Submitted by Silvana Teresinha Dornelles Studzinski (sstudzinski) on 2015-10-07T13:08:41Z No. of bitstreams: 1 MARIANA HAEFLIGER DA SILVA_.pdf: 456867 bytes, checksum: 11b74495736facf75a0c36eb7caaac00 (MD5) / Made available in DSpace on 2015-10-07T13:08:41Z (GMT). No. of bitstreams: 1 MARIANA HAEFLIGER DA SILVA_.pdf: 456867 bytes, checksum: 11b74495736facf75a0c36eb7caaac00 (MD5) Previous issue date: 2015-02-27 / CAPES - Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / O objetivo desta dissertação foi identificar as empresas que apresentam maior nível de adesão a práticas voluntárias de governança corporativa. A adoção de um sistema de governança corporativa poderia contribuir para a redução dos conflitos de agência entre acionistas minoritários e majoritários, controlando a expropriação dos primeiros pelos últimos e garantindo-lhes o retorno esperado. A partir das recomendações do Código de Melhores Práticas de Governança Corporativa do Instituto Brasileiro de Governança Corporativa (IBGC) construiu-se um conjunto de 17 indicadores de práticas voluntárias de governança corporativa. A pesquisa contempla as empresas listadas na BM&FBOVESPA e que participaram do Índice Brasil Amplo (IBrA) no terceiro quadrimestre de 2014, totalizando 130 empresas. Como fonte de coleta das evidências utilizou-se os formulários de referência e as páginas eletrônicas das empresas, assim como a página eletrônica da BM&FBOVESPA, resultando num total de 2210 observações. A análise se deu mediante a aplicação da técnica de análise de componentes principais (PCA), a qual permitiu a criação de um índice de governança corporativa voluntária: IGCVg. . Considerando o critério de análise utilizado, os resultados indicam que as empresas listadas nos segmentos com governança corporativa diferenciada da BM&FBOVESPA, em especial aquelas listadas no Novo Mercado, apresentam maiores níveis de adesão a práticas voluntárias de governança corporativa. / The aim of this work was to identify the companies with greater adherence level of voluntary corporate governance practices. The adoption of a corporate governance system could help to reduce agency conflicts between minority and majority shareholders, controlling the expropriation of the first by the last, guaranteeing their expected return. Considering the recommendations of Code of Best Practice for Corporate Governance of the Brazilian Institute of Corporate Governance it was developed a set of 17 indicators of voluntary corporate governance practices. The research focuses on companies listed on the BM&FBOVESPA that participated in the Brazil Broad Index (IBrA) in the third quarter of 2014, totaling 130 companies. The sources of collection of evidence was the reference forms and web pages of companies, as well as the website of BM & FBOVESPA, resulting in a total of 2210 observations. They were analyzed by applying the principal component analysis technique (PCA), which allowed the creation of a voluntary corporate governance index: IGCVg. Considering the analysis criteria used, the results indicate that companies listed in the segments with differentiated corporate governance of BM&FBOVESPA, in particular those listed in the Novo Mercado, present greater adherence levels of voluntary corporate governance practices.

Background: Sustainability reporting has become increasingly important for firms that want to appease their stakeholders and the society, whilst possibly increasing the corporate financial performance (CFP) of the firm. This is because sustainability disclosures currently work as the main channel for firms to inform their stakeholders of the CSR practices and environmental management carried out by the company. However, there have been various previous studies that examine the relation between corporate social performance (CSP) or the reported CSP, and CFP but not a study that would focus on GRI’s adherence level and its effect on Firm value (FV). The adherence level in the context of a GRI Report refers to the extent to which the GRI Sustainability Reporting Framework and GRI Standards have been applied to a company’s sustainability report (Global Reporting Initiative, n.d.). This study intends to examine if stakeholders can be affected by a sustainability report’s adherence ranking made by GRI, although there necessarily would not be a clear connection to a company’s actual environmental performance.  Purpose: The purpose of this study is to find out if the adherence level affects a firm’s value and how, although this classification of reports would not say anything about a company’s level of sustainability or a company’s sustainability performance. In short, the study wants to examine if stakeholders or the society surrounding a company are affected by the adherence level of a company’s GRI reporting and if this then can affect the value of the organization in any way. Aim: The aim of this research is to encourage organizations to become more transparent or elaborate regarding their sustainability practices if any significance between the adherence level and the FV can be found.  Method: This study was conducted by examining 98 European manufacturing firms’ GRI adherence levels for the years 2017 to 2019 and comparing them to respective Firm Values (Tobin’s Q) by the usage of panel data regression analysis.  Conclusion: The results show that no significant relationship between the GRI adherence level and FV can be found in the European manufacturing industry for the period 2017 to 2019.

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