UMA ANÁLISE DA RELAÇÃO ENTRE GOVERNANÇA CORPORATIVA E ACURÁCIA DAS PREVISÕES DOS ANALISTAS DO MERCADO BRASILEIRO

• Published in: Revista de administração Mackenzie 2013-10, Vol.14 (5), p.104
• Main Authors: Dalmácio, Flávia Zóboli, Lopes, Alexsandro Broedel, Rezende, Amaury José, Neto, Alfredo Sarlo
• Format: Article
• Language: English
• Subjects: Corporate governance; Financial institutions; Forecasts; Public companies; Studies; Theory
• ISSN: 1518-6776; 1678-6971
• DOI: 10.1590/s1678-69712013000500005

The aim of this paper is to investigate the perspective of signaling theory, influence the adoption of differentiated practices of corporate governance on the accuracy of consensus (average forecast earnings) forecasts of analysts of the Brazilian market. We investigated this relationship because of the lack of a well-developed theory about the complex and multidimensional nature of corporate governance. The accuracy of analyst's forecasts was measured from the proposed methodologies in national and international literature. As a proxy for adoption of differentiated corporate governance practices were used in different levels of corporate governance BM&FBovespa. A working sample of the research was composed of 105 public companies with shares traded on the Stock Exchange of Sao Paulo who had regular coverage of industry analysts, over the period 2000 to 2008. The authors considered both financial institutions and non-financial, totaling 2352 observations. According to the results, there is evidence that corporate governance positively influences the accuracy of the forecasts of analysts.