A influência da governança corporativa no desempenho financeiro, na oportunidade de crescimento e no valor de mercado das firmas: uma análise com modelagem de equações estruturais

Luiz Kennedy Cruz Machado; José Willer do Prado; Laurí Luís Rauber; Eduardo Gomes Carvalho; Antônio Carlos dos Santos

doi:10.4025/enfoque.v39i2.45852

The influence of corporate governance on financial performance, growth opportunity, and market value of firms: an analysis with modeling of structural equations

Luiz Kennedy Cruz Machado Universidade Federal de Lavras - UFLA http://orcid.org/0000-0002-1090-8245
José Willer do Prado Universidade Federal de Lavras – UFLA http://orcid.org/0000-0003-3926-2406
Laurí Luís Rauber Universidade Federal de Lavras – UFLA http://orcid.org/0000-0001-9486-0455
Eduardo Gomes Carvalho Centro Federal de Educação Tecnológica de Minas Gerais http://orcid.org/0000-0002-5266-375X
Antônio Carlos dos Santos Universidade Federal de Lavras – UFLA http://orcid.org/0000-0002-7499-5034

DOI: https://doi.org/10.4025/enfoque.v39i2.45852

Keywords: Corporate Governance; Market Value; Financial Performance; PLS-SEM.

Abstract

The objective of this study was to identify the influence (direct or mediated) of Corporate Governance on Financial Performance, Growth Opportunity and Market Value of companies listed on the Brazilian stock exchange, B3 (Brazil Bolsa Balcão), moderated by variable time (quarter). The sample consisted of 161 companies, data were collected in the Economática® database, in the period from the first quarter of 2013 to the second quarter of 2018, making a total of 3,279 subsamples (firms / quarters). In order to ascertain the proposed hypothesis, we used the modeling of structural equations, implemented in the software SmartPLS. The results indicate that for the company to increase its market value, investments in good corporate governance present themselves as a great alternative, in addition to the fact that financial performance and growth opportunity act as mediator of this relationship. Corporate governance has shown a direct and positive effect on financial performance, as well as financial performance has a positive impact on market value, in accordance with the assumptions made. However, the hypotheses regarding the positive influence of corporate governance on the growth opportunity and the latter on market value were not met for the present sample.

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Published

2020-08-25

How to Cite

Machado, L. K. C., Prado, J. W. do, Rauber, L. L., Carvalho, E. G., & Santos, A. C. dos. (2020). The influence of corporate governance on financial performance, growth opportunity, and market value of firms: an analysis with modeling of structural equations. Enfoque: Reflexão Contábil, 39(2), 27-41. https://doi.org/10.4025/enfoque.v39i2.45852

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Issue

Vol 39 No 2 (2020): Enf.: Ref. Cont.

Section

Original Articles

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