Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/31073
Title: Value and governance of the Brazilian corporations : how is the relationship between these variables?
Authors: Lameira, Valdir
Keywords: Business enterprises -- Brazil
Corporate governance -- Brazil
Risk management -- Brazil
Economic development -- Brazil
Issue Date: 2013
Publisher: Eleftherios Thalassinos
Citation: Lameira, V. (2013). Value and governance of the Brazilian corporations : how is the relationship between these variables?. International Journal of Economics & Business Administration, 1(3), 93-110.
Abstract: This study estimated the quality of governance practiced by a significant sample of Brazilian publicly traded companies between 2002 and 2006, and related it to risk, performance and value. An index composed of twenty questions, with all answers in binary form, was constructed to measure the quality of governance. Hausman test was used and the results showed endogeneity between governance and value. Afterwards the structural equations method was applied and constructed several models involving the relationships among governance; performance measured by roe (return on assets) and ets (ebit-to-sales); risk measured by the wacc (weighted average cost of capital), and value measured by mts (market-to-book sales) and mtbv (market-to-book value). Statistically significant results between higher levels of governance, lower risk, better performance and higher value were observed.
URI: https://www.um.edu.mt/library/oar//handle/123456789/31073
ISSN: 23817356
Appears in Collections:IJEBA, Volume 1, Issue 3



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