Competição no mercado de produtos, governança corporativa e desempenho das companhias / Product market competition, corporate governance and organizational performance

AUTOR(ES)

Pedro Henrique de Barros

DATA DE PUBLICAÇÃO

2010

RESUMO

As a pioneer in Brazil, this dissertation investigates how product market competition (PMC) effects on the corporate governance quality. The analysis frame coincides with the period from 2005 to 2007, with a total sample of 90 companies. The research was divided into two interrelated parts. The first one investigates how PMC variables significantly impact the quality of corporate governance. In order to estimate the corporate governance quality, we used a governance index developed by the Brazilian Corporate Governance Institute. As a proxy for PMC, several measures were used, such as the Herfindahl-Hirschman Index, the concentration ratio of the four major companies in the market and the number of competitors. The mean results of these tests, though not conclusive because of the absence of statistical significance for some explanatory variables related to competition, in general suggest that competition influences the quality of corporate governance. In summary, the analysis indicates that companies with low PMC have lower corporate governance quality. The second part investigates if the impact of corporate governance quality on organizational performance varies depending on the degree of PMC. Overall, it was observed that the quality of corporate governance positively and significantly affects organizational performance when they operate in less competitive sectors. However, the results can not be considered conclusive due to the absence of statistical significance for the main explanatory variables in all regressions. Overall, the research results contribute to academicians and practitioners to discuss a new variable that can affect the corporate governance structure definition and therefore can be used in statistical models: product market competition. The research also contributes to the debate on corporate governance and policies development by regulatory agencies.

ASSUNTO(S)

competição econômica corporate governance desempenho organizacional economic competition governança corporativa organizational performance

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