The impact of the migration of businesses to the differentiated levels of BM&F Bovespa’s corporate governance over the and return of its shares

Ricardo Luiz Menezes da Silva, Paula Carolina Ciampaglia Nardi, Tabajara Pimenta Junior


The transparency of information is important to diminish the asymmetry of information. The more quality information there is about the business, or financial and economic performance of a certain company, theoretically, the more one can expect a different perception of risk by the investor. The aim of this study was to verify whether the initiative of the companies to adhere to BM&F BOVESPA’s Differentiated Levels of Corporate Governance impacts both at risk and return of the closing price of its shares. For that, daily returns of 252 days before and after the accession of companies to NDGC were used. Over the measures of absolute risk (standard deviation) and relative risk (beta), and return, Kolmogorov-Smirnov tests were made in order to analyze normality, as well as parametric test of paired means and Wilcoxon’s non-parametric test. The behaviors of the roles of 48 companies were analyzed. The results showed that the means of the returns of the companies’ shares showed no significant differences before and after the date of accession to NDGC. Moreover, the risk proxies were significantly different.


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Revista de Administração da UFSM. Brazilian Journal of Management

Universidade Federal de Santa Maria, Santa Maria, Rio Grande do Sul, Brasil, eISSN 1983-4659