Abstract
The objective of this study is to identify the aspects of corporate governance that are related to the performance of non-financial sector companies listed on the IBrX50 index of the Sao Paulo Stock Exchange. The aspects taken under consideration are the following: the board of directors; audit committee, and voluntary disclosure. Performance was measured using Tobin’s Q ratio. Six hypotheses were compiled and tested using multiple linear regression. The results showed that companies with an above-average number of board members, and those with an audit committee made up of three or more members, are more likely to perform better in the stock market. Along with this, companies with a greater proportion of independent board members showed a negative relationship with performance. In terms of specific aspects of corporate governance, a greater number of committees comprising the board, disclosure of EBITDA forecasts and audit committees with at least one financial expert member showed a negative relationship, albeit not at the level of significance selected for analysis. Additionally, robustness testing showed that the aspects of corporate governance do not display a significant relationship with company financial performance (ROA). From this, the inference can be made that market value is related more to the adoption of governance practices than to financial performance.
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