Análise da relação entre o índice de governança corporativa, preço das ações e o desempenho dos três principais bancos privados brasileiros

Abstract

With the evolution of the markets, above all from the globalization process on, investors started demanding more detailed information about the quality of the investments and financing carried out by banks and companies. The transparence and solidity of the information published by companies become essential elements so that corporate governance practices can be applied in an efficient way. The purpose of this work is to verify and analyze the stock prices behavior of the banks Bradesco, Itaú and Unibanco after the migration of their stocks to BOVESPA s Differentiated Corporate Governance Index (IGC, in Portuguese). This paper tries to clarify if the adoption of corporate governance practices, recommended by BOVESPA, has promoted growth in the stock prices of the researched banks. This work employs qualitative and quantitative methodologies and is based on statistical procedures, seeking to produce an assumption believed as true, because of the population researched from the sample of national banks. In this sense, this work researches three different aspects: the first one, related to a general evaluation of the situation of the researched banks as to their returns and general view of the market s performance; the second, related to the analysis of abnormal or extraordinary return rates of the prices of the stocks of the researched banks in relation to market indexes, Ibovespa and IGC; and finally the third aspect, through a multi-variable regression of stock prices of the researched banks in terms of value, performance and macro-economic variables. The results of this research demonstrate that it is not possible to assert that there was appreciation in value of the stocks of the researched banks (Bradesco, Itaú and Unibanco) after they migrated to BOVESPA s differentiated corporate governance levels.