Corporate governance indicator for BM&FBOVESPA national companies
DOI:
https://doi.org/10.6008/CBPC2179-684X.2019.003.0003Keywords:
Corporate governance, Indicator, Companies, ACPAbstract
This paper proposes the construction of an indicator for the evaluation of corporate governance practices adopted by a sample of 193 BM&FBOVESPA companies, considering the information on share capital and corporate event schedule available on the Bm&FBovespa website. The multivariate statistical technique of Principal Component Analysis - PCA was used, adopting the procedure proposed by Nagar et al. (2002), who use only the principal components that explain most of the variability of the sample data, considering the eigenvalues ​​greater than or equal to one. The results showed the consistency of the proposed IGC, since most companies with corporate governance levels closer to 1, in fact, are among the companies certified by Bm&FBovespa as New Market in accordance with the Differentiated Levels of Corporate Governance.
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