Loading...
Publication
Corporate governance e a performance económico-financeira: a indústria automóvel na Europa
| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 3.43 MB | Adobe PDF |
Abstract(s)
A presente dissertação tem como objetivo analisar a relação existente entre o Corporate Governance (CG) e a performance económico-financeira das empresas. Para tal, foi estudado o setor automóvel na Europa, nos anos de 2013, 2015 e 2017, partindo de uma amostra inicialmente composta por 23 empresas cotadas, de acordo com Damodaran (2018).
Para o estudo em causa, recorreu-se às informações constantes nos relatórios publicados pelas empresas, permitindo a construção de uma base de dados, indispensável quer para a análise de Corporate Governance quer para a de performance.
Para avaliar o nível de Governance das empresas foi utilizado um índice compósito de quatro variáveis fundamentais – Conselho de Administração e Fiscal, Estrutura de Capital, Relação com Stakeholders, Transparência e Responsabilidade – decompostas em diversos atributos, adaptado de Cardoso (2015).
No que diz respeito à performance, à semelhante de estudos relevantes sobre esta temática, foram utilizadas as variáveis: Rendibilidade do Ativo (ROA); Rendibilidade do Capital Próprio (RCP); Tamanho e Dívida/Capital Próprio (D/E).
Com recurso ao modelo HJ-biplot (Galindo, 1986), foi efetuada uma análise multivariada, que permitiu estudar as relações entre as variáveis, entre os indivíduos e entre as variáveis e os indivíduos, cumprindo assim o propósito do estudo.
Os resultados sugerem que empresas grandes têm elevados níveis de Corporate Governance, em todas as suas variáveis. Já empresas muito endividadas demonstram mais preocupações com o Conselho, negligenciado a relação com os stakeholders. Quando a Rentabilidade do Capital Próprio é elevada, as empresas são mais transparentes e cuidam da relação com stakeholders. Já quando a Rentabilidade do Ativo é alta estas dão especial atenção à relação com os seus stakeholders e descuidam aspetos relacionados com o Conselho.
The following dissertation attempts to evaluate the existing relationship between Corporate Governance (CG) and the financial economics performance of companies. To that effect, the European automotive industry from the years of 2013, 2015 and 2017 was selected, which comprises of an initial sample of 23 listed companies (Damodaran 2018). For this particular evaluation and in order to avow for the construction of a database that is both crucial to the analyses of Corporate Governance and its performance, information released by the companies in their public reports was used. To better evaluate the degree of a company’s Governance, a composite index comprised of four fundamental variables was used – Management and Fiscal board, Ownership Structure, Relationship with Stakeholders, Transparency and Accountability – which can be broken down in several attributes, adapted from Cardoso (2015). When it comes to performance, in affinity with similar studies on this matter, the following variables were used: Return on Assets; Return on Equity; Size and Debt to Equity ratio. Resorting to the HJ-biplot model (Galindo, 1986), a multivariable analyses was conducted which allowed for the examination of the relation between variables, individuals and between individuals and said variables carrying out the ultimate goal of the analyses. The final results suggest that larger companies have higher level of Corporate Governance on all of the variables whilst companies that are largely in debt seem to show a greater concern with the board overlooking the relationship with stakeholders. When the Equity profitability is high, companies tend to be more transparent and take more care of their relationship with stakeholders but when the Asset profitability is high an equal show of care for the stakeholder relationship is present however matters associated with the board are met with carelessness.
The following dissertation attempts to evaluate the existing relationship between Corporate Governance (CG) and the financial economics performance of companies. To that effect, the European automotive industry from the years of 2013, 2015 and 2017 was selected, which comprises of an initial sample of 23 listed companies (Damodaran 2018). For this particular evaluation and in order to avow for the construction of a database that is both crucial to the analyses of Corporate Governance and its performance, information released by the companies in their public reports was used. To better evaluate the degree of a company’s Governance, a composite index comprised of four fundamental variables was used – Management and Fiscal board, Ownership Structure, Relationship with Stakeholders, Transparency and Accountability – which can be broken down in several attributes, adapted from Cardoso (2015). When it comes to performance, in affinity with similar studies on this matter, the following variables were used: Return on Assets; Return on Equity; Size and Debt to Equity ratio. Resorting to the HJ-biplot model (Galindo, 1986), a multivariable analyses was conducted which allowed for the examination of the relation between variables, individuals and between individuals and said variables carrying out the ultimate goal of the analyses. The final results suggest that larger companies have higher level of Corporate Governance on all of the variables whilst companies that are largely in debt seem to show a greater concern with the board overlooking the relationship with stakeholders. When the Equity profitability is high, companies tend to be more transparent and take more care of their relationship with stakeholders but when the Asset profitability is high an equal show of care for the stakeholder relationship is present however matters associated with the board are met with carelessness.
Description
Keywords
Corporate governance Performance Setor automóvel Europa