%0 Journal Article
%T Corporate Governance Index, Firm Valuation and Performance in Brazil
%A Andr¨¦ Luiz Carvalhal da Silva
%A Ricardo Pereira Camara Leal
%J Revista Brasileira de Finan£¿as
%D 2005
%I Brazilian Society of Finance
%X This study investigates the relationship between the quality of a firms corporate governance practices and its valuation and performance, through the construction of a broad firm-specific corporate governance index for Brazilian listed companies. The empirical results indicate a high degree of ownership and control concentration. We can also note a significant difference between the voting and total capital owned by the largest shareholders, mainly through the existence of non-voting shares. Panel data results indicate that less than 4% of Brazilian firms have good corporate governance practices, and that firms with better corporate governance have significantly higher performance (return on assets). There is also positive relationship between Tobin¡¯s Q and better corporate governance practices although the results are not statistically significant.
%K corporate governance index
%K firm valuation and performance
%K Brazil
%U http://virtualbib.fgv.br/ojs/index.php/rbfin/article/view/1143