<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0121-6805</journal-id>
<journal-title><![CDATA[Revista Facultad de Ciencias Económicas: Investigación y Reflexión]]></journal-title>
<abbrev-journal-title><![CDATA[Rev.fac.cienc.econ.]]></abbrev-journal-title>
<issn>0121-6805</issn>
<publisher>
<publisher-name><![CDATA[Facultad de Ciencias Económicas Universidad Militar Nueva Granada]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0121-68052021000200011</article-id>
<article-id pub-id-type="doi">10.18359/rfce.4028</article-id>
<title-group>
<article-title xml:lang="pt"><![CDATA[Relações entre governança corporativa, desempenho financeiro e valor de mercado: uma análise no contexto brasileiro]]></article-title>
<article-title xml:lang="en"><![CDATA[Relationships Between Corporate Governance, Financial Performance, and Market Value: an Analysis in the Brazilian Context]]></article-title>
<article-title xml:lang="es"><![CDATA[Relaciones entre gobernanza corporativa, desempeño financiero y valor de mercado: un análisis en el contexto brasileño]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Carreiro]]></surname>
<given-names><![CDATA[Nádia Kelly Duarte]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Nascimento]]></surname>
<given-names><![CDATA[João Carlos Hipólito Bernardes do]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Barbosa]]></surname>
<given-names><![CDATA[Flávia Lorenne Sampaio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Rabêlo Neto]]></surname>
<given-names><![CDATA[Alexandre]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Silva]]></surname>
<given-names><![CDATA[Maurício Corrêa da]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidade Federal do Piauí  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidade Federal do Rio de Janeiro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidade de Fortaleza  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af4">
<institution><![CDATA[,Universidade de Fortaleza  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<aff id="Af5">
<institution><![CDATA[,Universidade Federal do Rio Grande do Norte  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Brazil</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2021</year>
</pub-date>
<volume>29</volume>
<numero>2</numero>
<fpage>11</fpage>
<lpage>28</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0121-68052021000200011&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0121-68052021000200011&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0121-68052021000200011&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="pt"><p><![CDATA[Resumo: Buscou-se investigar o impacto da governança corporativa no desempenho financeiro e no valor de mercado das firmas listadas na B3 s. A. Para tal, com uma amostra composta de 759 observações realizadas de 2013 a 2016, utilizou-se da técnica PLS-SEM, em escalas formativas. A título de resultados, foi possível suportar as hipóteses de relacionamento direto e positivo entre governança corporativa e desempenho financeiro, governança e valor de mercado, e desempenho financeiro e valor de mercado nas análises de todas as observações. Com uma amostra de firmas de menor porte, observou-se a existência de mediação parcial do desempenho financeiro na relação entre governança corporativa e valor de mercado, evidenciando que "parte" desse desempenho financeiro deve ser aplicado na adoção e/ou no aprimoramento das práticas de governança corporativa, uma vez que estas são precificadas pelo mercado de ações. Por fim, na existência de melhores práticas de governança corporativa, é esperada uma intensificação da relação (efeito moderador) entre desempenho financeiro e valor de mercado. O estudo contribui para a literatura ao reforçar a relevância das práticas de governança corporativa que devem ser adotadas pelas firmas a fim de melhorar o seu desempenho financeiro, aumentando o seu valor de mercado e atendendo aos objetivos dos stakeholders.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: 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.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: Se buscó investigar el impacto del gobierno corporativo en el desempeño financiero y en el valor de mercado de las empresas relacionadas en la B3 s. A. Para ello, desde una muestra de 759 observaciones realizadas del 2003 al 2016, se utilizó la técnica PLS-SEM, en escalas formativas. Como resultados, se logró soportar las hipótesis de relación directa y positiva entre gobierno corporativo y desempeño financiero, gobernanza y valor de mercado, y desempeño financiero y valor de mercado en los análisis de todas las observaciones. Con una muestra de empresas de menor tamaño, se observó la existencia de mediación parcial del desempeño financiero en la relación entre gobierno corporativo y valor de mercado, lo que revela que "parte" de este desempeño financiero debe aplicarse en la adopción o en el perfeccionamiento de las prácticas de gobierno corporativo, una vez que estas tienen fijados sus precios por el mercado accionario. Para terminar, frente a la existencia de mejores prácticas de gobierno corporativo se espera una intensificación de la relación (efecto moderador) entre desempeño financiero y valor de mercado. El estudio aporta a la literatura al reforzar la relevancia de las prácticas de gobierno corporativo que deben adoptarse las empresas con el fin de mejorar su desempeño financiero, incrementando su valor de mercado y respondiendo a los objetivos de los stakeholders.]]></p></abstract>
<kwd-group>
<kwd lng="pt"><![CDATA[governança corporativa]]></kwd>
<kwd lng="pt"><![CDATA[desempenho financeiro]]></kwd>
<kwd lng="pt"><![CDATA[valor de mercado]]></kwd>
<kwd lng="pt"><![CDATA[PLS-SEM]]></kwd>
<kwd lng="en"><![CDATA[corporate governance]]></kwd>
<kwd lng="en"><![CDATA[financial performance]]></kwd>
<kwd lng="en"><![CDATA[market value]]></kwd>
<kwd lng="en"><![CDATA[PLS-sem]]></kwd>
<kwd lng="es"><![CDATA[gobierno corporativo]]></kwd>
<kwd lng="es"><![CDATA[desempeño financiero]]></kwd>
<kwd lng="es"><![CDATA[valor de mercado]]></kwd>
<kwd lng="es"><![CDATA[PLS-SEM]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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