empresas Brasileiras. Foram utilizadas como principais fontes de informação a Bolsa de Valores (B3) e a CVM (Comissão de Valores Mobiliários), compreendendo uma amostra de aproximadamente 280 empresas analisadas em um período de mais de 20 anos , desde o primeiro trimestre de 1997 ao segundo trimestre de 2019. Os efeitos no valor da empresa, foram medidos através do Q-Tobin em regressões em painel envolvendo outros indicadores financeiros e variáveis de Governança Corporativa. Pode-se observar através do estudo uma maior disposição do mercado em valorizar as empresas com melhores níveis de Governança Corporativa. ItemProteção aos investidores em xeque: estudos de casos do novo mercado(2011-05-26) Donaggio, Angela Rita FrancoThis dissertation investigates the effectiveness of the corporate governance practices contained in the Regulations of the Novo Mercado (RNM), a premium listing segment introduced by BM&FBOVESPA in 2000 in order to segregate companies who committed themselves with higher corporate governance standards. In theory, RNM would assure effective protection to investors of companies listed in this segment. However, some cases taking place throughout the 2000’s decade involving companies belonging to Novo Mercado (NM) casted doubt on the effective respect of their shareholders’ rights. Among these cases, two stand out: Cosan in 2007 and Tenda in 2008. Specifically, this research provides an in-depth and qualitative analysis of both cases in order to assess whether RNM and the institutions responsible for their enforcement have successfully protected investors. Methodologically, we employ the 'corporate crisis' and 'institutional autopsy' approach developed by MILHAUPT and PISTOR (2008). W e observe that NM is a product of a legal transplant and that the adoption of rules by the NM was not enough to assure effective protection to investors. We also conclude, as the main result, that the corporate transactions carried out by the controlling shareholders of Cosan and Tenda counteracted the RNM (and the corporate governance principles that have guided its creation) as well as could have transgressed items of the Brazilian regulation. As a result, we observe the lack of adequate supervision by BM7FBOVESPA on the compliance with the rules, as well as CVM’s insufficient attitude when potential infractions to Brazilian regulations took place. On the other hand, such transplant has been at least indirectly responsible for the improvement of the Brazilian legal framework with the subsequent incorporation of new instruments of investors’ protection. This research can be used as a basis for reforms in both the regulation and self-regulation aimed at increasing the firms’ surveillance and the enforcement of the current rules. These reforms could increase the credibility of the securities markets which could, in turn, stimulate the development of the Brazilian capital markets. This is a fundamental debate, since the credibility of the stock market’s premium listing segment depends on the effective investor’s protection, the real reason behind the creation of the Novo Mercado.