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CORPORATE GOVERNANCE AND FIRM PERFORMANCE: NEW EVIDENCE FROM BRAZIL
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Mariana Vieira, Andre Carvalhal 
, Otavio Figueiredo
Abstract
The relationship between governance and firm performance has been vastly studied in the academic literature. Although most studies indicate a positive relation between governance and performance, this result is not clear and conclusive to many experts. This paper uses a new methodology to analyze the relation between governance and performance. We compute the change in the quality of governance and classify the firms into three groups (positive, neutral and negative variation). Then we calculate the current and future performance for each group and check if there is a relation between changes in governance and firm performance. Analyzing Brazilian data from 2002 to 2008, our results indicate that positive (negative) changes on corporate governance are associated with positive (negative) changes on firm performance.
Keywords: Corporate Governance, Firm Performance, Corporate Governance Index, ROA
How to cite this paper: Vieira, M., Carvalhal, A., & Figueiredo, O. (2011). Corporate governance and firm performance: New evidence from Brazil. Corporate Ownership & Control, 8(4-5), 527-531. https://doi.org/10.22495/cocv8i4c5art6
