Governança corporativa e sua relação com a resiliência financeira:perspectivas brasileiras

Abstract

The proposed objective is to analyze the relationship between the characteristics of corporate governance and the financial resilience oflisted companiesin Brazil.Inorder to achieve the objective, we used the panel data analysis technique estimated using the Robust Random Effects method, which, aftertestingfortheregressionassumptionsand forbet ween models,appeared to be the most appropriate.The information was collected from the Securities and Exchange Commission (CVM) in its referenceform(FRE)and also from Economática®. The population is considered to be publicly traded companies listed on the Brazilian stock exchange (B3), non-financial,activeontheCVMandwith data available between 2018 and 2022, totaling 189 companies distributed across 19 sectors. The results indicate that shareholder concentration, CEO tenure and company size have a significant positive relation ship with financial resilience as mea sured by the severity of share price losses. On the other hand, the COVID-19 effect shows a significant and negative relation ship with financial resilience, since in times of crisis companies are challenged to maintain their market performance and therefore their financial resilience. Similarly, the independence of the board of diretor sand corporate leverage also show a significant and negative relationship with financial resilience. It was also found that the impacts of the pandemic were different in each sector,withthe severity of loss and recovery time being individual for each of them The contributions of this study are both theoretical and empirical. Theoretical in terms of advancing the discussion offinancial resilience and its possible relation ship with corporate governance at a national level. Empirical in terms of companies being able to find answers as to how to build financial resilience, which has been seen as an important strategy for gaining competitive advantage.