Governança corporativa e participação societária de bancos, BNDES e fundos de pensão como fatores de resistência às crises financeiras

Abstract

This article presents the results of quantitative research that seeks to identify associations between levels of corporate governance, and the presence or absence of participation of banks, BNDES and pension funds in the corporate structure of a sample of 160 companies listed on BM&FBovespa. It also aims to assess the influence of these variables as factors supporting the stock prices of these companies at the peak of financial crisis of 2008. Through correspondence analysis and multivariate logistic regression, it was found that the adoption of different levels of governance is a significant factor for increasing the resistance of stock prices to systemic financial crisis, as well as a positive association between the participation of institutional investors in the shareholding structure of listed companies and the adoption of differentiated levels of governance. The results provide indications that market recognizes the role of these investors as factors to induce to adopt good governance practices, reflecting on stock prices.