Abstract

CARREIRO, Nádia Kelly Duarte et al. Relationships Between Corporate Governance, Financial Performance, and Market Value: an Analysis in the Brazilian Context. Rev.fac.cienc.econ. [online]. 2021, vol.29, n.2, pp.11-28.  Epub Oct 06, 2021. ISSN 0121-6805.  https://doi.org/10.18359/rfce.4028.

It was sought to investigate the impact of corporate governance on financial performance and on the market value of related companies in the B3 s. A. For this, the technique PLS-SEM was used on a sample of 759 observations made from 2003 to 2016, on training scales. As a result, it was possible to support the hypotheses of a direct and positive relationship between corporate governance and financial performance, governance and market value, and financial performance and market value in the analysis of all observations. With a sample of smaller companies, the existence of partial mediation of financial performance was observed in the relationship between corporate governance and market value, which reveals that "part" of this financial performance should be applied in the adoption or improvement of corporate governance practices, once they have their prices set (priced) by the stock market. Finally, the existence of best corporate governance practices is expected to intensify the relationship (moderating effect) between financial performance and market value. The study contributes to the literature by reinforcing the relevance of corporate governance practices that companies should adopt to improve their financial performance, increasing their market value and responding to the objectives of stakeholders.

Keywords : corporate governance; financial performance; market value; PLS-sem.

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