Corporate governance and firm valuation in Brazil
This paper investigates the relationship between the quality of a firm’s corporate governance and firm valuation, as measured by Tobin’s Q, for Brazilian firms listed on the BM&FBovespa from 2010 to 2014. A corporate governance index is constructed from a set of five sub-indices which were compi...
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| Tipo de recurso: | tesis de maestría |
| Estado: | Versión publicada |
| Fecha de publicación: | 2018 |
| País: | Brasil |
| Institución: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Repositório Institucional do FGV (FGV Repositório Digital) |
| Idioma: | inglés |
| OAI Identifier: | oai:repositorio.fgv.br:10438/20223 |
| Acceso en línea: | http://hdl.handle.net/10438/20223 |
| Access Level: | acceso abierto |
| Palabra clave: | Tobin’s Q Corporate governance Brazil Bovespa Governança corporativa Brasil Empresas - Avaliação Ações (Finanças) Economia Tobin, James, 1918 Governança corporativa - Brasil |
| Sumario: | This paper investigates the relationship between the quality of a firm’s corporate governance and firm valuation, as measured by Tobin’s Q, for Brazilian firms listed on the BM&FBovespa from 2010 to 2014. A corporate governance index is constructed from a set of five sub-indices which were compiled from publicly available information. The indices have been used to determine how corporate governance practises have evolved over the period. The results of the study show a positive and significant relationship between firm value and greater overall corporate governance in Brazilian listed firms, as well as the component sub-indices. |
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