Transparency, performance and risk: analysis of the E-Commerce

Abstract

Among the mechanisms of corporate governance proposed by the Agency Theory, one that potentially provides greater reduction of asymmetric information is transparency. Thus, using regressions with data in panels and parametric tests and nonparametric mean differences, the significant results of this research indicate that e-commerce companies traded on NASDAQ are more transparent and have higher performance and lower risk than the similar company listed on the BM&FBOVESPA. These results also indicate that the most transparent companies have higher performance and greater risks. In periods of crisis, the increase is observed both in performance and risk. However, the interaction between crisis and transparency indicates that the most transparent companies are less risky and also report lower performance, since they manage their results less than others.