Made available in DSpace on 2015-12-04T11:45:18Z (GMT). No. of bitstreams: 1 Gregorio_Mancebo_Rodriguez.pdf: 854732 bytes, checksum: 08e310285e5cfc3b2096b2ff09161f6c (MD5) Previous issue date: 2005-08-29 / The development of the domestic and international capital markets has taken investors to increasingly demand the companies to adopt good corporate governance practices, while there has been a substantial increase in costs to comply with such practices. The public offerings of stocks that took place in 2004 at the Sao Paulo Stock Exchange - BOVESPA were driven to the New Market and Differentiated Practices of Corporate Governance - Levels I and II, aiming at reaching better prices for its securities. However, the number of companies listed in these special segments is still relatively low in comparison with all public companies registered at BOVESPA. The present study intends to identify which factors inhibit more companies to adhere to BOVESPA's New Market. Taking into consideration the implicit and explicit costs of corporate governance activities, the study looked for identifying whether the implicit costs have the most influence on the management's decision to adhere or not to the BOVESPA's New Market. The accomplished study also verified that the companies do not segregate from the administrative costs those correspondents to corporate governance activities. This situation arises from the difficulties of identifying amid the corporate activities, which are the ones that correspond to those activities and in with form they should be accrued. The study aims to contribute to the discussion and identification of the factors and the costs (both implicit and explicit) involved in corporate governance activity, so that more companies adopt good governance practices and can raise funds through stock offerings listing their securities in the BOVESPA's New Market and Differentiated Practices of Governance Corporative - Levels I and II. / The development of the domestic and international capital markets has taken investors to increasingly demand the companies to adopt good corporate governance practices, while there has been a substantial increase in costs to comply with such practices. The public offerings of stocks that took place in 2004 at the Sao Paulo Stock Exchange - BOVESPA were driven to the New Market and Differentiated Practices of Corporate Governance - Levels I and II, aiming at reaching better prices for its securities. However, the number of companies listed in these special segments is still relatively low in comparison with all public companies registered at BOVESPA. The present study intends to identify which factors inhibit more companies to adhere to BOVESPA's New Market. Taking into consideration the implicit and explicit costs of corporate governance activities, the study looked for identifying whether the implicit costs have the most influence on the management's decision to adhere or not to the BOVESPA's New Market. The accomplished study also verified that the companies do not segregate from the administrative costs those correspondents to corporate governance activities. This situation arises from the difficulties of identifying amid the corporate activities, which are the ones that correspond to those activities and in with form they should be accrued. The study aims to contribute to the discussion and identification of the factors and the costs (both implicit and explicit) involved in corporate governance activity, so that more companies adopt good governance practices and can raise funds through stock offerings listing their securities in the BOVESPA's New Market and Differentiated Practices of Governance Corporative - Levels I and II. / O desenvolvimento dos mercados de capitais nacional e internacional tem levado os investidores a exigir cada vez mais por parte das empresas, a utiliza????o de boas pr??ticas de governan??a corporativa, ao passo que tem se verificado o crescente aumento de custos para atend??-las. Os lan??amentos de a????es ocorridos em 2004 na Bolsa de Valores de S??o Paulo - BOVESPA foram direcionados para os segmentos do Novo Mercado e de Pr??ticas Diferenciadas de Governan??a Corporativa - N??veis I e II, tendo em vista alcan??ar melhor precifica????o em seus valores mobili??rios. No entanto, o n??mero de empresas negociadas nesses segmentos especiais, ainda ?? relativamente baixo em propor????o ao total de companhias abertas registradas na BOVESPA. O presente trabalho procurou identificar quais s??o os fatores inibidores para a ades??o de maior n??mero de empresas ao Novo Mercado da BOVESPA. Considerando-se os custos impl??citos e expl??citos das atividades de governan??a corporativa, procurou-se identificar se s??o os custos impl??citos os que mais pesam na decis??o dos gestores em aderir ou n??o ao Novo Mercado da BOVESPA. O estudo realizado constatou ainda que as empresas n??o segregam dos custos administrativos, os correspondentes ??s atividades de governan??a corporativa. Esta situa????o deriva das dificuldades em identificar nas atividades corporativas, quais as que corresponderiam ??quela atividade, e de que forma elas deveriam ser apropriadas. O trabalho tem como objetivo contribuir na discuss??o e identifica????o dos fatores e dos custos (impl??citos e expl??citos) envolvidos na atividade de governan??a corporativa, com vistas a que mais empresas adotem boas pr??ticas de governan??a e possam captar recursos mediante o lan??amento de a????es registrando seus valores mobili??rios no Novo Mercado e nos segmentos Diferenciados de Governan??a Corporativa - N??veis 1 e 2