CORPORATE GOVERNANCE: PERCEPTION OF COMPANIES HOW TO PRACTICE OF CORPORATE GOVERNANCE AND THE NEW MARKET ENTRY OF BOVESPA

Abstract

The profit of efficiency in the management ally to the increase of the liquidity of the Brazilian Stock Market and to its importance in the financing of the companies’ results in the biggest transparency of the information divulged for the companies. Currently the expressive amount of companies whom they use practical of Corporative Governance suggests that such methods result in benefits for the company that adopt them. The biggest valuation of the actions of the companies whom they compose the IGC (Index of Corporative Governance) and profits with bigger visibility, minors capital costs and improves of the professionalization in the management, suggests that the companies get advantages when entering the New Market maximum level of Corporative Governance in the Brazilian market. Practical the Corporative Governance and it does contribute for the increase of the trustworthiness of the investors, collaborators, financial institutions and market in general. Knowing itself of the importance of practical of Corporative Governance the objective of the present work it was to identify to the perception of the companies in the New Market of the São Paulo Stock Exchange, approaching the impacts of the Corporative Governance having as main focus the companies listed in the New Market of the BOVESPA. For in such a way a questionnaire with questions was elaborated specifies on the benefits and obstacles faced for the Governance and the entrance and maintenance in the new segment of listing of the BOVESPA, the New Market. It was verified that the practical companies when adopting of Corporative Governance possess expectation of valuation and increase of liquidity of the actions, what in fact occurs the implantation of these practical after. One notices despite impediments how much to the implantation and maintenance of the Governance exist as the awareness of collaborators time and excess of legal requirements for performance in the differentiated pursuings of listing. The entrance in the New Market of the BOVESPA possesss advantages how much the valuation of the actions, the growth of the interest of foreign investors and the visibility of the company in the market. Its impediments are related the difficulty to grant equality of conditions the minority ones and to possess all actions in negotiation being usual. It is standed out that to form an Advice of Administration and Statutory audit committee, in many independent cases, an obstacle faced for the companies becomes.