The Contribution of Corporate Governance for the Performance of Brazilian Publicly Traded Companies

Abstract

The heterogeneity of business performance has been the subject of great concern for entrepreneurs and researchers of Social Sciences. There are numerous approaches and methodologies for the investigation of this subject, producing results on which there is no consensus among the most relevant authors. Regarding the approaches, some of the differences can be attributed to the researchers' preference for one of the competing explanatory theories of this phenomenon – the Industrial Organization, the Resource-based View (RBV), the Dynamic Skills Theory and the Theory of Market Processes. The authors of the Theory of Dynamic Skills consider leverage and regeneration of resources and capabilities as essential factors for the formation of competitive advantage, and highlight the crucial role of strategic management in this field. These new ideas stimulated the analysis of the influence of firm factors performance, among which the contribution of managerial aspects, the line of research chosen for this article, which aims to investigate the contribution of Corporate Governance in the performance of Brazilian publicly traded companies registered at BM&FBOVESPA. The methodology used is the MANOVA, and the results confirm that the Corporate Governance constitutes a relevant explanatory factor in business performance.