ADRS, Differentiated Levels of Corporate Governance of the São Paulo Stock Exchange, and the Performance of Publicly Traded Brazilian Companies

International Journal of Business Studies: A Publication of the Faculty of Business Administration, Edith Cowan University, Vol. 15, No. 2, pp. 67-82, 2007

27 Pages Posted: 8 May 2012

See all articles by Valdir Lameira

Valdir Lameira

INESC Coimbra

Walter L. Ness

Pontifical Catholic University of Rio de Janeiro (PUC-Rio)

Date Written: May 8, 2012

Abstract

We investigate whether improvement in Brazilian corporate governance practices is related to better performance of companies measured in its diverse dimensions. Dummy variables were used to identify firms with level 2 or 3 ADR programs and to represent participation in level 2 or the “new market” level of differentiated practices of corporate governance established by the São Paulo Stock Exchange. Significant statistical relationships were obtained for both dummy variables in relation to the performance measures, suggesting that the adhesion to programs which require improved corporate governance practices is associated with corporate performance.

Keywords: corporate governance, performance, ADRs, São Paulo Stock Exchange

JEL Classification: G30, C31

Suggested Citation

Lameira, Valdir and Ness, Walter L., ADRS, Differentiated Levels of Corporate Governance of the São Paulo Stock Exchange, and the Performance of Publicly Traded Brazilian Companies (May 8, 2012). International Journal of Business Studies: A Publication of the Faculty of Business Administration, Edith Cowan University, Vol. 15, No. 2, pp. 67-82, 2007. Available at SSRN: https://ssrn.com/abstract=2054598

Valdir Lameira (Contact Author)

INESC Coimbra ( email )

Rua Antero de Quental, 199, Coimbra
Coimbra, Coimbra 3000-033
Portugal

Walter L. Ness

Pontifical Catholic University of Rio de Janeiro (PUC-Rio) ( email )

Rua Marquas de Sao Vicente, 225
Rio De Janeiro, RJ 22453-900
Brazil

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