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Abstract
This study estimated the quality of governance practices employed by a sample of publicly traded companies in Brazil between 2002 and 2006. It also explored the way quality of governance is related to three variables: risk, performance, and value. The Hausman test showed endogeneity between governance and value. Afterwards, the structural equations method was applied to construct various models involving the relationships among Statistically significant results were observed among high levels of governance, low risk, strong performance and high value. This suggests that governance affects the value of companies directly as well as affecting the value of companies indirectly through the mediating variables of risk and of performance.
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