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Abstract(s)
O Governo das Sociedades é tido muitas vezes como um sistema de controlo e de gestão das sociedades, tendo ganho ênfase na década de 90. Este tem como premissa combater problemáticas como os custos de agência, a assimetria de informação, a falta de transparência e as falhas na divulgação de informação através da implementação de políticas e de procedimentos de controlo. Com base nos relatórios anuais sobre o Governo das Sociedades, foi analisado o grau de cumprimento das recomendações das sociedades portuguesas cotadas na Euronext Lisboa para o período de 2014 a 2016. Concluiu-se que o grau de acolhimento manteve-se constante ao longo do período da amostra. As recomendações com menor grau de adoção estão relacionadas com a estrutura do órgão de administração, nomeadamente, a independência dos membros não executivos e a dualidade de funções do presidente do conselho de administração e da comissão executiva. Adicionalmente, quando analisada a relevância de cada recomendação do Código da Comissão do Mercado de Valores Mobiliários, que deu origem ao Índice, verifica-se que a maioria das sociedades assume valores entre os 2500 e os 3000, sendo o máximo atingido o de 3708, numa escala que vai até 4058. Por fim, a análise econométrica permitiu-nos concluir que o número de administradores não executivos independentes e de membros femininos, a remuneração do órgão de administração, o facto de pertencer ao PSI-20 e o auditor ser um dos Big 4 influenciam positivamente o Índice. Na segunda regressão linear estimada observou-se uma relação estatisticamente significativa entre o desempenho das sociedades e o número de
administradores não executivos independentes.
Corporate Governance is often seen as a system of control and management of companies, having achieved emphasis in the 90’s. It has as a premise to address issues such as agency cost, information asymmetry, lack of transparency and the flaws in the information disclosure through the implementation of control policies and procedures. Based on the Corporate Governance’s annual reports, it was analyzed the recommendations compliance degree by the Portuguese companies listed on Euronext Lisbon for the period of 2014-2016. It was concluded that the degree of compliance remained constant throughout the sample period. The recommendations with a lower degree of adoption are related to the structure of the board of directors, namely, with the independence of outside directors and with the duality of the chief executive officer and the chairman of the board. In addition, when analyzed the relevance of each recommendation of the Comissão do Mercado de Valores Mobiliários code, which was one of the steps to construct the index, it was verified that most companies assume values between 2500 and 3000, with the maximum reached 3708, on a scale up to 4058. Finally, the econometric analysis allowed us to conclude that the number of independent outside directors and female members in the board of directors, the remuneration of board of directors, the fact of belonging to the PSI-20 and the fact that the auditor belongs to the denominated Big 4 influence the index positively. In the second estimated linear regression, a statistically significant relationship was observed between corporate performance and the number of independent outside directors.
Corporate Governance is often seen as a system of control and management of companies, having achieved emphasis in the 90’s. It has as a premise to address issues such as agency cost, information asymmetry, lack of transparency and the flaws in the information disclosure through the implementation of control policies and procedures. Based on the Corporate Governance’s annual reports, it was analyzed the recommendations compliance degree by the Portuguese companies listed on Euronext Lisbon for the period of 2014-2016. It was concluded that the degree of compliance remained constant throughout the sample period. The recommendations with a lower degree of adoption are related to the structure of the board of directors, namely, with the independence of outside directors and with the duality of the chief executive officer and the chairman of the board. In addition, when analyzed the relevance of each recommendation of the Comissão do Mercado de Valores Mobiliários code, which was one of the steps to construct the index, it was verified that most companies assume values between 2500 and 3000, with the maximum reached 3708, on a scale up to 4058. Finally, the econometric analysis allowed us to conclude that the number of independent outside directors and female members in the board of directors, the remuneration of board of directors, the fact of belonging to the PSI-20 and the fact that the auditor belongs to the denominated Big 4 influence the index positively. In the second estimated linear regression, a statistically significant relationship was observed between corporate performance and the number of independent outside directors.
Description
Mestrado em Análise Financeira
Keywords
Governo das sociedades Desempenho das sociedades Portugal Empresas cotadas Tobin’s Q Grau de cumprimento Corporate governance Firm performance Listed companies Degree of compliance.
Citation
Silva, M. D. R. (2018). O governo das sociedades nas empresas portuguesas cotadas - Cumprimento das recomendações e desempenho das sociedades. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/16218