Adesão ao programa de Governança das Estatais e a criação de valor

Abstract

To develop a specific state governance program is a response to the need to restore the image and credibility of these companies. The Programa Destaque em Governança de Estatais (State Governance Highlight Program) was developed to encourage these companies to improve their corporate governance practices and structures. The purpose of this research is to identify if there was an impact on stock return of the companies that joined the B3’s state governance program. The dilemma is: Has there been an impact on stock return of the companies that have joined the B3’s state governance program? The null hypothesis (H0) is that the adherence to the program did not have a statistically-significant impact on stock return of the companies that were part of the research. The opposite hypothesis (H1) shows that there may be indications that the event of adherence to the program had a statistically-significant impact on stock returns. The results point to two groups of companies. In the first, consisted of Petrobras, Banco do Brasil and BB Seguridade, there was no hypothesis of an efficient market. The companies Petrobras Distribuidora and Eletrobrás, that belong to the second group, obtained a p-value lower than 5%, confirming the opposite hypothesis (H1) that there may be indications that the event of adhesion to the B3’s state governance program had a statistically-significant impact on stock returns